GKA THOUGHTS – Gopal Krishna Agarwal

E-RUPI will ensure leak-proof DBT delivery, bridge divides

February 21, 2025

Gopal Krishna Agarwal,

The e-RUPI vouchers that Prime Minister Narendra Modi launched recently is an important initiative of his government. It will ensure transfer of benefits in a “leak-proof” and transparent manner to the citizens and, as the PM said, “is a symbol of how India is progressing by connecting people’s lives with technology”.

When the Modi government came to power in 2014, there were rampant leakages in the government delivery mechanism and the benefits of welfare schemes were not reaching the targeted people efficiently. The first task Modiji took upon himself was streamlining the delivery mechanism, without leakages in the form of corruption or otherwise. His landmark initiative of direct benefit transfer (DBT) involving the JAM trinity of opening Jandhan accounts, linking those to Aadhar and mobile numbers for online fund transfer, was applauded by the World Bank as one of the most effective financial inclusion programmes worldwide.

Using financial technologies to revolutionise the life of the common man is an ambitious project of the PM. He has been encouraging startups to innovate and come out with solutions using artificial intelligence, data mining and processing. Creating a startup ecosystem through tax concessions and making investible funds available, the roadmap of the government is clear. Schemes are available for linking academic and industry interface, through the Atal Tinkering Lab and the Atal Innovation Mission. It has also been organising and supporting innovation Hackathons and streamlining the patent regime. Fintech innovations and solutions have revolutionised the financial ecosystem. Out of India’s 32 unicorns now, nine are in fintech.

This digital transformation helped reduce the tech divide between the rich and the poor, and the urban and rural population. Creating an ecosystem of Internet connectivity at the Panchayat level and establishing computer service centres under the Digital-India platform helped in ease of living for people.

Using technology, the Modi government is achieving its promise of minimum government and maximum governance. Technology-driven solutions reduce human interventions and subjectivity in decision-making and implementation, as well as help in bringing down corruption. Digital-India initiatives such as GST, virtual e-assessment, government e-market platform, digital locker, DBT, payment apps such as BHIM, e-mandis, PSB loans in 59 minutes, startup ecosystem, Aarogya Setu and CoWIN, fastag and now e-RUPI vouchers have helped transform the life of the common man.

The government has transferred ‘17.5 lakh crore to targeted beneficiaries under 300 schemes and saved ‘1.78 lakh crore by preventing them getting into wrong hands. This year, it has transferred ‘86,000 crore to farmers’ accounts as minimum support price, and large amounts under the Pradhan Mantri Kisan Samaan Nidhi.

The e-RUPI voucher is an innovative instrument for fund transfer to the targeted person for a specific purpose. When the government issues the voucher, it ensures that the fund is used for the specific purpose. It functions as a pre-paid gift-voucher, redeemable at service centres, and ensures the connectivity of the sponsor of the service, the beneficiary and the service provider on a digital platform. Once this scheme is implemented by private organisations and individuals, they are ensured that the fund is utilised as per their discretion. It can be used for CSR activities by corporates, donations by charitable institutions and individuals for third-party support.

The government is working on a push model, where schemes are announced and targets set, making officials responsible for the implementation, instead of the pull model where citizens had to run after government departments. It has been the endeavour of Prime Minister Modi to identify a problem, build a technological solution for resolution, integrate the stakeholders with it and establish a performance matrix for evaluation and accountability for efficient implementation.

The writer is national spokesperson of BJP.

व्यवस्था पारदर्शी बनाने की पहल

गोपाल कृष्ण अग्रवाल,

ई-रुपी वाउचर की पहल लक्षित व्यक्ति तक रकम हस्तांतरित करने की दिशा में सार्थक साबित हो सकती है। इस व्यवस्था के माध्यम सरकारी धन के रिसाव को नियंत्रित किया जा सकेगा

देश के प्रधानमंत्री नरेन्द्र मोदी ने हाल ही में ई-रुपी वाउचर लान्च किया है। इस अवसर पर उन्होंने कहा, ‘यह सरकारी वितरण के लक्षित, पारदर्शी और रिसाव मुक्त वितरण में मदद करेगा। ई-रुपी इस बात का प्रतीक है कि लोगों के जीवन को प्रौद्योगिकी से जोड़कर भारत कैसे प्रगति कर रहा है।’

वर्ष 2014 में जब नरेन्द्र मोदी सत्ता में आए तो उनके समक्ष सरकारी वितरण तंत्र में बड़े पैमाने पर होने वाले रिसाव को रोकने की चुनौती थी। सरकार की सामाजिक कल्याण योजनाओं का समुचित लाभ उनके योग्य लाभार्थियों तक सुगमता से नहीं पहुंच पा रही थी। लिहाजा सामाजिक कल्याण लाभ के लिए वितरण तंत्र को सुव्यवस्थित करने की उन्होंने व्यवस्था की, ताकि भ्रष्टाचार और अन्य रिसावों को रोका जा सके। उन्होंने प्रत्यक्ष लाभ हस्तांतरण (डीबीटी) की ऐतिहासिक पहल करते हुए बैंकों में सभी देशवासियों के जन- धन खाते खोलना, उसे आधार कार्ड से जोड़ना और आनलाइन फंड ट्रांसफर के लिए डिजिटल तकनीकों के उपयोग के द्वारा वित्तीय समावेशन कार्यक्रम को लागू किया गया। आनलाइन भुगतान तकनीक के लिए अधिक से अधिक एकीकृत भुगतान इंटरफेस (यूपीआइ) विकसित की गई और उनके माध्यम से सीधे लाभार्थी के खाते में धनराशि स्थानांतरित करने की व्यवस्था आरंभ की गई।

