7 Government schemes to aid economic development and financial stability

Over the years, the Indian government has introduced several schemes that have not only helped Indian citizens improve their financial situations, but have also contributed to the country’s economy. Listed below are 7 initiatives set up by the government, post-independence.

1. Pradhan Mantri Jan Dhan Yojna (PMJDY)

PMJDY is a National Mission for Financial Inclusion, particularly to provide access to financial services such as savings and deposit accounts, remittance, credit, insurance, pension, etc. at affordable rates. The scheme was announced on the eve of Independence Day, in 2014 by Prime Minister Narendra Modi.

2. Sukanya Samriddhi Yojna (SSY)

Narendra Modi launched the Sukanya Samridhi scheme, under the ‘Beti Bacho, Beti Padhao’ campaign on 22nd January 2015. The aim of this scheme is to meet the education and marriage expenses of a girl child.

3. Rajiv Gandhi Jeevandayee Arogya Yojana

Launched as a pilot project in 2012, this scheme is a universal health scheme for the economically backward in Maharashtra. Anyone holding one of the four cards issued by the Maharashtra government- Antyodaya card, Annapurna card, yellow ration card or orange ration card is eligible for this. 

4. Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY)

Announced by Finance Minister Arun Jaitley during Budget 2015, the uniqueness of the PMJJBY is that it is a renewable insurance scheme, offering life insurance coverage of Rs. 2 lakhs on death. Two other schemes – Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojna were launched alongside it.

5. Rashtriya Swasthya Bima Yojana (RSBY)

This scheme was introduced in 2008. Its main motto is to provide health insurance coverage to people belonging to the BPL (Below Poverty Line) category.

6. National Social Assistance scheme

Launched in 1995, this is a centrally sponsored scheme aimed at providing financial assistance to the elderly, widows, and people with disabilities in the form of social pensions.

7. Pradhan Mantri Mudra Yojana

Micro Units Development & Refinance Agency Ltd. (MUDRA) is a new initiative designed for non-corporate, non-form sector, micro and small enterprises whose credit needs are below Rs. 10 lakhs. This scheme was announced by the Finance Minister during the Union Budget 2016. Under PMMY there are three products available: