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Social security and financial inclusion

by Blitzindiamedia
April 22, 2024
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Team Blitz India

The past decade has witnessed a remarkable transformation in India’s approach to social security, shifting from shortterm interventions to a visionary focus on long-term empowerment and sustainable impact. This shift has resulted in a more capacitating welfare system, laying a solid foundation for human development across the country.

Food security: PMGKAY is among the world’s biggest social welfare schemes aimed at ensuring food and nutrition security. Under the scheme, over 80 crore citizens are provided free food grains every month.

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Swachh Bharat Mission: Since its inception in 2014, Swachh Bharat Mission – Grameen has constructed around 12 crore toilets and 2.33 lakh community toilet complexes. Water security: From August 2019 to March 2024, India witnessed a remarkable jump in households with tap water connections under the Jal Jeevan Mission, growing from 3.23 crore to an impressive 14.50 crore.

Safe and secure shelter: The PM Awas Yojana (Gramin and Urban) has addressed the need for affordable housing by constructing 3.31 crore and 81.03 lakh houses for the poor in rural and urban areas respectively (as of March 13, 2024).

Clean cooking fuel: The PM Ujjwala Yojana, launched in 2016, has provided over 10.3 crore LPG connections (as of March 13, 2024), empowering families to switch to clean cooking fuel.

Powering rural households: The Saubhagya scheme has successfully brought electricity to over 2.81 crore previously un-electrified households by March 2021, covering all willing households.

Financial services’ access

India has witnessed a remarkable transformation in its approach to financial inclusion and social welfare over the past decade. By prioritising access to financial services and providing safety nets for vulnerable populations, the Government has empowered millions of individuals and families, fostering a more inclusive and secure society.

Government initiatives like PM Jan Dhan Yojana bridge the financial gap for the unbanked, while PM Jeevan Jyoti Yojana and PM Suraksha Bima Yojana offer affordable life and accident insurance. The Atal Pension Yojana encourages retirement savings, and PM Shram Yogi Maandhan Yojana and PM Kisan Maandhan Yojana provide assured pensions for unorganized workers and farmers.

Affordable insurance: Understanding the critical need for financial protection, specifically for lowincome families, the Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) offer remarkably affordable life and accident insurance. As of January 17, 2024, these schemes have empowered a staggering 19.18 crore individuals with PMJJBY and 42.45 crore with PMSBY, providing their families with a crucial safety net in times of unfortunate events like death or disability.

By prioritising access to financial services and providing safety nets for vulnerable populations, the Government has empowered millions of individuals and families, fostering a more inclusive and secure society

Securing the future: Launched in 2015, Atal Pension Yojana encourages regular savings for retirement, particularly among the self-employed and informal sector workers. With a subscriber base of 6.20 crore (as of January 17, 2024), it empowers individuals to build a corpus for their golden years, ensuring financial independence and dignity in old age.

Pension for workers: The PM Shram Yogi Maandhan Yojana, launched in 2019, provides an assured pension of Rs 3,000 per month after the age of 60. With 49.7 lakh enrolled (as of December 31, 2023), it offers much-needed social security and peace of mind for millions of workers often excluded from traditional pension schemes.

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