आम आदमी के जीवन में क्रांति लाने के लिए वित्तीय तकनीकों का उपयोग करना प्रधानमंत्री की एक महत्वाकांक्षी परियोजना है। फिनटेक के माध्यम से किए जाने वाले समाधानों के अंतर्गत आर्टिफिशियल इंटेलिजेंस (एआइ) और डाटा मैनेजमेंट का उपयोग करके नवाचार के लिए स्टार्ट-अप्स को वह निरंतर प्रोत्साहित कर रहे हैं। टैक्स रियायतों के माध्यम से स्टार्ट-अप पारिस्थितिकी तंत्र बनाना और फिर उसके लिए निवेश योग्य धन उपलब्ध कराने के साथ, सरकार का एक स्पष्ट रोडमैप है। अटल इनोवेशन मिशन के माध्यम से अकादमिक और उद्योगों को जोड़ने के लिए भी योजनाएं बनाई गई हैं। सार्वजनिक क्षेत्र के उद्यमों द्वारा नवाचार को प्रोत्साहन के लिए समूची पेटेंट व्यवस्था को सुदृढ़ करना सरकार की नई पहल है।

इस डिजिटल परिवर्तन ने अमीर और गरीब, शहरी और ग्रामीण आबादी के बीच तकनीकी दूरी को कम करने में मदद की है। पंचायत स्तर पर इंटरनेट कनेक्टिविटी का एकीकृत तंत्र के तौर पर विकसित किया जा रहा है। डिजिटल इंडिया प्लेटफार्म के तहत भी कंप्यूटर सेवा केंद्र (सीएससी) स्थापित करके लोगों के जीवन को सुगम बनाया जा – रहा है। प्रौद्योगिकी समाधानों ने सरकारी – निर्णय और उसके कार्यान्वयन में – मानवीय हस्तक्षेप को काफी हद तक कम -कर दिया, जिससे सभी को अपने दैनिक जीवनयापन में सुविधा मिली है। सरकारी – योजनाओं और कार्यक्रमों के लिए आनलाइन समाधान मानवीय हस्तक्षेप को कम करता है और इसमें भ्रष्टाचार की आशंकाएं भी कम होती है।

डिजिटल इंडिया पहल जैसे जीएसटी का कार्यान्वयन, वर्चुअल ई-मूल्यांकन, सरकारी ई-मार्केट प्लेटफार्म, डिजिटल लाकर, ई-मंडियां, 59 मिनट में पीएसबी लोन, स्टार्ट-अप इकोसिस्टम, टोल प्लाजा पर फास्ट टैग सुविधा और अब ई-रुपी वाउचर ने आम लोगों के जीवन को बदल दिया है। सरकारी योजनाओं को लागू करने के लिए प्रौद्योगिकी का उपयोग करने में हम सफल रहे हैं, चाहे वह लक्षित व्यक्तियों तक सामाजिक लाभ पहुंचाना हो या व्यवसाय करने में आसानी हो या फिर लाभ वितरण और शासन के लिए भ्रष्टाचार मुक्त तंत्र का निर्माण करना हो। जुलाई में भारतीय राष्ट्रीय भुगतान निगम (एनपीसीआइ) के यूनिफाइड पेमेंट्स इंटरफेस (यूपीआइ) के जरिये रिकार्ड 324 करोड़ लेन-देन किए गए हैं। राशि की बात करें तो इस प्लेटफार्म से 6.06 लाख करोड़ रुपये के लेन-देन किए गए

केंद्र सरकार करीब 300 सरकारी योजनाओं के अंतर्गत लक्षित लाभार्थियों को 17.5 लाख करोड़ रुपये की धनराशि हस्तांतरित करने में सफल रही है और इस राशि को गलत हाथों में जाने से रोककर लगभग 1.75 लाख करोड़ रुपये की बचत करने में भी सफल रही है। इस साल सरकार ने न्यूनतम मूल्य पर खाद्यान्न खरीद कर किसानों के खाते में 86 हजार करोड़ रुपये ट्रांसफर किए हैं। सरकार ने प्रधानमंत्री किसान सम्मान निधि के तहत भी बड़ी राशि सीधे किसानों के खाते में ट्रांसफर की है। ई-रुपी वाउचर की नई पहल लक्षित व्यक्ति तक फंड ट्रांसफर करने के लिए एक अभिनव साधन बनकर उभरेगी। जब सरकार ई-रुपी वाउचर जारी करती है. तो वह सुनिश्चित करती है कि फंड का उपयोग केवल निश्चित उ‌द्देश्य के लिए ही किया जा सकता है। यह व्यक्ति-विशिष्ट भुगतान प्रणाली प्री-पेड उपहार वाउचर के रूप में कार्य करती है, जिसे निर्धारित सेवा केंद्रों पर भुनाया जा सकता है। यह योजना सेवाओं के प्रायोजकों, लाभार्थियों और सेवा प्रदाताओं को एक डिजिटल प्लेटफार्म पर साथ ले आएगी। एक बार जब यह वाउचर किसी निजी संगठन या व्यक्ति द्वारा जारी किया जाएगा, तो उसे इस बात का भरोसा होगा कि इस निधि का उपयोग उनके निर्देशानुसार ही होगा।

दरअसल सरकार ‘पुश माडल’ पर काम कर रही है, जहां योजनाओं की घोषणा की जाती है, लक्ष्य निर्धारित किए जाते हैं और सरकारी अधिकारियों को उनके कार्यान्वयन के लिए जिम्मेदार बनाया जाता है, न कि ‘पुल माडल’ पर जहां नागरिकों को लाभ लेने के लिए सरकारी विभागों के पीछे भागना पड़ता है।

(लेखक बीजेपी के आर्थिक मामलों के प्रवक्ता है)

The Government That Delivers Efficiently

Gopal Krishna Agarwal

Prime Minister Shri Narendra Modi has launched e-RUPI vouchers. It is an important initiative of Narendra Modi government. While launching PM said, “This will help everyone in targeted, transparent and leakage free delivery, e-RUPI is a symbol of how India is progressing by connecting people’s lives with technology.”

