What does it really mean for our people? It means that we have helped every segment of the population climb the next rung of the ladder to prosperity. For those at the bottom, it means basic amenities. From just 40% in 2014, the vast majority now has access to a toilet. Nearly 80% of rural homes have tap water, up from just 8% in 2014.
The scheme of “80 crore people on free rations” has been fiercely mocked. But it shows a stunning expansion of state capacity. The figure first appeared in Manmohan Singh’s final speech from the Red Fort on August 15, 2013. A food security programme was announced, but almost nothing could be done back then.
In 2010, the Supreme Court asked the government to distribute free foodgrains to the poor. The UPA government told the court that it could not be done. All that has changed now. With their most basic need taken care of, these 80 crore people are now free to spend their money on other things.
The same goes for digital infrastructure. Having bank accounts linked to Aadhaar means financial inclusion. The poorest have been able to bring their money into the system for the first time. The Centre and most state governments now use this digital expressway to send welfare benefits directly to the poor. This also means social empowerment, especially for women. They now have their own bank account, their own money and can make their own decisions.
For those willing to start a small business, there are MUDRA loans. The latest budget has doubled their limit to Rs 20 lakh. In the last 10 years, 44 crore MUDRA loans have been given. Under the PM SVANidhi scheme, even a street vendor can get a small loan of Rs 10,000-50,000; over 56 lakh street vendors have already used it.
On the other end of the business ladder, there are entrepreneurs raising startup capital from India and abroad. From 2012, they had to pay an ‘angel tax’ on the investor money. The tax rate could be as high as 30.9%. The year, the tax has been abolished.
Then there are those in the middle. Their standard deduction goes up from Rs 50,000 to Rs 75,000. Those who earn up to Rs 7.75 lakh will not need to pay income tax. Back in 2014, only those who earned less than Rs 2 lakh paid no tax.
A bold new India is emerging. But this India is also more outspoken and impatient. They will not hesitate to question their leaders when they see inefficiency or corruption. India is restless for greatness.
A quiet revolution that is sweeping the nation
How many people actually invest in the markets? The latest Economic Survey says there are 9.2 crore unique tax IDs registered in the NSE database. Just five years ago, there were only 2.7 crore such IDs — so it’s up 240% in five years. The government estimates that almost 20% of Indian households now invest in the market. That’s not a majority, but it can hardly be dismissed as a privileged minority.
Abhishek Banerjee, author and columnist
Karuna Gopal, President, Foundation for Futuristic Cities
(Views are personal)
