Govt saves Rs 2.73 trn in last 9 years by adopting DBT: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday said the government has saved Rs 2.73 lakh crore of taxpayers' money in the last nine years by adopting Direct Benefit Transfer (DBT) to send money to targeted beneficiaries and weeding out bogus accounts.

It has helped plug leakages and better targeting of genuine and deserving beneficiaries of the government scheme, she said at an event organised by NGO Disha Bharat.

Talking about various initiatives taken by the government, Sitharaman said, "Efficiency in governance in the last nine years has improved the possibilities for more money available for, let us say, education and health because we adopted DBT".

With DBT in place, pension, money for work, interest subvention and LPG gas subsidy transfer are being credited to Aadhaar-verified bank accounts of deserving beneficiaries, and all bogus accounts have been weeded out, she noted.

"Since 2014, by gradually increasing the number of schemes under DBT, we have saved Rs 2.73 lakh crore... this money is now being used for very many programmes," she said.

Sharing details of other achievements of the government led by Prime Minister Narendra Modi in the last nine years, the Finance Minister said mobile data cost has come down to Rs 9.94 per GB from Rs 308 in 2014 due to competition and government-enabled policy.

Besides, she said 11.72 crore toilets and 3 crore houses have been constructed under the Pradhan Mantri Awas Yojana in urban and rural areas.

Under the Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi), 39.76 lakh street vendors got loans without collateral, while 9.6 crore LPG connections were given under the Pradhan Mantri Ujjwala Yojana.

PM SVANidhi Scheme was launched on June 1, 2020, for poor people selling goods on roads and tracks, who were affected by the pandemic.

She also said Rs 7,351 crore loans were sanctioned to SC/ST beneficiaries under the Stand-Up India initiative to promote entrepreneurship at the grassroots level.

The Stand-Up India Scheme, launched on April 5, 2016, with a focus on economic empowerment and job creation, has been extended till 2025. The scheme aims to encourage all bank branches in extending loans to borrowers from SC, ST and women for setting up their own greenfield enterprises.

About freebies being promised by various political parties, Sitharaman said, "Many states are tempted to get into this, but it results in a huge cut down on developmental activities and above all, it gets loaded on those middle-class people".

"Promising free electricity or free bus ride leads to the middle class paying to fulfil those promises," she said, without naming any state.

"We are constantly reminding that unless you have enough money for balancing your developmental and welfare requirements, you cannot spend on freebies and further burden the future generations of India," she said.

Stressing that India was a "land of opportunity for the first 500 years of the Common Era" she said, "People from all across the globe came here for education and trade".

"India is now at a phase where if we put all our efforts together, it's going to lift the country to that level where our current youth sees India as a completely developed nation," she said.

People are willing to put their money here as they believe in India, she said, adding India is considered an engine of growth.

India will be a land of opportunity again like it was once upon a time, she added.