Finance Minister Arun Jaitley today said Aadhar has been an important leap forward for the country even as he pitched for Prime Minister Narendra Modi’s demonetisation decision. “Now we are beginning to understand its potential,” FM Jaitley said while addressing a conclave on Financial Inclusion by United Nations in Delhi. FM Jaitley also emphasized that Aadhaar legislation will stand the test of constitutionality. Underlining that full potential of Aadhaar was not realized when it was brought in, FM Jaitley said it was an evolving idea. Jaitley, who has time to time spoken in favour of Demonetisation, said that volume of cash has reduced, tax base has increased. There has been more formalisation of the economy due to demonetisation, he said. “There is an emphasis in the country particularly after Demonetisation to reduce the quantum of cash in society,” Jaitley said. FM Jaitley underscored that subsidies and state support should reach the targetted population, who actually deserve it. “Resource of a state as a subsidy must reach those segments of the population against for whom it is specifically targeted,” FM Jaitley said.
Talking about the BJP-led NDA government’s flagship program Pradhan Mantri Jan-Dhan Yojana (PMJDY), Jaitley said, “We have strong schemes at the Central and State level ensuring money goes directly into bank accounts.” “For banks to be operational- we have launched insurance and pension schemes- incentivising bank accounts,” he said.
Notably, FM Jaitley has also claimed that India has succeeded to bring financial inclusion which he said never previously had economic or political imperative to focus.