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PM Narendra Modi: From eliminating bad subsidies to Jan Dhan, all you wanted to know in 10 points

Fri January 29 2016, 10:27 pm
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    Prime Minister Narendra Modi today vowed that he will transform lives by implementing economic reforms, but added that his government will not eliminate all subsidies, instead it will rationalise and target them at the poor in a much better way. Here is all you wanted to know about the points raised in PM Narendra Modi speech in 10 points: (Express photo)

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    1. PM Narendra Modi: Said unnecessary controls and distortions in the economy will be eliminated and promised efficiency in allocation of resources as well as creation of opportunities for citizens to progress. (Express photo)

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    2. PM Narendra Modi: I am not arguing that all subsidies are good. My point is that there cannot be any ideological position on such matters. We have to be pragmatic. We have to eliminate bad subsidies, whether or not they are called subsidies. (Express photo)

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    3. PM Narendra Modi: We have to eliminate bad subsidies: But some subsidies may be necessary to protect the poor and the needy and give them a fair chance to succeed. Hence my aim is not to eliminate subsidies but to rationalise and target them. (Express photo)

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    4. PM Narendra Modi: Any dole for industries is called incentive or subvention while for farmer it is derogatorily called subsidy. We must ask ourselves whether this difference in language also reflects a difference in our attitude? Why is it that subsidies going to the well-off are portrayed in a positive manner? (Express photo)

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    6. PM Narendra Modi: Yet these are rarely referred to by those who seek reduction of subsidies. Perhaps these are seen as incentives for investment. I wonder whether, if the fertiliser subsidy is re-named as 'incentive for agricultural production', some experts will view it differently. (Express photo)

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    7. PM Narendra Modi: The universal access to banking through the Jan Dhan Yojana has enabled plugging of huge leakages in subsidies. This enables genuine beneficiaries to get what they deserve while eliminating those who are not eligible. This has substantially reduced the subsidy. (Subsidies on cooking gas (LPG) are now directly transferred to bank accounts of users, thereby eliminating multiple and bogus connections. 6.5 million people have heeded PM's call to give up cooking gas subsidy voluntarily.) (Express photo)

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    8. PM Narendra Modi: There is clear evidence that a large quantity of subsidised kerosene is misused and diverted. We have begun a pilot in 33 districts where kerosene will be sold at market prices. The difference between market price and the subsidised price will be transferred directly to bank accounts of those who are poor.. This will eliminate duplicate, non-eligible and bogus consumers and reduce the total subsidy. (Express photo)

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    9. PM Narendra Modi: We have decided that 75 per cent of the savings from this will be passed on to the states. Thereby, we have encouraged state governments to implement this in all districts. (Express photo)

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    Modi was addressing a public meeting which was expected to launch BJP's campaign for the coming Assembly elections in Tamil Nadu but he completely skipped local politics. (Express photo)

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