Ten-fold increase in social security cover since 2014, says PM Modi

Prime Minister Narendra Modi on Wednesday said social security cover has now been extended to around 500 million people in the country, an increase of about 10 times since 2014.

"The social security schemes of the Government of India help cope with the uncertainties of life," Modi said.

The Prime Minister was interacting with beneficiaries of various social security schemes of the government through video conferencing.

He said beneficiaries under various social security schemes stood at about 50 million in 2014, which has now increased to 500 million.

Referring to the financial inclusion programme Pradhan Mantri Jan Dhan Yojana, he said the emphasis was on three aspects -- opening the doors of the banks for the poor, or banking the unbanked; access to capital for small business and budding entrepreneurs, or funding the unfunded; and a social security cover for the poor and vulnerable, thus financially securing the unsecured.

About 280 million new bank accounts have been opened under the Jan Dhan scheme.

"I am particularly happy that more women have bank accounts. It is important for women to be in the financial mainstream," he said.

The government is promoting schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana.

There are about 100 million subscribers of the assured minimum pension scheme Atal Pension Yojana.

The government is also promoting Pradhan Mantri Vaya Vandana Yojana for citizens aged 60 years and above. About 300,000 people have so far benefited from the scheme.