Reforms and good governance of visionary PM of India โ€“ Part I


The site https://transformingindia.mygov.in/ provides progress of schemes, tasks of Prime Minister Sri Narendra Modi team (PMT). Kudos to PMT for incessant, committed, industrious, honest reforms and good governance. Making India self-reliant, but not self-cantered, with concern for happiness, cooperation, peace for the world through Athmanirbhar Bharat is unique. India supplied medicines, medical equipment, ambulances, cancer treatment machine, food grains, medical assistance worth Rs. 1.22 crores for each of the 25 nations in Africa respecting Vasudaiva Kutumbakam.

Good governance highlighted in https://merisarkarmeredwar.in/ where any citizen can check his/her eligibility to receive benefits. As a retired Vice Chancellor, found 7 schemes eligible with click of a button! Ujjwala Yojana is another impressive reform which provided 8 crore deposit free clean cooking fuel (LPG) connections to poor households followed by UJALA โ€“ Unnat Jyothi affordable LEDs for all lighting homes, replacing incandescent bulbs, saving Rs. 25000 crores in consumer electricity bills, reducing GHG emissions of 44 million tonnes of CO2 per year. Other reforms follow.

Ease of doing business

The ease of doing business the taraka mantra of PMT brought insolvency and bankruptcy code 2016, removing difficulties in insolvency resolution process and strengthening corporate insolvency resolution, increasing threshold of default from one lakh to one crore for corporates due to Covid under PM Garib Kalyan.

Corporate tax has been brought down to 15% for new manufacturing companies set up after 1/10/2019 to commence production by 31/3/2023 in line with the Global Minimum Tax, set to attract fresh investments, create jobs, stimulating economy, and to 22% for existing domestic companies set to attract investment, domestic and foreign. Start-up India has recognized 50,000 start-ups in 623 districts with each State and UT having at least one start-up, creating 5 lakh jobs employing 11 employees per start-up. Women entrepreneurs lead in 45% of start-ups. India became the most preferred destination for foreign investors with more than 27.4 billion USD foreign portfolio investment in a year.

Domestic production of electronic goods increased by 23 percent per year. Harnessing IT for good governance, resulted in growth in digital payment transactions. Now India ranked first in digital payment transactions globally in 2020 with 427 crore transactions worth Rs.

173 lakh crores in March 2021.

About 3.75 lakh Common Services Centre (CSC) established for delivery of electronic services to villages providing 300 services like Aadhar, payment of utility bills, Govt certificates, with 3,74,000 CSCs . Ensuring food grains to migrants, One nation one Ration card empowered 80 crore NFSA beneficiaries, the migratory households, initiating inter state portability in all states covering 69 crore beneficiaries benefitted them.

Empowering citizens with Digital India โ€“ 129 crore citizens received Aadhar card with worldโ€™s largest digital identity programme, 20 crore citizens registered using e-Hospital, 6 crores registered with Digi locker eliminating need for carrying physical documents.

Revolutionizing public procurement, Govt E market place โ€“ one stop online platform for transparent public procuement supported 7 lakh MSMEs, one lakh women entrepreneurs, 10000 startups and 1.78 lakh artisans.

Financial inclusion

PM Jan Dhan yojana โ€“ banking the unbanked โ€“ offered access to banking services, micro credit, insurance, pension to 42 crore beneficiaries, 66% being rural, 55% being women, RuPay debit cards issued free of cost. Direct Benefit Transfer (DBT) introduced to plug leakages and enhanced transparency by targeting and timely delivery of benefits to people, enhancing financial inclusion in 380 schemes across 52 ministries, Rs. 15.48 lakh crores directly transferred to beneficiary accounts, with a gain of 11 percent due to DBT.

Fiscal reforms

Easing tax payers through IT returns with prefilled data on certain incomes reduced time and effort to fill ITR, electronic verification of IT return, real time verification eliminated need to submit signed copy. Unique documentation identification number (DIN) introduced for transparency in tax admin and service delivery. Amendment in form 26AS for information on deduction of tax electronically. The Dividend Distribution Tax (DDT) abolished from 2020. Complete relief from IT for those with taxable income up to Rs. 5 lakhs, option to pay income tax at lower slab rates if they do not avail exemptions and incentives, exempting tax payer with taxable income up to Rs. 5 lakhs with 100% tax rebate.

Faceless assessment scheme 2019, with no need to visit IT office, no fixed territorial jurisdiction and cases. These resulted in Higher tax compliance โ€“ in the last 7 years, with gross total income declared by return filers increased by 22 percent per year, number of tax payers with income above Rs. One crore increased by 20 percent per year, number of returns filed increased at the rate of 13% per year, number of persons filing returns increased at the rate of 14% per year.

Institutional reforms

Insolvency and bankruptcy code 2016 removed difficulties in insolvency resolution process and strengthened corporate insolvency resolution, increased threshold of default from one lakh to one crore for corporates due to Covid under PM Garib Kalyan, creation of NCLT, NCLAT, NFRA, IBBI, IEPFA for corporate dispute resolution, decriminalization of technical and procedural violations, threshold for paid up capital revised to Rs. 2 crores, and turn over to Rs. 20 crores.

Measures to curb corruption introducing Fugitive Economic offenders Act 2018 for speedy confiscation of proceeds of crime and properties of fugitive economic offender in India or abroad, Black Money (Undisclosed Foreign income and assets) and imposition of Tax Act to curb flow of black money stashed abroad, Benami Transactions (Prohibition) Amendment Act 2016 for confiscation of Benamidars and/or abettors properties; Multilateral competent authority agreement (MCAA) to curb black money through automatic exchange of information as per common reporting standard (CRS), are a few of institutional rules.

Continued to Part II

Linkedin


Disclaimer

Views expressed above are the author’s own.



END OF ARTICLE



.



Source link