The Prime Minister Jan Dhan Yojana has been a resounding success when it comes to providing bank accounts to the people who were out of the financial network. Within 100 days of launch of the scheme over 12.5 crore people have been provided a bank account. However, just opening an account does not solve the problem. In its first full budget, Narendra Modi government has decided to make Jan Dhan an integral part of the social security programmes by creating "JAM Trinity".
It has been 10 years after P V Narasimha Rao, the country's Prime Minister from 1991 to 1996, died. India's history would have been different had Rao led the Congress to re-election in the 1996 general elections. Had it won, the Congress might have had the real chance to break loose of the Nehru-Gandhi family's vice-like grip. However, what followed a few years after the 1996 elections was political theatre. Within months, Rao had to quit as president of party, but his downfall was not complete until the representative of the first family, Sonia Gandhi, was anointed party chief in 1998.
The Reserve Bank of India (RBI) has been hawkish on policy rates for the past four years to contain inflation. The central bank has maintained tight monetary policy despite reservations from the elected representatives and the government. What's worse, the hawkish stance had little perceptible impact on the price rise, as the inflation remained stubbornly high.
While the entire world is watching how Prime Minister Narendra Modi is courting Chinese President Xi Jinping along the ghats of Sabarmati, India has quietly implemented a high-decibel diesel price reform that will help in narrow the twin deficits -- fiscal and current account -- and may improve India's sovereign rating.
Equating economists to a "trade union" who have been very active during the past two months for not being able to find any job in the government, Sanjaya Baru, former media advisor to past Prime Minister Manmohan Singh, hoped that the recent names circuiting the press circles turn out to be true. He wondered as much as the others including, Bibek Debroy and Rajiv Kumar as to why jobs are not being given to economists?