When Shri Narendra Modi came to power in 2014 there was rampant leakages in government delivery mechanism. Government’s social welfare schemes were not reaching to the targeted beneficiaries efficiently. The first and foremost task, Modiji took upon himself was to streamline delivery mechanism for the social welfare benefits, without leakages in the form of corruption or otherwise. His landmark initiative of direct benefit transfer (DBT); involved the financial inclusion program of opening Jandhan account, linking it to unique Aadhar number and use of digital technologies for online fund transfer, called the JAM trinity. It was applauded by the World Bank as one of the most effective financial inclusion programs worldwide.

The first and foremost task, Modiji took upon himself was to streamline delivery mechanism for the social welfare benefits, without leakages in the form of corruption or otherwise

More and more Unified Payment Interface (UPI) for online payments such as BHIM and #99 app etc. were developed and funds transferred to the beneficiary account directly through them.

Using financial technologies to revolutionise the life of common men is an ambitious project of the Prime Minister. He has been successively encouraging Start-Ups to innovate and come out with FinTech solutions using Artificial Intelligence (AI), data mining and processing. Creating a Start-Up ecosystem through series of tax concessions and making investible funds available, the roadmap of the government is clear. Schemes are also available for linking academic and industry interface, through Atal Tinkering Lab and Atal Innovation Mission. Organising and supporting innovation Hackathons by public sector enterprises and streamlining Patents regime, is a well traversed path of the government. FinTech innovations and solutions have highly revolutionised financial ecosystem in India, out of 32 unicorns (one billion dollar valued start-up company) in 2021, nine are financial technology companies.

This digital transformation helped in reducing the technological divide amongst the rich and the poor, and the urban and rural population. Creating an ecosystem of internet connectivity at the Panchayat level and establishing computer service centres (CSC) under the Digital-India platform, helped in ease of living for the people. Using technology Modi government is achieving its promise of minimum government and maximum governance. The technology driven solutions reduced human interventions and subjectivity in the decision making and its implementation, helping everyone to go for his day-to-day life smoothly. The objective online solutions for government schemes and programs save the people from running from pillar to post reducing human interface, bringing down levels of corruption to a large extent.

Digital-India initiatives such as implementation of GST, virtual e-assessment, government e-market (GEM) platform, digital locker, direct benefit transfers (DBT), online payments; BHIM app and #99, e-mandis, PSB loans in 59 minutes, Digi-Locker, start-up ecosystem, Aarogya Setu, CoWIN apps & issue of digital certificate, RuPay card, fast tag facilities at toll plaza and now e-RUPI vouchers have transformed the life of common men. Prime Minister Modi has been successful in using technology to efficiently implement government schemes whether it is the delivery of social benefits to the targeted individuals or Ease of Doing Business (EODB), creating a corruption free ecosystem of benefit delivery and governance. In July’21 month alone, Unified Payments Interface (UPI), the flagship payments platform of the National Payments Corporation of India (NPCI) processed a record 324 crores transactions. In value terms, the platform processed transactions worth Rs 6.06 lac crores.

Our government has been successful in transferring Rs 17.5 Lac crores of funds to the targeted beneficiaries under 300 government schemes and has also succeeded in saving Rs 1.75 lakh crores preventing them getting into wrong hands, benefiting about 90 crore people. this year alone the government has transferred Rs 85 thousand crores to the farmers account on food grain purchases via MSP. The government has also transferred about Rs 1.35 lac crore directly to farmers account under the Pradhan Mantri Kisan Samaan Nidhi and PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) making digital history for street vendors and helping easy fund availability.

The new initiative of e-RUPI voucher is an innovative instrument for fund transfer to the targeted person for a specific purpose. When the government issues e-RUPI voucher, it ensures that the fund is used for the specific purpose only. This people-specific and person-specific payment system functions as a pre-paid gift-voucher, redeemable at service centres. This ensures the connectivity of the sponsors of the services, beneficiaries and the service provider on a digital platform. Once this scheme is implemented by private organizations and individuals, they are ensured that the fund is utilised as per their discretion. It can be used for CSR activities by the corporates, donations by charitable institutions and individuals for third party support. It has immense future potential in the field of fertiliser subsidy, free ration, pregnant women nutritional support etc.

The government is working on the push model, where schemes are announced, and targets set, making government officials responsible for their implementations, instead of pull model where citizens had to run after government departments to avail benefits. Identification of 115 aspirational districts and overseeing by the district administration for the eligible beneficiaries receiving them, is a case in point. It has been the endeavour of Shri Narendra Modi to identify a problem, build a technological solution for resolution, integrate the stakeholders with it and establish a performance matrix for evaluation and accountability for its efficient implementation.

(The writer is National Spokesperson of BJP)

हरित अर्थव्यवस्था के लिए प्रेरक बनेगी राष्ट्रीय हाइड्रोजन पॉलिसी

October 7, 2024

गोपाल कृष्ण अग्रवाल,

राष्ट्रीय प्रवक्ता भारतीय जनता पार्टी

प्रधानमंत्री नरेन्द्र मोदी ने जलवायु परिवर्तन की चुनौतियों से निपटने के लिए वैश्विक अगुवाई करने का भार अपने ऊपर ले लिया है और वे अक्षय ऊर्जा के लिए प्रतिबद्ध हैं। जाहिर है कि अक्षय ऊर्जा लक्ष्यों को प्राप्त करने के लिए शीर्ष नेतृत्व स्तर पर इच्छाशक्ति है। इसी प्रतिबद्धता के कारण, संयुक्त राष्ट्र जलवायु परिवर्तन सम्मेलन (सीओपी-21) के बाद, भारत ने उत्सर्जन मानदंडों को पूरा करने के लिए कुछ साहसिक कदम उठाए हैं। नतीजतन, पेरिस जलवायु परिवर्तन शिखर सम्मेलन के बाद, भारत के उत्सर्जन में वर्ष 2005 के स्तर पर 28 फीसदी की कमी आई है।

