City
Epaper

India saved pilferages worth $40 bn in last 8 years with DBT schemes: FM Sitharaman

By IANS | Updated: October 25, 2024 10:55 IST

Washington, Oct 25 India saved pilferages worth $40 billion in the last eight years with the Direct Benefit ...

Open in App

Washington, Oct 25 India saved pilferages worth $40 billion in the last eight years with the Direct Benefit Transfer (DBT) schemes of the government, according to Union Finance Minister Nirmala Sitharaman.

Speaking at the Wharton Business School, University of Pennsylvania, during her US visit this week, the minister said over 51 ministries and departments in the central government now use various DBT schemes.

More than $450 billion have been transferred cumulatively in the last eight years via the unique government scheme to date, she informed.

“As finance minister, I need to stop the pilferage. I need to make sure every taxpayer's rupee is spent properly, accounted properly. I can't have pilferages taking over,” she told the gathering.

Through Aadhaar-linked DBT, launched in 2013, cash benefits from various welfare schemes are directly transferred into beneficiaries' bank accounts, reducing the need for multiple documents and eliminating duplicate or fake beneficiaries.

As part of the PM-KISAN scheme, the world’s largest DBT scheme, more than Rs 3.04 lakh crore has already been disbursed into accounts of more than 11 crore farmers across the nation and with the release of the 17th installment, the total amount transferred to the beneficiaries since the inception of the scheme will cross Rs 3.24 lakh crore.

This initiative is one of the world's largest DBT schemes which leverages digital platforms for transparent enrollment and transfer of welfare funds to farmers.

PM-KISAN has ended reliance on moneylenders and fostered sustainable farming practices.

Also, the Pradhan Mantri Jan Dhan Yojana (PMJDY) further promotes financial inclusion, opening over 523 million bank accounts, bringing marginalised sections into the formal financial system.

According to the government, this Aadhaar-driven approach has not only empowered people but also led to significant savings for the public exchequer by cleansing scheme databases, removing millions of fake, non-existent, and ineligible beneficiaries across multiple government ministries and departments.

For example, Aadhaar-driven DBT has led to the elimination of over 4.15 crore fake LPG connections and 5.03 crore duplicate ration cards, streamlining the distribution of essential services like cooking gas and food subsidies.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Open in App

Related Stories

NationalHimachal Governor visits disaster-hit areas, expresses solidarity with victims

National‘Sole aim of Malegaon case was to defame Hindutva’: MP Minister after meeting Shyam Sahu

NationalPriyajit Ghosh, 22-Year-Old Bengal Cricketer, Dies of Heart Attack During Gym Session

Other Sports38th National Under-11 Chess Championship inaugurated in Jalgaon

EntertainmentVirat lifting his maiden IPL title after 18 years to SRK winning 1st National Award in 33 years: 2025 belongs to 'Kings' of 'Cricket' and 'Bollywood'

National Realted Stories

NationalRavi Shankar Prasad slams Rahul Gandhi and Tejashwi Yadav for ‘lies’ and ‘misinformation’

NationalRs 26.4 lakh cash, gold-plated bangles seized from 2 Kerala men at TN's Coimbatore, I-T dept commence probe

NationalThree suspected Maoist operatives arrested in Chhattisgarh, explosives seized

NationalCM Mamata's enhanced Durga Puja dole to face legal challenges at Calcutta HC

NationalBJP's President elections likely to take place after Vice President poll