PM delivers a game changer
fiscal is concerned, with the 2G spectrum auction raking in a far-less-than-estimated Rs 9,408.crore and the Hindustan Copper stake sale being salvaged only after state-run Life Insurance Corporation came to its rescue, the government is hard-pressed to find ways to reduce the fiscal deficit to the revised target of 5.3% of GDP and avoid a rating downgrade. Finance minister P Chidambaram has issued directives to all ministries to tighten their spending, given the uphill task ahead. Independent analysts peg the fiscal deficit this year to be close to 6%.
The committee also decided that to facilitate all this, there is a need to constitute other committees including a technology committee, a financial inclusion committee and implementation committees within each ministry so as to ensure coordination and quick implementation.
The platform has been developed by the Unique Identification Authority of India (UIDAI) which will be used for pushing these social security and entitlement payments to the targeted users.
APB is a repository of Aadhaar or unique identification number of residents and their primary bank account number used for receiving all entitlement payments from various government agencies. It facilitates seamless transfer of all welfare scheme payments to beneficiary residents’ Aadhaar-enabled bank account (AEBA). APB requires using the Aadhaar number as the primary key for all entitlement payments, thereby weeding out all ghosts and ensuring that the benefits reach the intended beneficiaries.
The government has pegged its subsidy outgo on food, fuel and fertiliser for the 2012-13 fiscal at over Rs 1.79 lakh crore, but this figure
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