एक रिपोर्ट के अनुसार, भारत 2030 तक उत्सर्जन को 30 फीसदी तक कम करने के लक्ष्य को हासिल करने के लगभग निकट है। भारत ने सौर ऊर्जा को वैश्विक रूप से अपनाने में तेजी लाने के लिए फ्रांस के साथ मिलकर अंतरराष्ट्रीय सौर गठबंधन बनाया है, जिसका प्रधान कार्यालय भारत में है। भारत की एक अन्य पहल में 2050 तक 80-85 प्रतिशत तक बिजली की मांग को नवीकरणीय स्रोतों के माध्यम से पूरा करना है।

भारत, संयुक्त राष्ट्र के सतत विकास लक्ष्यों के लिए भी प्रतिबद्ध है और उसके सभी 17 लक्ष्य सरकार की नीतियों में शामिल हैं। भारत ने हाल ही गैर-जीवाश्म स्रोतों से 40 फीसदी बिजली उत्पादन क्षमता का लक्ष्य हासिल किया है।

बिजली उत्पादन में हिस्सेदारी

भारत में बिजली उत्पादन में कोयले की हिस्सेदारी 44 फीसदी से अधिक है जबकि तेल का योगदान लगभग 25 फीसदी है। बायोएनर्जी और सीएनजी का हिस्सा क्रमश: 21 और 5.8 प्रतिशत है, जबकि परमाणु और सौर ऊर्जा का हिस्सा काफी कम है।

कोयला जलवायु के लिए खतरे की वजह है, जबकि तेल की कीमतें आसमान छू रही हैं। जैसे-जैसे भारत औद्योगिकीकरण की ओर बढ़ रहा है, लगता है प्रति व्यक्ति ऊर्जा खपत, वर्तमान में जो 30 फीसदी है, बढ़कर 2040 में लगभग दोगुनी हो जाएगी। इसका श्रेय इस तथ्य में निहित है कि भारत अब विश्वस्तर पर विनिर्माण उद्योग स्थापित करने के लिए दूसरा सबसे आकर्षक देश बन गया है।

हालांकि बड़ी पनबिजली परियोजनाओं को लेकर कुछ चिंताएं भी हैं, लेकिन भारत में इसकी काफी संभावनाएं हैं। छोटी जलविद्युत परियोजनाएं महत्त्वपूर्ण पहल हो सकती हैं, हालांकि ये प्रोजेक्ट्स वर्तमान में लगभग न के बराबर हैं। पर, ठीक इसी वक्त भारत अब दुनिया में सौर ऊर्जा क्षमता में पांचवां और पवन ऊर्जा क्षमता में चौथा सबसे बड़ा देश है। इस ऊर्जा का इस्तेमाल हरित हाइड्रोजन (शून्य कार्बन उत्सर्जन ईंधन) के उत्पादन के लिए किया जा सकता है जो पूरे ऊर्जा क्षेत्र में बड़ा गेमचेंजर साबित होगा।

हाइड्रोजन ऊर्जा का बड़ा स्रोत है। हालांकि वर्तमान में कई चुनौतियां हैं और भारत इस क्षेत्र में बड़ा योगदानकर्ता भी नहीं है। पर जिस तरह से निजी निवेश और सरकार आगे बढ़ रही है, उससे देश को बड़ा लाभ मिल सकता है। ऊर्जा सुरक्षा, डीकार्बोनाइजेशन और कम कार्बन उत्सर्जन के लक्ष्य को पूरा करने में हाइड्रोजन मदद करेगा।

एक अनुमान के अनुसार, भविष्य की चुनौतियों से निपटने के लिए इस पर 500 बिलियन डॉलर से अधिक निवेश की जरूरत होगी। कई निजी कंपनियों और एनटीपीसी जैसी कुछ सरकारी कंपनियों ने भी बड़े लक्ष्य तय किए हैं। 2030 तक 316 बिलियन डॉलर के निवेश प्रतिबद्धता की उम्मीद है। सरकार की नीतियां सहायक हैं और भारत इस क्षेत्र का बड़ा खिलाड़ी बन सकता है।

अनुकूल पारिस्थितिकी तंत्र

मौजूदा वक्त में, हाइड्रोजन टेक्नोलॉजी के लिए लागत बड़ी चुनौती है। चीन से सौर ऊर्जा क्षेत्र मामले में भी बड़ी प्रतिस्पर्धा है। एक बड़ी चुनौती जो निजी क्षेत्र की तरफ से मिल सकती है, वह है उच्च ब्याज लागत। हालांकि सरकार ब्याज लागत को लगातार कम कर रही है, पर चुनौती से निपटने के लिए ऊर्जा के अधिक स्रोतों और धन की जरूरत है। अगर नई पहल और अनुसंधान के साथ नई एवं बेहतर तकनीक अमल में लाई जाए तो उत्पादन चुनौतियों का सामना किया जा सकता है।

चुनौतियों को समझने और उसके समाधान पर भी सरकार काम कर रही है। परिवहन और कच्चे माल की उपलब्धता जैसी चिंताओं के मद्देनजर सरकार नई औद्योगिक और संचालन क्रियान्वयन नीतियों पर काम कर रही है। सरकार का मैन्युफैक्चरिंग बेस बनाने पर भी फोकस है। आत्मनिर्भर भारत की संकल्पना के तहत सरकार ने बिजली क्षेत्र के उन्नयन, ग्रिड में सुधार, ट्रांसमिशन को बेहतर बनाने और डिस्कॉम में वृद्धि आदि के लिए 90,000 करोड़ रुपए की भी प्रतिबद्धता जताई है।

