New Initiatives of the Government

UPSC Prelims 2025 Notes

PRADHAN MANTRI JAN DHAN YOJANA

  • Prime Minister Narendra Modi launched Pradhan Mantri Jan Dhan Yojana (PMJDY) on 28th August 2014 as a National Mission for Financial Inclusion to ensure access to financial services, namely, banking/ savings and deposit accounts, remittance, credit, insurance, pension in an affordable manner.
  • The scheme is aimed to ensuring that every family has at least one bank account.
  • The Programme is being implemented by the Ministry of Finance.
  • As a first step, every account holder gets a RuPay Debit Card with 1 lakh accident cover.
  • Those opening accounts under PMJDY till 26th January, 2015 would also get life insurance cover of Rs. 30,000. In due course, they are to be covered by other insurance and pension products.

HIGHLIGHTS OF THE PMJDY:

The mission mode objective of the PMJDY consists of six pillars. During the first year of implementation under Phase I (15th August, 2014- 14th August, 2015), three pillars namely,

  1. Universal access to banking facilities
  2. Financial Literacy Programme, and

Providing Basic Banking Accounts with overdraft facility of Rs. 5000 after six months and RuPay Debit card with inbuilt accident insurance cover of 1 lakh and RuPay Kisan card, will be implemented.

Phase II, beginning from 15th August 2015 up to 15th August, 2018 will address:

  1. Creation of Credit Guarantee Fund for coverage of defaults in overdraft accounts
  2. Micro Insurance, and
  3. Unorganized sector Pension Schemes like Swavlamban.

MAKE IN INDIA AND OTHER INITIATIVES

  • The “Make in India” initiative is launched by the Prime Minister on 25th September, 2014 in New Delhi simultaneously, at national and state level.
  • The programme is aimed at showcasing India as an investment destination. The programme is being implemented by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry.
  • A body, namely the Invest India has been created to act as the first reference point for guiding foreign investors on all aspects of regulatory and policy issues and to assist them in obtaining regulatory clearances.
  • E-Biz portal would provide a 24×7, online, real time platform for all central regulatory clearances.
  • The process of applying for Industrial License and Industrial Entrepreneur Memorandum has been made online on the e-Biz website.
  • The validity of industrial license has been extended to three years.

Current Affairs for IAS Exam