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    You are at:Home » Blog » G20 Summit: 5 Charts on How India Got Almost Half a Billion People Into the Banking System
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    G20 Summit: 5 Charts on How India Got Almost Half a Billion People Into the Banking System

    Nalin MehtaBy Nalin MehtaSeptember 9, 2023No Comments2 Mins Read
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    This  article  was first published on  news18.com |   September, 08, 2023

    In his maiden Independence Day speech as Prime Minister on August 15, 2014, Narendra Modi broke convention by speaking extempore for 65 minutes. Sporting a polka-dotted Gujarati red-and-green turban, Modi played the outsider card, explaining to a national audience how Delhi’s elites looked upon him as an ‘untouchable’ and how he found not one united government but many, with government departments often fighting with each other rather than working as one.

    All the usual touchpoints of the Modi model that were soon to become signature programmes of his government — ‘Digital India’, mobiles, Swachh Bharat and toilets-first featured in this inaugural Red Fort speech.

    It was also the first time Modi spoke about the idea of the Pradhan Mantri Jan-Dhan Yojana (Prime Minister’s People Money Scheme). In a country where a majority of the citizens had never had a bank account, the scheme’s ambition was sky high. It promised a zero-balance bank account, a debit card and an insurance safety net of Rs 100,000 to every poor Indian.

    In his maiden Independence Day speech as Prime Minister on August 15, 2014, #NarendraModi broke convention by speaking extempore for 65 minutes@nalinmehta ✍️: https://t.co/7Zo1M0JQMK pic.twitter.com/0W7rM8Wd5d

    — News18 (@CNNnews18) September 8, 2023

    With the Aadhaar pipeline in place, Modi, in that 2014 speech, outlined the contours of the first grand expansion of social welfare and financial inclusion that it was about to engender. Tellingly, he compared the mobile in the digital age to the railways in a previous era — a grand connector of the nation. “I wish to connect the poorest citizens of the country with the facility of bank accounts through this yojana,“ he said. “There are millions of families who have mobile phones but no bank accounts…. We have to change this scenario…. There was a time when we used to say that the railways provided connectivity to the country. That was it. I say that today it is IT that has the potential to connect each and every citizen of the country and that is why we want to realise the mantra of unity with the help of ‘Digital India’.”

    Read full  article on news18.com

    This  article  was first published on  news18.com |   September, 08, 2023

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    Nalin Mehta is Managing Editor, Moneycontrol, Chief AI Officer - Editorial Operations, Network18 and Non-Resident Senior Fellow, Institute of South Asian Studies, National University of Singapore. He is an award-winning Indian journalist, political scientist and author who has held senior leadership positions in major media companies and educational institutions; served as an international civil servant with the UN and the Global Fund in Geneva, Switzerland; taught and held research positions at universities and institutions in Australia (La Trobe University, ANU), Singapore (NUS), Switzerland (International Olympic Museum) and India (Shiv Nadar University, IIM Bangalore). Most recently, he has been Dean and Professor at School of Modern Media, UPES University. He has previously been Group Consulting Editor, Network18; Executive Editor, The Times of India-Online, Managing Editor, India Today (TV channel) and Consulting Editor, The Times of India. Mehta is the author of several best-selling and critically acclaimed books, including The New BJP: Modi and the Making of the World’s Largest Political Party (hailed as a ‘seminal’ work, No. 1 on Amazon’s bestseller lists for 26 consecutive weeks in 2022, and republished worldwide in several languages); India’s Techade: Digital Revolution and Change in the World’s Largest Democracy, India on Television (Asian Publishing Award for Best Book on Asian Media, 2009), Behind a Billion Screens (Longlisted as Business Book of the Year, Tata Literature Live, 2015) and Dreams of a Billion (2022 Ekamra Sports Book of the Year Award, co-authored). His edited books include Gujarat Beyond Gandhi (co-editor), Television in India and The Changing Face of Cricket (co-editor). Mehta is a DFID-Commonwealth scholar with a Ph.D in Political Science from Trobe University, Melbourne; M.A. International Relations from University of East Anglia, UK; and B.A. Journalism (Honours) from University of Delhi.

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    Nalin Mehta is Managing Editor, Moneycontrol, Chief AI Officer - Editorial Operations, Network18 and Non-Resident Senior Fellow, Institute of South Asian Studies, National University of Singapore. He is an award-winning Indian journalist, political scientist and author who has held senior leadership positions in major media companies and educational institutions; served as an international civil servant with the UN and the Global Fund in Geneva, Switzerland; taught and held research positions at universities and institutions in Australia (La Trobe University, ANU), Singapore (NUS), Switzerland (International Olympic Museum) and India (Shiv Nadar University, IIM Bangalore).

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