निजी कंपनियां और सरकार दोनों इस तथ्य से सहमत हैं कि हाइड्रोजन और सिलिकॉन ऐसे नए क्षेत्र हैं जो देश के लिए बहुत अधिक सम्पदा उत्पन्न कर सकते हैं। सरकार ने राष्ट्रीय हाइड्रोजन मिशन की स्थापना के लिए लगभग 1500 करोड़ रुपए की प्रतिबद्धता जताई है। विभिन्न नीतियां लागू करने के साथ ही रोडमैप बनाए जा रहे हैं। अंतत: जब उद्देश्य स्पष्ट हैं, स्वच्छ और हरित ऊर्जा के लिए उच्चतम स्तर की प्रतिबद्धता है, ऐसे में भारत निश्चित रूप से अपने लक्ष्यों को हासिल करने में सक्षम होगा।

सामग्री व्यापार को बढ़ावा देने के लिए रसद समर्थन मामले में सरकार नई नेशनल लॉजिस्टिक पॉलिसी लेकर आ रही है। यह एकीकृत रसद केंद्रों, हाइड्रोजन भंडारण, परिवहन, भंडारण और बंदरगाहों से जुड़े मुद्दों का समाधान करेगी। इसी तरह, कॉरपोरेट क्षेत्र की बैलेंसशीट में पर्यावरणीय लागत के समावेशन से परियोजना मूल्यांकन में उचित मदद मिलेगी।

बैलेंसशीट में पर्यावरण के इन नवाचारों को अभिलेखबद्ध करना महत्त्वपूर्ण मुद्दा है जहां अधिक शोध और उत्थान हो सकता है। इंस्टीट्यूट ऑफ चार्टर्ड अकाउंटेंट्स ऑफ इंडिया (आइसीएआइ) के फाइनेंस अकाउंटिंग प्रोफेशनल्स यह नवाचार कर सकते हैं। हाइड्रोजन इकोनॉमी के बढ़ावे के लिए कम लागत वाली फंडिंग के ज्यादा स्रोत होने चाहिए और सरकार इस दिशा में कदम उठा रही है।

‘India has become engine of growth for global economy’

September 23, 2024

By Gopal Krishna Agarwal

National Spokesperson of BJP,

While many countries in Europe are reeling under recession, India is an outlier, one of the fastest growing economies in the world and attracting the highest fdi

India has become the engine of growth for the global economy under the present government at the Centre, headed by Prime Minister, Narendra Modi. When we came to power in 2014, our economy was facing twin balance sheet problem, the banks were extremely weak and the corporate sector was highly leveraged and not in a position to service debts. Due to several initiatives, the economy is deleveraged and the banking sector is strong now, says Gopal Krishna Agarwal, National Spokesperson of Bharatiya Janata Party, in an exclusive interaction with Bizz Buzz

What is your view about India becoming $5 trillion economy?

Very heartening to know that, Indian GDP is moving towards $5 trillion, not only Indian economy is doing good, it is the fastest growing major economy of the world for two consecutive years, and is poised to be the same for the coming year too. In fact, India has become the engine of growth for the global economy. When we came to power in 2014, our economy was facing twin balance sheet problem, the banks were extremely weak and the corporate sector was highly leveraged and not in a position to service debts. Due to several initiatives, the economy is deleveraged and the banking sector is strong now. Banking Sector reforms include NPA resolution, IBC and Capital infusion. Thus, the country’s economy is deleveraged, and can go for fresh investments from the private sector. Leadership and vision makes all the difference, it was possible due to able macroeconomic management by Modi government.

What is your view on inflation? Inflation has come down from double digit to less than 5 per cent to at 4.25 per cent retail inflation and food inflation at 2.91 per cent. What is your comment on GDP growth? As per NSSO data Indian GDP growth rate is at 7.2 per cent (despite global headwind) and Q4 GDP growth rate is 6.1 per cent YoY, punctures hole in the narration of pent up demand. Earlier, predictions had been made that the GDP growth rate will come down going forwards. But figures show that Indian economy is headed in the right direction and there is considerable momentum. Please throw some light on collection of direct and indirect taxes.
GST collection in April 2023 was at Rs 1.87 lakh crore, despite reduction in average net GST rate to 11.6 per cent as per RBI report. Similarly, direct tax collection was to the tune of Rs 16.61 lakh crore, an increase of 17.63 per cent over last year (FY23). Of course, we achieved this in spite of reduction in corporate tax and higher exemption in personal tax. Your view on other economic parameters like PMI, IIP etc. Purchase manager Index (PMI) for the manufacturing sector currently stands at 57.2 whereas in case of services sector, it was at 62, which shows the highest after 13 years. Both are in the expansionary mode. Coming on IIP, the figure for April is 4.2, up from March 2023, shows robust growth in the manufacturing sector. In terms of infrastructure standing, Capex of government has increased to 3.3 per cent of GDP. Average share of Capex to total expenditure is 16.8 per cent, this shows increase in the quality of expenditure of the Union Government.

How can we say that the country was having its robust economy at present? Well, major data points to robust economy include FDI in year 21-22 was $84.8 billion, exports have crossed $770 billion in 2022-23. Moreover, the country has the third largest startup ecosystem and 115 Unicorns. Besides, India boasts of having the highest digital payment at Rs 15,468 lakh crores value digital transactions. Not only that, India ranks first in fintech adoption. We are among the top mobile manufactures in the world. Above all, Air India disinvestment is the best example of privatisation of PSE policy. How can we say that govt is moving in the right direction? Govt has been working in a team spirit with the financial institutions particularly RBI and Ministry of Finance. The test of independence of an institution is not an adversarial relation with the govt but working together to make a strong economy. Leadership and vision makes all the difference, able macroeconomic management by Modi government, the counter cyclical measures taken by the RBI and the ministry and staggered approach in the fiscal stimulus package- Aatma Nirbhar Bharat Package have helped the Indian economy to recover post Covid, and manage inflation, recession and fiscal deficit. Give some examples of formalisation of economy and policy reforms. They include GST, E assessment, DBT, financial inclusion, IBC, PLI, fintech, UPI, digital India, audit trail. Can you explain future orientation of Budget? This is visible by facts like AI, renewable energy, blockchain, green hydrogen, connectivity, cultural economy (art, culture, music, dance, food, festival, architecture, tourism).

