New Delhi, October 20: During the inaugural address at the Kautilya Economic Conclave 2023, Finance Minister Nirmala Sitharaman proclaimed the Pradhan Mantri Jan-Dhan Yojana (PMJDY), introduced in 2014, as the most pivotal instrument for fostering financial inclusion in the nation.
Sitharaman disclosed that more than 50 government schemes now directly transfer benefits into the bank accounts of their recipients, with the PMJDY playing a significant role in this transformation. She recounted how, at the scheme’s launch, certain skeptics had made cynical remarks about public sector banks coming under pressure due to these zero-balance accounts. Nevertheless, these accounts now collectively hold a balance of over Rs 2 lakh crore, according to Sitharaman.
The Finance Minister also expounded on the subject of climate financing and the challenges associated with it. She pointed out that multilateral institutions, including Multilateral Development Banks (MDBs), have exhibited reduced effectiveness in the current global context.
Sitharaman highlighted the obstacles posed by global terrorism and emphasized the need for investors and businesses to consider these factors when making investment decisions. She further assured that the government, led by Prime Minister Narendra Modi, is mindful of the debt situation and has implemented fiscal measures to ensure that future generations are not unduly burdened.
