2014: Financial Inclusion with PMJDY
The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in 2014, has opened over 520 million bank accounts, providing access to formal banking for the unbanked, particularly in rural areas. However, a significant number of these accounts have remained inactive, and accident insurance claims have faced rejection.
2015: Pucca Housing for the Poor
The Pradhan Mantri Awas Yojana (PMAY) aims to provide pucca housing for the poor. While progress has been made, challenges remain, including limited state contributions and exclusion of beneficiaries.
2016: Economic Gamble with Demonetization
The decision to demonetize high-value currency notes has been widely criticized for its negative economic impact, despite the government’s claims of reducing black money. The rollout of a new high-value note (2,000) was eventually phased out, raising questions about the overall effectiveness of the exercise.
2017: GST: A Tax Gamechanger
The implementation of the Goods and Services Tax (GST) framework has streamlined indirect tax collection, but challenges remain, including complex tax slabs and a high compliance burden.
2018: Affordable Healthcare with Ayushman Bharat
The Ayushman Bharat scheme provides health insurance coverage to poor families, but issues such as exclusion of beneficiaries and under-utilization of funds have been reported.
2019: Corporate Tax Cut
The reduction in corporate tax rates to 22% was intended to boost private investment, but has not yet achieved its goals. Government revenues are increasingly dependent on personal tax collections.
2020: Pandemic Relief with Pradhan Mantri Garib Kalyan Anna Yojana
The Pradhan Mantri Garib Kalyan Anna Yojana, a temporary expansion of the National Food Security Act, has provided food security to millions of people during the COVID-19 pandemic.
2021: Facing Farmers’ Ire
The government’s agricultural reforms, including three laws intended to liberalize the farm market, faced strong opposition from farmers and were eventually repealed. The promise of doubling farmers’ income remains unfulfilled.
2022: A Novel Approach to Soldier Recruitment
The Agnipath scheme, announced in 2022, recruits soldiers for a four-year period without pension benefits. The scheme has sparked protests and raised concerns about consultation and long-term career prospects for soldiers.
2023: India’s Global Influence on Display
India’s presidency of the G20 in 2023 provided a platform to showcase its growing global influence and soft power.
