The
Union Minster of Finance, Defence and Corporate Affairs, Shri Arun Jaitley said
that after the present NDA Government came to power in May, 2014, it has been
able to restore the credibility of the Indian Economy and the Government which
was at its lowest ebb due to serious charges of corruption and indecisiveness during
the earlier UPA regime. The Finance Minster Shri Jaitley further said that the
three major achievements of the present NDA Government in the last three years
include credibility of taking decisions, even difficult decisions, drastic
changes in the earlier Governance system which led to corruption, and making
the market mechanism as the basis of the Government decision making and eliminating
the Government discretions in the process of decision making and overall governance.
The Union Finance Minister Shri Arun Jaitley was making his Opening Remarks at
a Press Conference in the national capital today organized to highlight the key
initiatives and achievements of the different Departments of the Ministry of
Finance & Defence in the last three years i.e. 2014-15 to 2016-17.
Speaking
further on the occasion, the Finance Minister, Shri Jaitley said that another
major contribution of the present Government was clear direction in decision
making, creating an atmosphere for the growth of the economy at large so that
it is ensured that the benefits of the growth accrue to the poor and
underprivileged section of society in particular. Another major achievement of
the present Government was Foreign Direct Investment (FDI) Reforms as a result
of which India was the largest recipient of FDI in the world, especially in the
last two years i.e., 2015-16 and 2016-17. The Finance Minister said that
despite the low private investment, FDI along with public investment played an
important role in investment cycle. The Finance Minister said that the present Central
Government also took special care to strengthen the State Governments by
allocating more funds to them as per the recommendations of 14th
Finance Commission.
The Union Minister of
Finance and Derfence, Shri Jaitley further said that the present NDA Government
created a federal institution (GST Council) based on federal taxation i.e.
Goods and Services Tax (GST) which is now at the last stage of its
implementation. Shri Jaitley said that this will be a historical indirect tax
reform which will bring transparency, simplicity and efficiency in the tax
administration. Shri Jaitley said that the present Government also implemented
JAM (Jandhan, Aadhar Mobile) Trinity based financial inclusion system under
which a law relating to Aadhar was enacted so that resources are optimally
utilised by plugging the leakages and eliminating the underserved category of
beneficiaries.
Highlighting the major
decision of the present Government relating to demonetization, the Finance
Minister Shri Jaitley said that it has helped the Government in three ways, i.e.,
firstly by having greater movement towards digitization of transactions, secondly,
helped in widening of the tax payers base which contributed to increase in the
revenue collections by more than 18% during 2016-17 and thirdly, sending a strong
message that it is no longer safe to deal in cash. The Finance Minister said
that demonetization has established a ‘new normal’.
Highlighting other
achievements of the present Government in the Financial Sector, the Finance
Minister Shri Jaitley mentioned about Operation Clean Money, constitution of
Monetary Policy Committee (MPC) and enactment of Insolvency and Bankruptcy Code
among others, He said that these have brought transformational changes in the
Indian economy. Shri Jaitley further said that we are conscious of various
challenges including resolution of Public Sector Banks’ NPAs, challenge of how
to increase private sector investment and the uncertainty in the global
economic situation among others.
Shri Jaitley also
highlighted the achievements of the present Government in Defence Sector which
include implementation of long pending One Rank One Pension (OROP) Scheme for the
retired defence personnel, putting New Defence Procurement Policy in place and
encouraging Defence Manufacturing within the county, balancing both public and
private sector manufacturing in defence sector and Strategic Partnership Policy
to supplement FDI among others. Shri Jaitley concluded his Opening Remarks by
stating that the manner in which defence acquisitions were cleared during the last
three years of the present Government is incomparable to inaction during the
previous regime in this regard.
Along with the Union
Minister for Finance, Defence and Corporate Affairs, Shri Arun Jaitley, the
Press Conference was also attended by both the Ministers of State for Finance,
Shri Santosh Kumar Gangwar and Shri Arjun Ram Meghwal; Finance Secretary, Shri
Ashok Lavasa; Revenue Secretary, Dr. Hasmukh Adhia; Ms. Anjuly Chib Duggal, Secretary
(DFS) ; Shri Tapan Ray, Secretary (Economic Affairs & Corporate Affairs), Shri
Neeraj Kumar Gupta, Secretary (DIPAM); Shri A.K. Gupta, Secretary, Defence
Production; Dr. Arvind Subramanian, Chief Economic Adviser (CEA) and Shri Ravi
Kant, Additional Secretary (Defence) among others.
Further details with regard to the key
initiatives and achievements of the five different Departments under the
Ministry of Finance, Government of India during the last three years (2014-15
to 2016-17), are highlighted below:
A. Department of
Economic Affairs
Today, India is one of the bright
spots among the major countries in the subdued global economic context.
