In a groundbreaking revelation, Union Minister Anurag Thakur credited the success of India’s economic transformation from the ‘Fragile 5’ to the ‘Top 5’ economies to the far-reaching impact of the Pradhan Mantri Jan Dhan Yojana (PMJDY) and the widespread adoption of digital payments.
Addressing an audience at the 2024 Annual Government and Institutional Business Meet of the Federal Bank, Thakur highlighted the significant role played by Jan Dhan Yojana in fostering financial inclusion. He recalled the initial scepticism surrounding the program, with many dismissing it as a non-starter. However, the latest statistics reveal that 45 crore Jan Dhan accounts have amassed an impressive Rs 2.1 lakh crore, firmly establishing their contribution to the nation’s banking ecosystem.
Thakur emphasized the similar doubts that clouded the promotion of digital payments post-demonetization. Despite the initial scepticism, the Minister pointed out that today, the BHIM UPI has become a ubiquitous mode of making even the smallest transactions, reflecting the remarkable success of the government’s digital payments initiative.
The Minister’s remarks shed light on the broader economic trajectory of India, as the country not only shed the label of the ‘Fragile 5’ but also secured a position among the ‘Top 5’ global economies. Thakur attributed this success to the government’s commitment to the three-pronged strategy of Reform, Perform, and Transform, implemented since 2014.
Thakur also highlighted the positive impact of government initiatives in tackling economic offenses, notably the implementation of the Economic Offenders Bill. He noted that the government’s efforts have resulted in a significant reduction of gross non-performing assets (NPA) to 3.2%, coupled with a rise in the return on assets from 0.5% to 0.79% in 2023.
The Minister expressed confidence in the government’s continued commitment to bold initiatives, aiming to propel India into the top three economies in the world within the next five years. He asserted the government’s unwavering determination to transform India into a developed nation by 2047, marking a historic journey from the ‘Fragile 5’ to a global economic powerhouse.
