This is what is necessary for poverty alleviation in India, reveals Arun Jaitley

Nov 16, 2018, 14:41 PM IST
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A high rate of growth is necessary to alleviate poverty and ensure that benefits of development reach the poor, Finance Minister Arun Jaitley said Thursday. Addressing the 25th World Congress of Savings and Retail Banks here, he also said an aspirational society cannot wait indefinitely for the benefits of growth to improve the quality of life of the poor.

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Arun Jaitley: Poverty Alleviation

Arun Jaitley: Poverty Alleviation

Economies like ours all over the world need a high rate of growth. We want to use growth as a mechanism to pull the maximum number of people out of poverty, improve upon quality of life but we are conscious of the fact that dangers of development and progress benefiting a few and leaving many others out of inclusion system are also there, said Jaitley. Image Source: PTI

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Arun Jaitley: 'Aspirational society not willing to wait'

Arun Jaitley: 'Aspirational society not willing to wait'

Arun Jaitley said that the penetration effect of growth will certainly take place but it will be a slow process and aspirational society is not willing to wait indefinitely. Image Source: PTI

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Arun Jaitley: Serving the unserved

Arun Jaitley: Serving the unserved

Talking about the financial inclusion drive of the Narendra Modi government since 2014, he said the ultimate objective was to bank the unbanked, secure the unsecured, fund the unfunded and service the unserviced areas. Image Source: PTI

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Arun Jaitley: Insurance and PMJDY

Arun Jaitley: Insurance and PMJDY

Noting that India predominately is an uninsured and unpensioned society, Jaitley said the government offered insurance at very affordable premium as part of the social security system through the PMJDY account. A total of 141 million people are enrolled under accident insurance while 55 million have availed life insurance under the scheme, he said. Image Source: PTI

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Arun Jaitley: Atal Pension and Mudra Scheme

Arun Jaitley: Atal Pension and Mudra Scheme

Besides, a low premium pension policy called Atal Pension Yojana was launched, targeted at providing sustenance pension after 60 years of age. For funding the unfunded, the government introduced the Mudra scheme. Once these accounts became operational, he said the government moved towards formalising and digitising the economy. Image Source: PTI

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