India recorded a growth of 7.1 % in 2016-17, 7.9 per cent in 2015-16, as
compared to 7.2 per cent in 2014-15 and 6.5 per cent in 2013-14.
Predictions by expert agencies suggest that India’s growth rate is set to
improve further in 2017-18. In terms of the Global Competitiveness Index
(GCI) prepared by World Economic Forum for 138 countries, India ranked 39 in
2016-17, as compared to India’s rank in GCI of 60 (among 148 countries) in
2013-14.
1. Withdrawal of
Legal tender character of old currency notes of Rs. 500 and Rs.1,000:
A
historic decision of the present NDA Government led by the Prime Minister Shri
Narendra Modi was the withdrawal of the legal tender character of old Rs.500
and Rs.1,000 currency notes on 8th November, 2016.This resulted in
curbing the menace of black money, corruption, bringing informal sector in to
formal one resulting in wider tax base and above all, in digitization of
economy among others.
2. Micro and Macro
Indicators of Indian Economy are becoming stronger & stronger year after
year:
The
fiscal situation of India has become comfortable, with Fiscal Deficit as
a ratio of GDP steadily declining from 4.5 per cent in 2013-14. Fiscal deficit
of the Government of India as a ratio of GDP was 4.1 per cent in 2014-15, 3.9
per cent in 2015-16 and 3.5 per cent for 2016-17 (Revised Estimate). The fiscal
deficit is budgeted to be 3.2 per cent of GDP in 2017-18.
The present Government took charge in
May 2014 in the backdrop of persistently high Inflation, particularly
the food inflation. Astute food management and price monitoring by the
Government in the last three years helped control the stubbornly persistent
inflation. The average CPI (combined) inflation declined from 9.5 per cent in
2013-14 to 5.9 per cent in 2014-15 and 4.9 per cent in 2015-16. It declined
further to 4.6 per cent in the current financial year, upto February 2017 and
stood at 3.7 per cent in February 2017 backed by sharp fall in food inflation.
Food inflation based on consumer food price index (CFPI) which was in double
digits during 2012-2014 declined to 6.4 per cent in 2014-15 and 4.9 per cent in
2015-16. It declined further to 4.4 per cent in the current financial year,
upto February 2017 and stood at 2.0 per cent in February 2017.
India’s Trade Deficit was
highest at US$ 190.3 billion in 2012-13. However, it declined by 13.8 per cent
to US$ 118.7 billion in 2015-16 which was lower than the level of US$ 137.7
billion in 2014-15. During 2016-17 (April-February), trade deficit decreased to
US$ 95.3 billion as against US$ 114.3 billion in the corresponding period of
the previous year.
FDI Reforms: FDI upto 49% is
allowed on automatic route in Defence Sector. FDI reforms were also
undertaken in the Insurance Sector (49% under
automatic route instead of earlier up to 26%), Pension Sector (upto
49% under automatic route instead of earlier provision which stipulates up to
26% FDI on automatic route), Pharma (74% FDI is
allowed on automatic route and beyond it to 100% on approval route), Civil
Aviation (100%
FDI is allowed under automatic route in Brownfield Airport projects), Animal Husbandry (FDI in Animal
Husbandry (including breeding of dogs), Pisciculture, Aquaculture and
Apiculture is allowed under 100% FDI even in uncontrolled conditions), Single
Brand Retail Trading (Local sourcing norms has been relaxed for up to 3
years and a relaxed sourcing regime for another five years), Broadcasting
Carriage Services (In Cable Networks (with MSOs and other MSOs), Teleports,
DTH, Mobile TV, HITS sectors, 100% FDI is allowed on automatic route) and Plantation
(FDI upto 100% is allowed on automatic route in Coffee, Rubber, Cardamom,
Palm oil tree and Olive Oil Tree Plantations in addition to tea plantations).
Inflow of Foreign Direct Investment
increased from US$ 43.6 billion 2013-14 to US$ 51.8 billion in 2014-15 and
further to US$ 59.5 billion in 2015-16. During 2016-17 (April-December), net
FDI was US$ 31.2 billion as compared to US$ 27.2 billion in 2015-16
(April-December).The FDI in India during 2016-17 was highest in the world,
even higher than in China.
India’s external
sector position has been comfortable, with the Current Account Deficit
(CAD) progressively contracting from US$ 88.2 billion (4.8 per cent of GDP) in
2012-13 to US$ 22.2 billion (1.1 per cent of GDP) in 2015-16. On a cumulative basis, the CAD narrowed to
0.7 per cent of GDP in April-December 2016 from 1.4 per cent in the corresponding
period of 2015-16 on the back of the contraction in the trade deficit.
