Schemes are always there for achieving specific goals related to various sectors. Here top 4 Pradhan Mantri schemes for various sectors.
Our country needs thriving agriculture, a digitally empowered population, higher financial inclusion, and larger footprints of renewable energy.
Top 4 Pradhan Mantri schemes
Here, we discuss in brief 4 initiatives of paramount importance which can turn around the existing scenarios in their respective areas.
PRADHAN MANTRI MUDRA YOJANA (PMMY)
Pradhan Mantri Mudra Yojna started in April 2015, aims to facilitate the credit flow to micro and small enterprises in non-Agri sectors. It is crucial for boosting economic activities and hence generating large-scale employment as it targets sections like street vendors, manufacturing units of small scale, service providers, self-employed entrepreneurs and others.
3 categories of loans are disbursed under it.
- Shishu up to Rs.50000
- Kishore from Rs.50000 to Rs.500000
- Tarun from Rs.500000 to Rs.1000000
Data shows that around 88% of loans have been extended under Shishu.
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Major beneficiaries are SCs, STs, OBCs, women and minorities, which reflects the government’s commitment to focus on excluded and vulnerable sections and their financial empowerment.
Employment generation has been impressive and women make 69% of it.
Several relaxations like interest subvention, loan moratorium and credit guarantee have helped them sustain the adverse situations mainly during Covid-19 which largely affected small businesses and hindered employment generation along with making existing opportunities scarce.
Lenders can be NBFCs, SCBs, MFIs, SFBs and RRBs and there is zero percent processing charge over Shishu and Kishore categories.
Although there is an issue of rising NPA in the case of Mudra loans which stands at around 30% and raises concerns, it is pandemically induced which hopefully will wane away and PRADHAN MANTRI MUDRA YOJANA will emerge as a colossal success in the near future.
PRADHAN MANTRI KRISHI URJA SURAKSHA EVAM UTTHAN MAHABHIYAN (PM-KUSUM)
PM-KUSUM yojana is a vital step towards providing irrigation services to off-grid areas, increasing the presence of renewable energy in the farm sector and installing around 30.80 GW of solar power capacity through its 3 components. Ministry of New and Renewable Energy is the nodal ministry for it.
- Generation of 10 GW solar power through setting up 2 MW small power plants on farm lands which will be either set up by the farmers themselves or may be at lease.
- 20 lakhs of new solar powered pumps to cover areas devoid of electricity connection for irrigation.
- Making around 15 lakhs grid connected agricultural pumps to run on solar energy.
There is a provision of Central Financial assistance of up to 30%, which stands 50% for NE states, Uttarakhand, J&K, Himachal Pradesh, Sikhism and A&N Islands.
Solar power now comes under PSL, which ensures easy flow of credit to renewable energy sectors. It will certainly aid in achieving the set target of 40% of power generation through non-fossil means as committed by India under Paris climatic goals.
PRADHAN MANTRI WI-FI ACCESS NETWORK INTERFACE ( PM-WANI)
It envisages a framework to enhance broadband connectivity through WiFi services.
This proposal got a nod from the union government in December 2020 and carries the potential to spreading digital presence across the nation mainly to remote and backward areas.
It was way back suggested by the Department of Telecom ( DoT) in 2017.
Access to Wi-Fi is crucial to achieving the goal of Digital governance and it will also help in availing services like online education, telemedicine, transactions, etc.
Its stakeholders are :
- Public Data offices: These are responsible for providing Wi-Fi services and maintaining them. They will get the Internet access by subscribing to service providers.
- Public Data office aggregators:
These are at the next level to aid in accounting and authorization of PDOs for uninterrupted Wi-Fi services to the customers.
- App Provider: It holds the onus of developing Apps through which end users can choose Wi-Fi services upon doing registration
- Central Registry: Maintaining the records having details of PDOs, PDOAs and App Provider. Centre of development of Telematics currently manages it.
With the payment of a nominal fee, a user can enjoy Internet connectivity which is bound to give a greater push to economic activities, learning and overall digitisation.
There is a dire need to ensure the reach of Digital devices and continuous power supply for harnessing the true potential of PM-WANI.
Digital literacy and awareness are also much needed to make it effective and safe for the users.
PM JAN DHAN YOJANA ( PMJDY)
PM JAN DHAN YOJANA was one of the major initiatives of the government to uplift the socio-economic conditions mainly of weaker sections through an opening of bank accounts as a large population was unbanked and financial inclusion was quite necessary.
It gave the option of opening a savings bank account through Bank Mitra(Business Correspondent) also besides doing it in Bank branch.
Access to formal banking can aid in availing services like pension, remittance, DBT, availing loans and several schemes run by the government that necessitates a bank account.
It carries benefits like accidental insurance of Rs.2 lakhs( for accounts opened after August 2018), overdraft facilities of Rs.10,000, no requirement of minimum
balance and income over deposits besides being helpful in digital literacy and greater integration to the economy.
Around 44 crores of Jan Dhan accounts is registered out of which nearly 85% are actively operating reflecting the vitality of this initiative.
More than 55% of the accounts are in the name of women and 67% of account holders come from semi-urban and rural areas showing its reach to the targeted sections.
In coming times, this National mission for financial inclusion ( PMJDY) will certainly have landslide positive changes giving a great push to our economy.