Government Schemes: Transforming Lives and Economies
by Yuvi K - December 16, 2023
Government Schemes: Transforming Lives and Economies
The Indian government’s mission for social and economic progress is led by several programs and schemes that are constructive and constructive. Developed with the aim of ensuring social inclusion and economic growth, these government schemes are a major factor in transforming the lives and economies of millions of Indians. This article explores these initiatives, and how they are shaping the lives and economies of people across India.
Key Government Schemes – Aim, Objectives and Success
The Indian government has introduced a variety of schemes meant to assure social welfare and economic stability, diversify income sources, and promote savings and financial inclusion. Below are some of the most important schemes and their corresponding aims and objectives:
| Scheme | Aim of the Scheme | Objectives |
|---|---|---|
| Pradhan Mantri Jan Dhan Yojana (PMJDY) (Prime Minister’s People Money Scheme) |
To bring Indian residents under the umbrella of financial inclusion |
|
| Pradhan Mantri Awas Yojana (PMAY) (Prime Minister’s Housing Scheme) |
To provide affordable housing for all |
|
| MUDRA Yojana (Scheme for the development of Micro Units) |
To promote and develop a self-sustainable system for micro enterprises |
|
All the aforementioned schemes have been successful in achieving their respective aims and objectives. The Pradhan Mantri Jan Dhan Yojana has been a major success, as it has facilitated financial inclusion of millions of people who were earlier unable to access formal banking services. As of January 2020, there were 40.51 crore PMJDY accounts with an aggregate deposit of Rs.1.28 lakh crore. Besides, the Pradhan Mantri Awas Yojana has been equally effective, with about 55.3 lakh affordable houses having been built under the scheme until January 2020. Moreover, MUDRA Yojana has been instrumental in the rise of microenterprises in the country. As of October 2019, 97.42 lakh microunits had been established under the scheme.
Impact of Government Schemes on the Lives and Economies of People
It cannot be denied that government schemes have had a considerable positive effect on the lives and economies of people in India. Through the Pradhan Mantri Jan Dhan Yojana, financial services have been made accessible to the poor and have improved their purchasing power. The Pradhan Mantri Awas Yojana has also enabled people to own an affordable roof over their heads. The scheme has provided a great opportunity for low- and middle-income families to have a safe and secure dwelling. MUDRA Yojana has also been effective in promoting debt instruments for entrepreneurs to start their own businesses.
The positive impact of government schemes on the economy has been huge. These schemes have created new employment opportunities, increased the purchasing power of people, preserved cultural heritage, and generated wealth for the nation. Additionally, they have significantly improved the GDP growth of the country. The average GDP growth rate for the last five years (2015–16 to 2019–20) has been 7.8% per annum, compared to 6.4% in the previous five years.
Conclusion
The government’s schemes have been instrumental in transforming the lives and economies of people in India. They have provided an opportunity for people to avail financial services, own homes, and start their own micro-enterprises. The schemes have also had a positive impact on the economy, with increased employment, higher purchasing power, and higher GDP growth rate. The success of these schemes is a testament to the Prime Minister’s commitment to working towards social and economic progress of India.
