It is a big success of the government to reach the poorest of the poor with the benefits of economic progress.

Economic policies of any country are being successful, it can also be a measure whether the benefits of these economic policies are reaching the person standing at the last rung in the society? Some special efforts have been made in this context in recent times in India and these efforts seem to be showing a glimpse of the economic policies implemented in ancient India. Ancient texts on meaning in India, including spiritual texts, state that it is the duty of the king to try to find solutions to his subjects’ problems related to meaning. Pandit Deendayal Upadhyay had also once said that for any political party, gaining political power should not be the ultimate goal, but it should become a means to bring the benefits of economic development to the poorest of the poor in the country. Could

Generally, during the cycle of economic development in different countries, the income inequality gap between the citizens of the country becomes very deep. Especially in countries where capitalist model has been adopted, this kind of problem has become serious and these countries do not see any way to solve this problem. There are many countries in the world today whose 20 percent citizens have accumulated more than 80 percent of their wealth while 80 percent of their citizens have only less than 20 percent wealth. The problem of inequality of income in ancient India is not mentioned in Indian texts in such a serious way. In fact, the economic model in India at that time was such that there used to be seth moneylenders in the state, but they were not like the multinational companies of today’s developed countries that try to establish their authority over the maximum wealth of the nation. In ancient India, the product was sold by adding only a part of the profit (5 or 10 percent) to the actual cost of the product. Today, there is no limit to how much profit multinational companies make on their products. Due to these reasons today, along with the economic development of different countries, the rich person is getting richer and the poor person is getting poorer. Today, even in the richest country in the world like America, there are about 6 lakh people who do not have a house to live in and are forced to live in the open. Almost all developed countries have the same condition in terms of income inequality.

In implementing economic policies in India, care is being taken to see how the benefits of economic progress reach even the poorest citizens. More recently, a research paper presented at the International Monetary Fund – “Pandemic, Poverty and Inequality: Evidence from India” – states that India has shown improvement in consumption inequality even during the period of the Kovid epidemic and financial In the year 2020-21, it has reached the lowest level in the last 40 years. Similarly, almost a similar fact has been highlighted in another report issued by the State Bank of India on the subject of wealth disparity. The main reason behind this has been told that during the Corona epidemic in the country, under the Pradhan Mantri Garib Kalyan Anna Yojana launched in March 2020, 5 kg of wheat or rice is being provided free of cost to 80 crore citizens. Financial assistance is actually reaching the people. This assistance is in addition to the assistance already being provided under the National Food Security Act in force in the country. Under the National Food Security Act, 35 kg of unrefined grains, wheat and rice are provided to each poor family at a subsidized rate of Re.1, Rs.2 and Rs.3 per kg, respectively, per month. However, from January 1, 2023, the benefits given under the Pradhan Mantri Garib Kalyan Anna Yojana will continue to be given under the National Food Security Act.

Due to the assistance being provided by the central government to rural farmers and poor citizens in rural areas under various schemes, an income of about Rs 75,000 per year per family has started. Under Pradhan Mantri Kisan Yojana, farmers are being provided Rs 6,000 per family per year directly through their bank accounts. Under the MGNREGA scheme, at least 100 days of employment per family is provided at the rate of Rs 182 per day, with an income of Rs 18,200 per family per year. Under the Ujjwala scheme, gas cylinders are being made available with subsidy, under which a subsidy of Rs 1138 per family per year is received per family. Similarly, in rural areas the minimum wage is Rs.318 and according to an estimate at least 150 days of work per family is available per family. The income from this head is Rs 47,700 per family per year. Thus, the total of all the above items comes to Rs 73,038. Serious efforts are being made by the Central Government to provide assistance to the poorest citizens in the rural areas of the country through the above schemes, due to which incomparable improvement in the inequality of consumption is visible in the country.

During the Corona epidemic, America also deposited an amount of US $ 2000 per person in the accounts of its citizens. But due to the high rate of inflation (at that time the rate of inflation in America had crossed the maximum level of last 40 years i.e. 8 percent) the purchasing power of the citizens had reduced. Secondly, with almost all citizens having a lump sum amount in the form of US dollars in their hands, the demand for the products increased very rapidly, while the availability of the products could not be taken care of. Due to this, the rate of inflation also increased a lot. Whereas in India, food grains were made available directly to the poor class citizens, on which even if there was an effect of inflation, it was borne by the central government. For this reason, while the actual aid amount (adjusted for inflation) was less to American citizens, the actual aid amount to Indian poor citizens was more.

In India, not only the improvement in the inequality of consumption is visible, but there has also been some improvement in the inequality of wealth. Also, there has been a marked reduction in the number of citizens living below the poverty line. Even the World Bank has praised it with open voice. Regarding the number of citizens living below the poverty line, it has been told in a policy research working paper (research paper) of the World Bank that in the year 2011, the number of people living below the poverty line in India is 22.5 percent. Which has come down to 10.2 percent in the year 2019, which means a decline of 12.3 percent in the number of poor is visible. While 11.4 percent of the total population of developed countries like America are living below the poverty line and 15.5 percent of the total population of Germany are forced to live below the poverty line and 15.7 percent of the citizens of Japan are living below the poverty line. living below. Almost the same situation is in other developed countries as well.

Therefore, it is now being said that the results of the economic policies being adopted by India are seen to be more beneficial to the common citizens and now the whole world should implement the economic policies adopted by ancient India and currently being adopted in India. Due to the adoption of the capitalist model, the type of economic problems that various countries are facing, these problems can be overcome.

– Prahlad Sabnani

retired deputy general manager

State Bank of India