What are the major achievement of Narendra Modi govt? The major achievements have been management of Covid pandemic and economic recovery package thereafter. The pandemic has caused global disruption among major economies. US the largest economy in the world is facing unprecedented inflation not seen for the last 40 years of its history. One country after another in Europe reeling under recession whether it’s UK, Germany, France and, even China has not come out of the shock it received from the forced lockdown during Covid19. India is an outlier, one of the fastest growing economy in the world, attracting highest FDI. Banks after banks in US and Europe are failing and are going for bankruptcy. There central banks do not seem to have the road map to deal with the situation. They lack institutional capability to oversee crisis. Contrast this the way our government and institution have dealt with the problem of pandemic. Due to visionary approach and concerted efforts of the government and the institutional resilience to meet the crises, all the three major macro-economic parameters inflation, recession and fiscal deficit are in healthy domain. International institutions, Morgan Stanley report points towards healthy growth prospects for the Indian economy. Google’s Economy report says that internet economy of India will grow 5 times between 2023 and 2030 and will contribute about 12-13 percent of GDP. Enablers like Aadhar, UPI, Digi locker, ONDC, Unified Health interface, India stack, Rupay and NPCI network abroad and software services is expected to be a big export growth area. On this background I would like to state that the global interest in India is steaming from the realization that in the coming decades the economic activity is moving toward India. India will be a major driver for global economy. All this is because we have a determined and visionary leadership in Shri Narendra Modi Ji.

India must use its cultural wealth to be global economic power

September 17, 2024

Cultural economic governance assumes great importance at the stage of policy formulation and its implementation

By Gopal Krishna Agarwal

India has a glorious past. At one point in time it contributed more than 25 per cent to the world’s gross domestic product and controlled about 28 per cent of global trade and commerce. Being an economic power for several centuries, India played a leadership role in all fields – whether it is art, culture, music, dance, food, festivals, architecture or handicrafts. Indian civilization’s contribution to the world heritage has been immense. Unfortunately, history took an unpleasant turn and India saw foreign occupation for almost a millennia; in these thousand years we were robbed of our glory and wealth.

There is a close interrelationship between the culture and the economy. Our economy was an important factor for our glorious civilization and cultural heritage. The reverse also held true – our cultural content contributed to our strong economy. If India has to assume global leadership position again, it has to be an economic power first. We can use our cultural wealth to catalyse India’s economy.

India’s potential in the field of culture is immense. However, there is a lack of understanding on how to put this accumulated cultural wealth over millennia to achieve economic growth. For realising the true potential of India’s imbedded cultural content, and identifying variables and their interrelationship for evidence-based decision making and resource allocations, we have to work on multiple dimensions of cultural economy; what are its performance and potential indicators, how monetisation can lead to unlocking valuations of cultural activities, what are its financial requisites to be fulfilled by innovative financial instruments for sustainability. According to a study only about 20 per cent of cultural organisations worldwide consider themselves financially sustainable. The government is an important driver of any initiative. Therefore, cultural economic governance assumes great importance at the stage of policy formulation and its implementation. The cultural sector directly employs about 4.5 million people as artisans, performers, tourism guides etc. In addition, handicrafts and traditional art industries provide employment to about 6 million people. Through introduction of new curriculum and vocational studies in the education system, the government has to work on skilling and capacity building of these stakeholders. According to a report by the Ministry of Rural Development, only 10 per cent of rural artisans have access to formal training programs. It is estimated that capacity building initiatives in cultural sectors can lead to a 20-30 per cent increase in productivity and revenue for cultural enterprises. A survey conducted by UNESCO found that 70 per cent of traditional artisans feel their skills are not aligned with current market demand.

Establishing social and economic linkages for performing arts can propel growth in all art forms, contributing to huge employment and revenue generation. The Indian film industry alone contributes around Rs 180,000 crore annually to the economy but its global potential is still unexploited. Yoga in the United States has become a $15 billion business annually. Is there a way to ensure that the economic benefits of the wider acceptance of Yoga flow to India? All these and other important sectors have to be extensively worked on.

The civilization wealth that we have inherited from our ancestors can be put to use only after we start taking pride in them. We are fortunate that, with the rise of aspirational Indians, there is a revival of pride in our cultural traditions and civilization values in the country. We have had initiatives like building the Ram temple in Ayodhya: Its ambitious redevelopment project costing over Rs 85,000 crore will be completed by 2031, transforming the city to accommodate a footfall of around 300,000 pilgrims daily. Kashi Vishwanath Temple had 20,000-30,000 daily visitors before redevelopment; after the revamp, the daily number of visitors increased to 1.5-2 lakh. There are some 2 million temples across India, in addition to their religious and spiritual importance, temples were designed to serve as commercial centres attracting tourists/pilgrims and support business activities in the areas of retail, transportation, and hospitality. Festivals in India are estimated to contribute Rs 2 trillion annually. According to a CII report, Kumbh Mela in 2019 generated business over Rs 1. trillion and Uttar Pradesh had to spend only Rs. 4,200 crore for the event.

Prime Minister Narendra Modi is working on realising this vision further by setting up Tamil Cultural Centers across the globe and showcasing India’s diverse and vibrant cultural heritage to the world leaders through the G20 platform. India has 42 UNESCO World Heritage Sites as of now. A total of 46 new projects have been sanctioned and 27 new pilgrimage sites have been identified across India for development of infrastructure and tourist amenities for enriching the religious tourism experience under the PRASHAD scheme of the central government. Spiritual and religious tourism in India commands a significant portion of the travel and tourism sector, holding a 30 per cent market share and accounting for 60 per cent of the domestic tourism market.

