New Delhi: India's through its welfare programs and economic reforms is empowering the people and creating a favourable ecosystem for business start-ups leading to increase in foreign investment, according to a media report published in a Saudi newspaper.
The Indian government is pursuing its economic growth and reforms strategy with a human face, Saudi Gazette reported.
"Although present government has been able to improve on many economic parameters including "Ease of Doing Business" and creating a favourable ecosystem for business start-ups leading to increase in foreign investment, it remains firmly committed to raise the living standards of the poor and the deprived section through several welfare programs including housing schemes," Saudi Gazette reported.
The report further added that the Pradhan Mantri Awas Yojana (PMAY) is one such program, which has made remarkable difference to the lives of the poor and deprived.
The main objective of the PMAY is to help the poor in both rural and urban areas in owning affordable houses which is not only a life time dream, but also an "entitlement" to borrow from Amartya Sen and Abhijit Mukherjee, both Indian Nobel Laureates, that empowers the poor and deprived apart from improving their living condition, social status and self esteem.
With the launch of the Pradhan Mantri Awas Yojana and the growth of the scheme in the last 6 years, the government has been able to reach the poor on a scale that was never seen before.
PMAY aims to provide "Housing for All by 2022".
The report noted that the present Indian government is firmly committed to welfare programs knowing that automatic "trickle down" of growth is very slow and it needs direct intervention.
In addition to the increased subsidy for house construction, government is planning to harness PPP model for housing ventures as well, the report said.
Most importantly, significant progress has been made for rehabilitating slum dwellers with the help of private developers and by redeveloping the erstwhile slum areas into a more hospitable place of living.
The newspaper said that Indian government has resorted to digital technology for mandatory geo-tagging of house plots at the time of listing, application and assistance. Government has also framed transparent rules. Upon approval, the first installment of payment shall be credited to the bank account of the applicant within 7 days of such approval.
According to Saudi Gazette, India today is the front runner among the emerging economies in terms of economic reforms and good governance. The Indian economy has managed post-COVID economic recovery better than all the big emerging and advanced economies, the report added.
Furthermore, it stated that the International Monetary Fund's latest 'World Economic Outlook' has forecast an economic growth of 9.5 per cent and 8.5 per cent for India in FY 2021-22 and FY 2022-23 respectively, keeping it ahead of China in both the fiscal years.
The double digit economic growth, which the Prime Minister of India aims at for full employment and raising living standard of the people of India, seems within the range of possibility, according to the Saudi newspaper.
However, while the economy is poised to tread on a high growth path, the present government is pursuing its welfare programs more assiduously to make growth more equitable.