In his independence day speech on 15-Aug-2014, Prime Minister Narendra Modi announced an ambitious plan to ensure Financial Inclusion for all Indians. He has announced the Jan-Dhan-Yojana under which one bank account would be opened for every Indian family, that currently does not have a bank account.
On Thursday 28-Aug-2014, in under 2 weeks, a campaign was launched across India where the officials from all the banks set out to open accounts. It is estimated that on this single day about 1.5 crore new bank accounts where opened by the different banks across the length and breadth of the nation.This was coupled with an equal number of accident insurance policies.
In six months, each of these accounts will have an overdraft facility of Rs. 5000/-.
Just imagine the total amount that will come into circulation. If this entire amount is used by the account holders, Indian markets will have about Rs. 7500 crore within each of these account holders that could be used by them after six months for retail purchases.
Sunday, August 31, 2014
Monday, August 25, 2014
Landmark Decision by Supreme Court On Allocation of Coal Block
Today, the Supreme Court has declared that allocation of coal blocks since 1993 illegal.
The issue of allocation of coal-blocks shot into limelight in 2012 when the Comptroller and Auditor General of India (CAG) raised questions on the process of allocation of coal blocks during UPA-II. CAG had tagged a loss of 1.86 lakh crore rupees to the exchequer.
Since then a lot has happened connection with this scandal, that was subsequently referred to by the media as the Coalgate scam.
In the most recent development the Supreme Court has, today, delivered a verdict that is bound to have a far reaching impact on the national economy. All the coal blocks allocated since 1993 have been declared illegal because the process followed was non-transparent and dodgy.
The prices of stocks linked to the Coalgate tanked today after the decision was announced.
The issue of allocation of coal-blocks shot into limelight in 2012 when the Comptroller and Auditor General of India (CAG) raised questions on the process of allocation of coal blocks during UPA-II. CAG had tagged a loss of 1.86 lakh crore rupees to the exchequer.
Since then a lot has happened connection with this scandal, that was subsequently referred to by the media as the Coalgate scam.
In the most recent development the Supreme Court has, today, delivered a verdict that is bound to have a far reaching impact on the national economy. All the coal blocks allocated since 1993 have been declared illegal because the process followed was non-transparent and dodgy.
The prices of stocks linked to the Coalgate tanked today after the decision was announced.
Thursday, July 10, 2014
Why I liked Budget 2014?
Today, Finance Minister Arun Jaitley presented Narendra Modi government's maiden budget - the Budget 2014 - in Parliament.
I personally feel the budget is good and would like to give the Budget 8 out of 10. I reserve the remaining 2 for implementation.
In the budget our Finance Minister has provided for a lot of developments, programmes and schemes. After a long time the budget appeared as policy document which tried to give an insight into what the national leadership thinks.
In his budge, the FM spoke of the problem regions and the difficulties that the economy faced. He spoke of how he meant to spent within his means. Economists (in the media) have appreciated the targets that he has set for bringing fiscal deficit down to 3% in the by 2016-17.
He has allowed FDI up to 49% in insurance and defense. He has launched a host of schemes for the rural economy.
What I liked most!
The best parts of the budget, for me, are...
1. FDI in defense.
This will - on one hand help in expansion of the manufacturing sector and create more jobs, on the other hand it will reduce outflow of foreign exchange.
2. AIIMS in each state
Setting up of 4 new AIIMS this year with a promise to every state will have an AIIMS in the coming years.
3. New Medical Colleges, IIMs and IITs
Setting up of new education infrastructure is the country's need of the hour.
4. The focus on NE states
A special effort and provision for the development of the North East states of the nation.
5. The specific allotments
Arun Jaitley has made many specific allocations of 50, 100 and 200 crores on a wide range of schemes and projects.
Time to Deliver
Prime Minister Narendra Modi Government's Finance Minister has delivered. He has created satisfactorily created a road map for delivering on the elections promises. Now it is time for the government to deliver.
It is now up to the other ministries of the government to make effective use of the funds provided for in the budget and ensure proper corruption-free utilization.
I personally feel the budget is good and would like to give the Budget 8 out of 10. I reserve the remaining 2 for implementation.
In the budget our Finance Minister has provided for a lot of developments, programmes and schemes. After a long time the budget appeared as policy document which tried to give an insight into what the national leadership thinks.
In his budge, the FM spoke of the problem regions and the difficulties that the economy faced. He spoke of how he meant to spent within his means. Economists (in the media) have appreciated the targets that he has set for bringing fiscal deficit down to 3% in the by 2016-17.
He has allowed FDI up to 49% in insurance and defense. He has launched a host of schemes for the rural economy.
What I liked most!
The best parts of the budget, for me, are...
1. FDI in defense.
This will - on one hand help in expansion of the manufacturing sector and create more jobs, on the other hand it will reduce outflow of foreign exchange.
2. AIIMS in each state
Setting up of 4 new AIIMS this year with a promise to every state will have an AIIMS in the coming years.
3. New Medical Colleges, IIMs and IITs
Setting up of new education infrastructure is the country's need of the hour.
4. The focus on NE states
A special effort and provision for the development of the North East states of the nation.
5. The specific allotments
Arun Jaitley has made many specific allocations of 50, 100 and 200 crores on a wide range of schemes and projects.
Time to Deliver
Prime Minister Narendra Modi Government's Finance Minister has delivered. He has created satisfactorily created a road map for delivering on the elections promises. Now it is time for the government to deliver.
It is now up to the other ministries of the government to make effective use of the funds provided for in the budget and ensure proper corruption-free utilization.
Sunday, June 1, 2014
Change in the economic outlook and sentiment in the wake of results of General Elections 2014
It is surprising how much impact the type of national leadership has on the nation's economy. The sentiment changed overnight as it was declared that Narendra Modi's BJP had got more than 50% of the seats (282 to be exact) in General Elections 2014.
The very economy which looked gloomy and south-bound become optimistic and north-bound when the new national leadership was declared on 16-May-2014. The up-trend on the Indian bourses became evident on 12-May-2014 when the results of the exit polls were released.
The regime of Manmohan Singh led UPA-II from 2009 to 2014 had delivered a lot of negatives for the country, prominent among this being...
Narendra Modi has a proven track record of good governance in Gujarat during the last 12 years in which he was the Chief Minister of Gujarat.
The very economy which looked gloomy and south-bound become optimistic and north-bound when the new national leadership was declared on 16-May-2014. The up-trend on the Indian bourses became evident on 12-May-2014 when the results of the exit polls were released.
The regime of Manmohan Singh led UPA-II from 2009 to 2014 had delivered a lot of negatives for the country, prominent among this being...
- We witnessed some of the biggest financial scams the country has seen.
- The government's unwillingness to take action in the issue of bringing back black money.
- The government's unwillingness to take action to stop corruption in government offices.
- A policy paralysis - the government's inability to take timely decisions on important policies of national importance.
Narendra Modi has a proven track record of good governance in Gujarat during the last 12 years in which he was the Chief Minister of Gujarat.
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