DIRECT BENEFIT TRANSFER THROUGH PM JAN DHAN YOJANA, PM SVANIDHI AND PM JANMAN YOJANA ARE TESTIMONY OF EMPOWERING THE PEOPLE: FM

Focusing on Garib Kalyan as Desh ka Kalyan, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman stated that the Government believes in empowering the poor.

While presenting the Interim Union Budget 2024 today, Smt. Sitharaman stated, “The earlier approach of tackling poverty through entitlements had resulted in very modest outcomes. When the poor become empowered partners in the development process, government’s power to assist them also increases manifold.”

The Union Finance Minister said that in the pursuit of Sabka Saath in last 10 years, the Government has assisted 25 crore people to get freedom from multi-dimensional poverty. Smt. Sitharaman further stated that the Government’s efforts are now getting synergised with energy and passion of such empowered people; this is truly elevating them from poverty. 

Smt. Sitharaman said that ‘Direct Benefit Transfer’ worth Rs. 34 lakh crore from the Government using PM-Jan Dhan accounts has led to savings of Rs. 2.7 lakh crore for the Government and this is made possible through avoidance of leakages prevalent earlier. The savings have helped in providing more funds for ‘Garib Kalyan’.

Citing examples of the schemes that have empowered the poor, Smt. Sitharaman said, “PM-SVANidhi has provided credit assistance to 78 lakh street vendors.  From that total, 2.3 lakh have received credit for the third time.”

Citing PM-JANMAN Yojana as a prime example of empowerment, the Union Finance Minister said that the scheme reaches out to the particularly vulnerable tribal groups, who have remained outside the realm of development so far.

Direct Benefit Transfer expands financial inclusion, reducing leakages and strengthening poverty alleviation through targeted welfare delivery. Direct Benefit Transfer via Jan Dhan financial inclusion platforms is identified as the core mechanism reducing leakages and generating fiscal savings that are redirected to poverty-focused welfare. Complementary targeted programmes-microcredit support for street vendors and a dedicated outreach scheme for particularly vulnerable tribal groups-are cited as operational components that extend credit access and bring marginalised populations into development initiatives.