#everydayquiz #TimesOfIndia #EconomicTimes
The Times of India: It's
The Lynchpin सर्वाधिक महत्वपूर्ण व्यक्ति
92% of Indian adults have
Aadhaar, but where's its legislative वैधानिक
framework संरचना?
A month after Chennai was
battered क्षतिग्रस्त by a flood बाढ़ आना,
victims पीड़ित
were in for a pleasant मनोहर surprise.
About 1.4 million people received Rs 700 crore as flood relief through में से
banks in what may have been the quickest and most transparent पारदर्शी
transfer in India after a calamity विपत्ति
.This example, when juxtaposed पास-पास रखना
with the spread of Aadhaar coverage to 92% of India's adult population, should
push NDA to get its act together quickly. Aadhaar's rich potential needs to be
supported by an appropriate legislative framework, which should be on the
government's priority प्राथमिकता
list for the budget session of Parliament.
{our indian economy is 2-3 trillion, dont go on figure,its fake #teamEverydayquiz}
About Rs 6.3 trillion, or
4.2% of GDP , is spent every year on subsidies by all layers of government. But
the extent of subsidies which actually reach intended उद्धिष्ट
beneficiaries is anybody's guess because a lot of vulnerable कमजोर
people in India find it difficult to get the paperwork mandated जनादेश to
prove their identity . Aadhaar, a digital identification system, overcomes काबु पाना
most of these problems. Its provision प्रावधान
of a verifiable सत्यापनीय identity from
any location opens up access to a number of public and private services for
people. Opportunities multiply for individuals. For government, it gives a chance
to enhance बढ़ाना the welfare system by
eliminating निकालना wastage and reaching the
right person.
Aadhaar is part of a package
of measures to enhance governance which is undergirdedसशक्त करना by
communications technology . It comes with challenges which need to be tackled सामना करना through
appropriate legislation among other things. Yet NDA has shown extreme
casualness अनियमितता about such
legislation. It is over five years since the previous government introduced a
bill, deemed अनुमान करना unsatisfactory
असन्तोषजनक by
BJP , to provide a legislative framework. This bill subsequently made no
progress. Given Aadhaar's potential संभावना,
Modi government's support for it and questions raised स्थापित by
the Supreme Court, the absence अभाव of
a sense of urgency to fill this legislative gap is mystifying रहस्यपूर्ण.
Aadhaar is a bipartisan द्विदलीय
idea. Both BJP and Congress have seen merit महत्व
in it and many state governments endorse विज्ञापन करना it.
So a lot of ground to garner संग्रह करना
political support for a bill has already been covered. It's time for an
ironclad लोहे के पत्थरों से मढ़ा हुआ जहाज
legislation which addresses legitimate concerns चिन्तित करना,
including privacy . BJP has to take the initiative to get this legislation in
place and Congress should support it as a lot of the groundwork to get Aadhaar
up and running happened during UPA tenure कार्यकाल.
This is a bill which has the potential to directly improve opportunities for
many people and, therefore, needs broad-based political support.
The Economic Times: Rationalise पुनर्गठन करना Small Savings Interest
Rates
The Centre needs to promptly
यथासमय
revise and rationalise the interest rates on small savings. The rates, which
are in the range of 8.7% to 9.3%, and provide tax-free returns to boot लाभ होना,
have not been revised संशोधित for quite some time.
True, savings need to be encouraged हिम्मत बढाना
given the lack of social security in the country . But the fact of the matter
is that small savings distort तोड़ मरोड़ करना the
entire interest-rate structure. The actual return on small savings instruments
like the Public Provident Fund is closer to 11% compounded संयोजित
annually , which clearly seems artificially कृत्रिम रूप से
high. The interest rates on bank term deposits have, meanwhile इस समय में,
been reduced to 7-7.5% (higher rate for senior citizens), with the returns
being taxed. Hence the need to recalibrate पुन:अंशाकन
returns on small savings. We must not overtly प्रत्यक्ष रूप से
discourage bank deposits. Otherwise, it would lead to a host of rigidities and
anomalies असंगति
, including asset-liability
mismatches बेमेल.
More important, we need to
rethink the whole idea of small savings with artificially high interest rates.
The instruments were designed when the states were rather keen दिलचस्पी रखना to
lap up झपट लेना
funds from the small savings corpus, never
mind the higher interest rates. But most states are now revenue surplus and are
wary होशियार of
drawing upon dearer-cost funds.
The irony विडम्बना is
that small-savings rates are now required to be pegged पिन से बँधा हुआ
to the auction rate for 10-year government securities.The economy's nominal
growth has since fallen below the coupon rate for 10-year G-secs, which is also
reduced from its earlier highs. The government needs to immediately reset the
small savings rate to be in line with the going G-sec rate. We need to
institutionalise automatic alignment सम्मिलित of
small-savings rates with market rates. For fixed returns, savers ideally need
to opt for fixed-income instruments such as debt mutual funds. Artificially
high interest rates simply make no sense.
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