Interacting with beneficiaries of various social security schemes, Prime Minister Narendra Modi on Wednesday said social security cover has now been extended to around 50 crore subscribers.
“We all know that the one thing which is certain in life is the uncertainty of life. The social security schemes give people the strength to face challenges in life. And this strength has now reached crores of people across the country through schemes such as Pradhan Mantri Jeevan Bima Yojana, Pradhan Mantri Jeevan Suraksha Yojana, Atal Pension Yojana and Pradhan Mantri Vyay Vandana Yojana,” Modi said in his address to the beneficiaries through a video conference.
Modi said number of subscribers in the government-run social security schemes have increased from 4.8 crore in 2014 to about 50 crore in 2018.
“Life insurance is being provided through Pradhan Mantri Jan dhan Yojana and accident cover with Rupay card. In addition, two insurance schemes and one pension scheme have been started. As a result, the number of subscribers in the government-run social security schemes have increased from 4.8 crore in 2014 to about 50 crore in 2018, representing over ten-fold increase,” Modi said.
PM Modi said as many as 28 crore new bank accounts were opened under the Pradhan Mantri Jan Dhan scheme in the last three years (2014-17), adding it is nearly 55 per cent of the total bank accounts opened in the world.
Highlighting that the government is aimed for banking the unbanked, funding the unfunded and securing the unsecured through these schemes, Modi expressed satisfaction that more women in India have bank accounts now and number of bank accounts in India has reached 80 per cent from 53 per cent in 2014.
“I am particularly happy that more women have bank accounts. It is important for women to be in the financial mainstream. Today many small business and enterprises can avail to capital, especially women which will help in the financial inclusion and economic empowerment of a large mass,” Modi said.
During the interaction, Modi summarised various initiatives of the government in taking care of the old and elderly, adding the government increased the basic limit of income tax from Rs 2.5 lakh to Rs 3 lakh for senior citizens.
“About three lakh elderly people have benefitted from the Vaya Vandana Yojana started in 2017, under which citizens above 60 years get 8 per cent fixed return for 10 years. In addition, the government also increased the basic limit of income tax, from Rs 2.5 lakh to Rs 3 lakh for senior citizens,” Modi added.
(With inputs from agencies)