The Modi government has introduced transformative initiatives in various sectors, including finance, digital payments, and healthcare, with the aim of improving access and transparency. Key initiatives like PMJDY, JAM Trinity, UPI, and Ayushman Bharat have significantly impacted India’s financial and healthcare systems. The JAM Trinity, a combination of Jan Dhan, Aadhaar, and Mobile, has streamlined government services, ensuring targeted benefit transfers while reducing corruption. These reforms have empowered millions of citizens, particularly the underprivileged, and placed India at the forefront of global digital innovation.
PMJDY has been launched to open more than 54 crore bank accounts with deposit balance of ₹2.39 lakh crore cutting down banking facilities especially in rural and semi urban areas and financial independence of women. Also, 37.02 crore RuPay cards have been provided, which have helped include the unbanked section. The JAM Trinity has made linkage with direct benefit transfers (DBT) to the beneficiaries, thus, eradicating middlemen, reducing corruption and providing target delivery of government subsidies and saving ₹2.75 lakh crore from ften 10 crore fake beneficiaries.
The payment sector especially the Unified Payments Interface (UPI) in India has grown rapidly. UPI handled ₹200 lakh crore of transactions in FY 2023-24, which was 138 % more than the transactions in FY 2017-18. UPI is now live in seven countries, if you didn’t know, India has the lion’s share in real-time digital transactions accounting for over 40% of the global transactions.
Ayushman Bharat has made hospitalization as ₹5 lakh per family free covering millions of people opting for 36 crore Ayushman cards and 29, 929 empaneled hospitals. On 27th July 2024, it was extended to senior citizens and ASHA workers too.
India also spearheaded the largest COVID vaccination drive of the globe with 1,221 crore doses as the proof of its dedication towards health equity. These reforms have made indias financial environment more robust, improved the societies transparency, and realizing social justice making it a more empowered nation.
Jan Dhan Yojana (PMJDY): The State of the Financial Inclusion Revolution
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More than 54 crore accounts have been opened and a deposit balance of ₹2.39 lakh crore with an increase by 15 times since the launch of the Yojana.
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Several sectoral and regional variations are also observed regarding the account opened under PMJDY, especially the rural/semi urban and largely for women.
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37.02 crore RuPay cards to PMJDY account holders doubling up for improved access to banking services, financial inclusion.
JAM Trinity: Digital Infrastructure in Transparent Financial System
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JAM has facilitated DBT, the development is such that subsidies and benefits go to targeted beneficiaries without any middlemen.
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These cut-outs have removed over 10 Crore fake beneficiaries to save ₹1500 crore daily and ₹2.75 lakh crore so far.
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JAM Trinity has helped the poor and made the financial system more transparent where proper utilization of peoples’ money is being made.
Growth of Digital Payments: UPI as a Global Leader
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However, over the FY 2017-18 to FY 2023-24, there is a 138% rise in total UPI transactions up to ₹200 lakh crore.
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UPI has not limited to India only now it is active in seven nations making India a pioneer in real-time digital payment.
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India is home to over forty percent of real-time payment transactions and hosts the highest standards of establishing a more comprehensive financial ecosystem as well as the achievement of economic growth.
Ayushman Bharat: Inclusive Healthcare
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Implementation of Ayushman Bharat (PMJAY) which is governed by MoHFW started in September 2018 aims to offer ₹5 lakh per family for secondary and tertiary care hospitalizations.
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About 36 crore Ayushman cards have been floated, and 29,929 hospitals among which 13,222 are private empaneled.
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In the year 2024, the scheme was added to 37 lakh families of ASHA workers and Anganwadi workers.
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For patients over the age of 70 and across all income demographics, free treatment up to ₹5 lakh a year is now a reality.
The Healthcare and Vaccine Leadership: A glimpse to India
India conducted the largest vaccination drives worldwide administering 221 crores vaccines, and only the fifth country in the world to manufacture vaccines for COVID-19.
Conclusion
Modi Government’s game changers – Jan Dhan Yojana, JAM Trinity, and Ayushman Bharat have shown a lot of progress in financial inclusion, Digital India, and Healthcare. These reforms have not only provided Millions an opportunity to do something for themselves specially the unprivileged but has made India a leader in digital transactions and health care. With transparency, efficiency and more accountability, India is establishing new benchmarks on governance, financial inclusion and health care to create a better world for the citizens which is sustainable for all .