What we require is to develop a comprehensive Cultural Economic Model. it will serve as a catalyst for our nation’s economic growth, till we become a developed nation by the year 2047. Our cultural economic model will also be a case-study for other economies to emulate and propel their own economic growth using their social and cultural wealth.

The writer is a national spokesperson of the BJP and patron, MCES 2024

Budget leans on resilience, paves path for Viksit Bharat

July 25, 2024

Budget 2024 is a significant milestone in India’s journey towards becoming a developed nation, or Viksit Bharat, by 2047. It builds on the resilience established over the last two terms of the government led by Prime Minister (PM) Narendra Modi. The Economic Survey clearly laid out how the economy is on a strong footing while identifying challenges. Finance minister (FM) Nirmala Sitharaman has skilfully navigated these important aspects of the economy. Despite the Opposition’s political reservations, it is evident that the provisions in this budget are far-reaching and transformative. The primary focus is on employment generation, support to the middle class, agriculture growth, MSMEs and urban infrastructure development. The budget also talks about next generation reforms and improving factors of production.

We have to keep in mind that budget announcements are based on the demand of the Union ministries and the states and the assessment of their requirements by the finance ministry. These allocations can be increased during the year. Also, states not mentioned in the speech still get their due under the schemes.

Employment generation is a critical area. The budget ensures that job creation is directly and indirectly supported. The introduction of an internship programme for 10 million youth at 500 top corporations, financed and supported by the government, is a notable initiative. It is designed to bridge the gap between education and industry requirements. Support for first-time employees through the first month’s salary being paid by the government and Provident Fund (PF) and National Pension System (NPS) contributions are welcome steps. Upgrading of the Industrial Training Institutes (ITIs) and training two million youth will further empower the workforce, including women workers.

The FM has also focused on the MSME sector with enhanced credit guarantees, reworking the Non-Performing Assets (NPA) identification process, and raising the Mudra loan limit to ₹20 lakh. Most importantly, the credit assessment model has been improved to ensure that deserv- ing enterprises receive the necessary financial support. The manufacturing sector will benefit significantly from the allocation of 1 lakh crore for innovation and research, as well as funds for start-ups. The abolition of the angel tax, a major demand of start-ups, will bring a new line of cap- ital investment, fostering a culture of innovation and entrepreneurship. The budget also provides much-needed tax relief to the middle class. The increase in the standard deduction limit and reduced tax rates across all slabs will provide respite to millions of

households. This demography will also benefit from infrastructure development, with an impressive allocation of ₹11.11 lakh crore aimed at enhancing the ease of living.

Agriculture and the rural population have received special attention. The government has allocated funds for the construction of 30 million new houses under the Pradhan Mantri Awas Yojana. These initiatives aim to improve living conditions and provide much-needed relief to rural communities. The government’s exemplary work in delivering social welfare through digital infrastructure is evident in this budget. The Viksit Bharat vision entails welfare schemes reaching every section of the population. The allocation to the Mahatma Gandhi National Rural Employment Guarantee Scheme and the initiation of the Janjatiya Unnat Abhiyan are steps towards achieving saturation in tribal villages.

The budget also emphasises sectors such as tourism, energy, urban development, manufacturing and support for women and youth empowerment. Each of These areas has found a place in the budget, with targeted initiatives aimed at boosting growth and improving the standard of living. The comprehensive approach ensures that every segment of society benefits from the nation’s progress.

Innovation and research are key components of this budget, with substantial funds allocated to foster a culture of creativity and technological advancement. Next-generation reforms, includ- ing a new economic policy framework, new tax levies, and easing of tax compliance, have been thoughtfully implemented. These measures aim to improve overall productivity, creating a more efficient and competitive economy.

In conclusion, the budget is a significant step towards building Viksit Bharat. It lays a solid foundation for a prosperous and resilient econ omy where all segments of society are taken care of. The government’s focus on employment generation, infrastructure development, and social welfare is commendable. Together, we will build a prosperous and resilient India, ensuring that every citizen benefits from the nation’s progress.

Gopal Krishna Agarwal is national spokesperson

of the Bharatiya Janata Party on economic affairs.

How India can leverage its cultural riches to stimulate its economy

Gopal Krishna Agarwal,

India has a glorious past. At one point in time it contributed more than 25% to the world’s GDP and controlled about 28% of global trade and commerce. Being an economic power for several centuries, India played a leadership role in all fields- whether it is art, culture, music, dance, food, festivals, architecture or handicrafts. Indian civilization’s contribution to the world heritage has been immense. Unfortunately, history took an unpleasant turn and India saw foreign occupation for almost a millennia; in these thousand years we were robbed of our glory and wealth.

There is a close inter-relationship between the culture and the economy. Our economy was an important factor for our glorious civilization and cultural heritage. The reverse also held true – our cultural content contributed to our Strong economy. If India has to assume global leadership position again, it has to be an economic power first. We can use our cultural wealth to catalyze India’s economy.

Government is an important driver of any initiative. Therefore Cultural Economic Governance assumes great importance at the stage of policy formulation and its implementation. Cultural sector directly employs about 45 lakh people as artisans, performers, tourism guides etc. In addition, handicrafts and traditional art industries provide employment to about 60 lakh people. Through introduction of new curriculum and vocational studies in the education system, the government has to work on skilling and capacity building of these stakeholders. According to a report by the Ministry of Rural Development, only 10% of rural artisans have access to formal training programs. It is estimated that capacity building initiatives in cultural sectors can lead to a 20-30% increase in productivity and revenue for cultural enterprises. A survey conducted by UNESCO found that 70% of traditional artisans feel their skills are not aligned with current market demand.

