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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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    Professor Nalin Mehta is Dean, School of Modern Media, UPES; Advisor, Global University Systems and Non-Resident Senior Fellow, Institute of South Asian Studies, National University Singapore. He is an award-winning social scientist, journalist and author who has held senior leadership positions in major Indian media companies; international financing institutions like the Global Fund in Geneva, Switzerland; taught and held research positions at universities and institutions in Australia (ANU, La Trobe University), Singapore (NUS), Switzerland (International Olympic Museum) and India (IIM Bangalore, Shiv Nadar University).

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    Professor Nalin Mehta is Dean, School of Modern Media, UPES; Advisor, Global University Systems an Non-Resident Senior Fellow, Institute of South Asian Studies, National University Singapore. He is an award-winning social scientist, journalist and author who has held senior leadership positions in major Indian digital, print and TV news companies; been a communications expert with international financing institutions and the UN in Geneva, Switzerland; taught and held research positions at universities and institutions in Australia, Singapore, Switzerland and India.

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