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Hans India
3 days ago
- Politics
- Hans India
11 years of Modi govt redefined India's development narrative: Jitendra Singh
New Delhi: With bolder decisions, futuristic reforms, and transformative governance, the Prime Minister Narendra Modi-led government has in the last 11 years redefined India's development narrative and restored public faith in the system, Dr. Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology, said on Thursday. Singh stated that initiatives like the rollout of GST to the push for Digital India, or the opening up of strategic sectors like space and atomic energy to private players, the past decade has seen the government under PM Modi prioritising long-term national interest and setting new benchmarks in decision-making. 'Each initiative has been driven by the vision of a self-reliant and globally competitive India,' he said, in a media interview. Further, by enabling the Department of Biotechnology (DBT) to foster innovation, particularly in vaccine development, genetic research, and bio-entrepreneurship, the Modi government positioned India as a rising global tech hub. The seamless integration of traditional governance goals with modern technology has been another key feature of the Modi era, the Minister noted. 'Under PM Modi's leadership, sectors like space, atomic energy, and biotechnology received unprecedented push. The global recognition India enjoys today in these fields is a direct result of consistent support and visionary policies,' he said. Citing the example of space tech -- once confined to building rockets – which powers telemedicine, farming, and classrooms, Singh highlighted that 'science is no longer confined to labs'. Space tech is also improving daily life through applications like agricultural weather updates, and online education. The MoS also highlighted transformative initiatives such as the JAM (Jan Dhan-Aadhaar-Mobile) trinity, the Swachh Bharat Mission, and Special Campaign 4.0. Improving social security, PM Modi-led government also launched progressive pension reforms benefiting women. Family pensions will now continue for childless widows even after remarriage, and divorced daughters are entitled to family pensions if divorce proceedings were initiated while their parents were alive, said Singh, adding the upcoming tenure 'will be about accelerating the gains of the last decade'. Meanwhile, the Science and Technology Minister also reaffirmed India's leading role in global climate action, urging citizens and institutions alike to adopt sustainable practices as a national duty. He underlined that India's approach to climate resilience is rooted in both scientific innovation and public participation. 'Earth gives us everything -- clean air, fresh water, fertile land. But we take these gifts for granted,' Singh said, addressing a virtual event organised by the Department of Science and Technology (DST) on the occasion of World Environment Day. Warning the increasing threats from pollution, deforestation, and climate change, he said that combating these challenges must become a collective responsibility, enabled by behavioural change and lifestyle-driven movements like Mission LiFE—Lifestyle for Environment.
Time of India
01-05-2025
- Business
- Time of India
Lend, baby, lend: Borrowers getting younger
MUMBAI: When HDFC began offering home loans in the late 1970s, credit was a privilege, accessed cautiously and late in life. A large downpayment was a prerequisite, and only those in their 40s, with years of savings, could typically afford to borrow. Today, credit is accessed much earlier and more casually, with a growing number of Indians starting their credit journey in their mid-20s. The average age at which Indians avail their first credit product has fallen by 21 years across three generations, a study by Paisabazaar showed. K Cherian Varghese, former chairman of Corporation Bank, who began his banking career five decades ago says that the ability to borrow is directly linked to the size of disposable income. " Personal loans are taken either to finance purchase of some asset like home loan or for consumption. In the 70s, the disposable income was not enough to service the loan EMIs. Today, in many jobs like IT, the employees get a decent salary that allows them to meet all expenses and repay their EMIs," said Varghese. He adds that today banks have pre-approved many corporate employers and are willing to provide a suite of credit products to their employees making credit much more accessible. While the credit bureau made it easier for lenders to identify delinquents, the Jan Dhan-Aadhaar-Mobile trinity made it easier to keep track of borrowers. The study, which is based on the credit behaviour of over 10 million consumers, showed that those born in the 1960s began borrowing at 47, largely through secured loans like mortgages. In contrast, individuals born in the 1990s typically enter the credit ecosystem by the age of 25-28, often through unsecured products such as credit cards, personal loans, and consumer durable loans. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trend: This unbreakable health-tracking watch is delighting seniors Indestructible Smartwatch Undo This shift reflects the broader trend of easier access to credit and a changing consumer mindset - one that values instant gratification over prolonged savings. While the first credit card in India was launched by Central Bank with Mastercard in the early 80s, it was a very highly restricted product. The card was offered largely to tax-paying high earners. It wasn't until Citi, SBI and ICICI started offering cards to a wider audience that cards picked up. The study traces how the entry point into the credit system has evolved. For those born in the 1960s, home loans were the first credit product. For the 1970s and 1980s cohorts, auto loans became the preferred starting point, availed at average ages of 39 and 31, respectively. The average age for a first-time home loan borrower has declined from 41 (for those born in the 1970s) to 28 (for the 1990s-born). Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