Yoga in the USA has become a 15 billion USD business annually. Is there a way to ensure that the economic benefits of the wider acceptance of Yoga flows to India? All these and other important sectors have to be extensively worked on.

The civilisational wealth that we have inherited from our ancestors can be put to use only after we start taking pride in them. We are fortunate that, with the rise of aspirational Indians, there is a revival of pride in our cultural traditions and civilization values in the country. Initiatives like building Ram temple at Ayodhya; its ambitious redevelopment project, costing over Rs 85,000 crore is to be completed by 2031 transforming the city to accommodate a footfall of around 3 lakh pilgrims daily. Kashi Vishwanath Temple had 20,000-30,000 daily visitors before redevelopment; after the revamp, the daily number of visitors increased to 1.5-2 lakh. There are approximately 2 million temples across India, in addition to their religious and spiritual importance, temples were designed to serve as commercial centres attracting tourists/pilgrims and support business activities in the areas of retail, transportation, and hospitality. Festivals in India are estimated to contribute Rs 2 lakh crore annually. According to a CII report, Kumbh Mela in 2019 generated business over Rs 1.2 lakh crore whereas the State of UP had to spend only Rs. 4,200 crores for the event.

Prime Minister Modi is working on realizing this vision further by setting up Tamil Cultural Centers across the globe and showcasing India’s diverse and Vibrant cultural heritage to the world leaders through the G20 platform. India has 42 UNESCO World Heritage Sites as of now. A total of 46 new projects have been sanctioned and 27 new pilgrimage sites have been identified across India for development of infrastructure and tourist amenities for enriching the religious tourism experience under the PRASHAD scheme of the Central government. Spiritual and religious tourism in India commands a significant portion of the travel and tourism sector, holding a 30% market share and accounting for 60% of the domestic tourism market.

What we require is to develop a comprehensive Cultural Economic Model. This Model will serve as a catalyst for our nation’s economic growth, till we become a developed nation by the year 2047. Our cultural economic model will also be a case-study for other economies to emulate and propel their own economic growth using their social and cultural wealth.

The author is National Spokesperson of BJP.

Culture as a driver of economic growth

July 8, 2024

The economic potential of handicrafts, religious and heritage tourism is waiting to be tapped

Gopal Krishna Agarwal

Before India was plundered by foreign invaders, our thriving economy supported a glorious cultural heritage. India played a leadership role in all fields – whether it is art, culture, music, dance, food, festivals, architecture or handicrafts.

Indian civilization’s contribution to the world heritage has been immense. We have always believed that there is a close interrelationship between culture and economy. We can use our cultural wealth to catalyse India’s economy.

Cultural Economic Governance assumes great importance at the stage of policy formulation and its implementation. The cultural sector directly employs about 45 lakh people as artisans, performers, tourism guides etc.

In addition, handicrafts and traditional art industries provide employment to about 60 lakh people. Through introduction of new curriculum and vocational studies in the education system, the government has to work on skilling and capacity building of these stakeholders.

According to a report by the Ministry of Rural Development, only 10 per cent of rural artisans have access to formal training programmes. It is estimated that capacity building initiatives in cultural sectors can lead to a 20-30 per cent increase in productivity and revenue for cultural enterprises.

Yoga in the US has become a $15 billion business annually. Is there a way to ensure that the economic benefits of the wider acceptance of Yoga flows to India? All these and other important sectors have to be extensively worked on.

CULTURAL DRIVERS

With the rise of aspirational Indians, there is a revival of pride in our cultural traditions and civilization values in the country. Initiatives like building Ram temple at Ayodhya; its ambitious redevelopment project, costing over ₹ 85,000 crore is to be completed by 2031 transforming the city to accommodate a footfall of around 3 lakh pilgrims daily. Kashi Vishwanath Temple had 20,000-30,000 daily visitors before redevelopment; after the revamp, the daily number of visitors increased to 1.5-2 lakh.

There are approximately two million temples across India, in addition to their religious and spiritual importance, temples were designed to serve as commercial centres attracting tourists/pilgrims and support business activities in the areas of retail, transportation, and hospitality. Festivals in India are estimated to contribute ₹ 2-lakh crore annually. According to a CII report, Kumbh Mela in 2019 generated business over ₹ 1.2-lakh crore whereas the State of UP had to spend only ₹ 4,200 crore for the event.

Congress violated basic principles of tax, lost exemption : BJP’s Gopal Krishna Agarwal

April 1, 2024

The BJP on Friday reacted strongly to Congress allegations that the government is targeting it through tax notices and freezing of bank accounts.

“The I-T exemption that parties get is based on certain conditions. Congress has violated the basic condition mandated by EC for tax exemption,” BJP national spokesperson Gopal Krishna Agarwal told ET.

Agarwal said that Congress got cash donations above Rs 2,000, which is against the rule.

“The Congress received Rs 14.5 lakh in cash over Rs 2,000. These violations and late returns cost them their exemption under Section 13(A) of the I-T Act,” he stated.

Once a political party loses tax exemption, all its income becomes taxable and all expenditure under income from other sources is disallowed.

Agarwal further said the IT department issued several notices to Congress, but they didn’t respond.

“The notice of demand for Rs 135 crore tax given to Congress for the assessment year 2018-19 is after the party lost the exemption,” he added.

The BJP leader said that Congress filed an appeal before the Income Tax Appellate Tribunal but didn’t pay the mandatory 20% of the total liability required to hear the matter.

“Congress has gone to appeal in ITAT as well as High Court but all their appeals have been rejected. The matter is in the Supreme Court now,” Agarwal said.

He said that the Income Tax department’s action is based on the incriminating material seized during search operations which indicated extensive usage of cash by the party.

Gopal Krishna Agarwal

Category: GKA THOUGHTS