The National Democratic Alliance, NDA, is a political alliance led by the Bharatiya Janata Party, BJP. NDA was formed in 1998 under the leadership of ex Prime Minister, Atal Bihari Vajpayee. The NDA led Government, first came to power in 1998 with its leader Atal Bihari Vajpayee elected as the Prime Minister of India. This government couldn’t last too long. It collapsed within two weeks as AIADMK withdrew support.
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NDA led government came back to power in 1999 with the support of additional allies. NDA lost the general elections in 2004 and 2009. UPA government was in power between 2004 and 2014 under the leadership of Manmohan Singh who ruled as the Prime Minister of India in this period.
NDA government led by BJP came back to power in 2014 under the leadership of Narendra Modi, the current Prime Minister of India. BJP alone could win a whopping 282 seats out of the total 545 Lok Sabha seats and had a simple majority. But, BJP decided to form the government by including its allies in the cabinet.
The Modi led NDA government has come up with various schemes, that make sure the benefits of financial inclusion, percolate to the poor in India. NDA government has introduced different schemes that offer insurance, bank account with zero balance and so on. Below mentioned are the popular schemes introduced by the NDA government.
SEE ALSO: What is NDA?
The main objective of the ‘Pradhan Mantri Jan Dhan Yojana’ is to ensure the accessibility of banking and insurance services for the weaker and lower income groups. PMJDY was launched on 28th August 2014. All government benefits are transferred directly to PMJDY accounts. This is called ‘direct benefit transfer’ DBT.
Pradhan Mantri Mudra Yojana was launched in April 2015. PMMY offers Rs 10 Lakh loans to small entrepreneurs and acts as a regulator of microfinance institutions.
Schemes offered under PPMY are:
PMJJBY was launched in May 2015. PMJJBY is a government run life insurance scheme, open to all sections of society. You have to avail PMJJBY between 18 to 50 years. The annual premium for a life cover of Rs 2 Lakhs is Rs 330 a year.
APY was launched in May 2015. Atal Pension Yojana is a government run pension scheme, targeted at the employees and laborers working in the unorganized sector. Close to 80% of the Indian population does not have any pension scheme to support retired life and this prompted the Modi led government to launch the Atal Pension Yojana.
PMAY was launched in June 2015. PMAY is a housing scheme aimed at providing affordable homes to the urban and semi urban poor. PMAY has an objective of building 20 million affordable houses by 31st March 2022. This scheme is linked to other government backed housing schemes like Saubhagya Yojana, Ujjwala Yojana, Jan Dhan Yojana and so on.
The Pradhan Mantri Fasal Bima Yojana was launched by Narendra Modi on 13th February 2016. It envisages uniformity in premiums of around 2% to be paid by the farmers for Kharif crops and 1.5% for Rabi crops. The insurance premiums for commercial crops like horticulture would be around 5% under PMFBY.
SEE ALSO: Benefits of PMJDY
PMSSY was launched in December 2000 by Atal Bihari Vajpayee led NDA government. The main objective of PMSSY is to provide all weather good road connectivity to villages across India. This scheme is fully funded by the Government of India.
PMSBY was launched in May 2015 by Prime Minister Narendra Modi. Pradhan Mantri Suraksha Bima Yojana is a government run accidental insurance scheme in India. It was formally launched in Kolkata. PMSBY’s main objective was to offer affordable insurance to all classes of people in India. As of 2016, only 20% of the Indian population had insurance and this prompted the NDA government to launch PMSBY.
PMRPY was launched in August 2016. PMRPY aims to incentivize employers registered under the EPFO for job creation in which the government of India pays the employer’s contribution of 8.33% of wages under EPS for new employees (for the first three years).
PMVVY was launched in July 2017 by the government of India. The scheme was targeted at senior citizens. The main objective of this scheme is to offer senior citizens a regular income in the form of pension. This scheme can be availed at any Life Insurance Corporation of India branches across the country.
ABY scheme was launched in September 2018 by the NDA led government in Ranchi, Jharkhand. This scheme aims at poor and deprived rural families. Ayushman Bharat Yojana offers insurance cover of Rs 5 Lakhs per household per year, which will cover almost 50 crore citizens.
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