ALERT! These 5 Government Programs That Promote Economic Growth And Financial Stability might benefit you

The Indian government has over the years implemented a number of programmes that have improved the financial circumstances of Indian citizens while also boosting the nation’s economy. The government established the following 7 programmes after independence; economic growth and improving the financial stability of the economically marginalised sections,

 

1. Pradhan Mantri Jan Dhan Yojna (PMJDY)

The goal of PMJDY, a national mission for financial inclusion, is to increase access to inexpensive financial services such as savings and bank accounts, remittance, credit, insurance, and pensions. On the eve of Independence Day in 2014, Prime Minister Narendra Modi announced the programme.

Benefits of the PMJDY scheme :

• For individuals who opened bank accounts before January 26th, Rs. 1 lakh accident insurance cover and Rs. 30,000 life insurance cover are included,

• 4% annual interest on money deposits,

• There is no minimum balance requirement,

• After operating a bank account for six months, an overdraft option of up to Rs. 5,000 is available,

• Money from government programmes can be deposited directly into your bank account.

 

2. Sukanya Samriddhi Yojna (SSY)

On January 22, 2015, as part of the “Beti Bacho, Beti Padhao” campaign, Narendra Modi introduced the Sukanya Samridhi programme. The purpose of this programme is to cover a girl’s costs for college and marriage.

Benefits of the SSY scheme :

• As soon as a girl turns 10, her parents or legal guardian can open and manage the account.

• After the girl turns 18, she can withdraw up to 50% of the remaining amount to cover her educational expenses.

• Transferring money between authorised banks is possible, as is doing so from a post office to any authorised bank and vice versa.

• Offers an 8.6% interest rate and income tax advantages.

 

3. Rajiv Gandhi Jeevandayee Arogya Yojana

This initiative is a universal health programme for the economically underprivileged in Maharashtra that was introduced as a trial project in 2012. The Antyodaya card, Annapurna card, yellow ration card, or orange ration card are the four cards that the Maharashtra government has issued.

Benefits of this scheme :

• In 488 government hospitals, medical care is accessible for free.

• Free surgery and cures for 971 different ailments

• Free medical care that can cost a family up to Rs. 15,000 each year

 

4. Rashtriya Swasthya Bima Yojana (RSBY):

2008 saw the introduction of this programme. Its primary goal is to offer health insurance to those who fall under the BPL (Below Poverty Line) classification.

Benefits of the scheme:

• It offers health insurance coverage to individuals working in unorganised industries like construction who are registered with welfare boards, street vendors, and licenced porters (such as railroad, MNREGA, mine, auto, or taxi drivers).

• It provides a maximum cap of Rs. 1,000 and covers transportation costs up to Rs. 100 every hospital visit.

• It provides coverage for up to Rs. 30,000 per family of five on a floater basis.

 

5. Pradhan Mantri Mudra Yojana

A new programme called Micro Units Development & Refinance Agency Ltd. (MUDRA) is intended for non-corporate, non-form sector, small businesses with financing needs under Rs. 10 lakhs. During the 2016 Union Budget, the Finance Minister introduced this programme.

Benefits of the scheme :

• Vehicles can be purchased with Mudra loans (commercial vehicles, cars, and two-wheelers).

• Business Instalment Loan (BIL): A loan for upgrading offices, purchasing machinery and equipment, and other business-related purposes.

• Drop line overdraft facility and working capital loans are available through Business Loans Group Loans (BLG) and Rural Business Credit (RBC).

 

Both urban and rural residents are eligible for all of the programmes. By educating someone about these programmes, you can give them social and financial power.