Foreign Exchange Reserves touched an
all-time high level of US$ 371.9 billion in end-September 2016. The current
position is at a comfortable level to cushion the exchange rate volatility from
any international macroeconomic uncertainty.
2. A Monetary Policy
Framework Agreement between the Government and the Reserve Bank of India (RBI)
was signed on 20.2.2015, providing for flexible inflation targeting.
With a view to maintaining price stability, while keeping in mind the objective
of growth, the Reserve Bank of India Act, 1934 (RBI Act) has been amended by
the Finance Act, 2016, to provide for a statutory and institutionalised
framework for a Monetary Policy Committee (MPC).
3. The Insolvency and Bankruptcy
Code, 2016 was passed by Parliament on 11th May 2016 and published in the
Official Gazette on 28.5.2016. The Code aims to promote entrepreneurship,
availability of credit, and balance the interests of all the stakeholders by
consolidating and amending the laws relating to reorganization and insolvency
resolution of corporate persons, partnership firms and individuals in a time
bound manner and for maximization of value of the assets of such persons and
matters connected therewith or incidental thereto. Major benefits
include:
1. Early detection
of stress in a business;
2. Initiation of
the insolvency resolution process by debtor, financial creditor or operational
creditor;
3. Timely revival
of viable businesses;
4. Liquidation of
unviable businesses;
5. Minimization of
losses to all stakeholders; and
6.
Avoiding
destruction of value of failed business
4. Financial Sector Legislative Reforms: Initiatives were
taken for speedy implementation of the recommendations. Some achievements are:
1.
An
MIS software/portal for monitoring progress of implementation of
non-legislative recommendations of FSLRC was inaugurated by Finance Minister on
15.5.2015
2.
Task
Force for creating a sector-neutral Financial Redress Agency (FRA) as announced
in Budget Speech 2015-16 that was set up on 5.6.2015 submitted its report on
30.6.2016.
3.
The
Forward Markets Commission has been merged with Securities and Exchange Board
of India (SEBI) with effect from 28.9.2015 to achieve convergence of
regulations of securities market and commodity derivatives market.
4.
Key
aspects of the Indian Financial Code (IFC) are being fast tracked.
5.
Government
has set up a Public Debt Management Cell (PDMC) on 6th October, 2016, as an
interim arrangement before setting up of a full-fledged independent and
statutory debt management body, namely, Public Debt Management Agency (PDMA) of
India.
Financial Sector Legislative Reforms
B. Department of Revenue
A. Aggressive steps
were taken against the menace of Black Money.
Some of the more significant ones
include:
1.
The
very first decision of the Cabinet in May 2014 was the constitution of a Special
Investigation Team (SIT) on Black Money
2.
The
period 2014-17 saw unprecedented enforcement actions in Direct and Indirect
Taxes. A total of 23,064 searches and surveys have been conducted detecting
more
than Rs. 1.37 lakh crore of tax evasion. The Enforcement
Directorate (ED) intensified its Anti Money Laundering (AML) actions by
registering 519 cases attaching properties worth Rs. 14,933 crore.
3.
During
the last three financial years (2013-14 to 2015-16), IT investigations led to
detection of more than 1155 shell entities involving non-genuine
transactions of more than Rs. 13,300 crore.
4.
Operation
Clean Money
a.
The
Union Minister of Finance, Shri Arun Jaitley, launches Operation Clean Portal;
Will enable citizen engagement for creating a tax compliant society and
transparent tax administration
b.
Operation
Clean Money Phase I: 18 lakh persons identified; More than 9.72 lakh taxpayers
submitted online responses for 13.33 lakh accounts involving cash deposits of
around Rs 2.89 lakh crore
c.
5.68
lakh new cases identified for e-verification process.
5.
One
Time Compliance Window: There was a one-time compliance window of 3 months
providing an opportunity to taxpayers to make declarations of their undisclosed
foreign assets. 648 declarants filed declarations upto 30.09.2015 disclosing
undisclosed foreign assets worth Rs. 4164 crores. An amount of about Rs. 2476
crore has been collected as tax and penalty in such cases.
6.
Benami
Transactions (Prohibition) Act: 17.92 lakh persons identified as of mid-Feb
2017
Achievements under Benami
Transactions (Prohibition) Amendment Act, 2016
|
S. No.
|
Achievement
|
Figures*
|
|
1
|
Persons
identified and requested for response
|
17.92 lakh
|
|
2
|
Persons
responded online
|
9.46 lakh
|
|
3
|
Queries
raised
|
35000
|
|
4
|
Online
verification complete
|
7800
|
*As of mid-February, 2017
7.
Black
Money Act
a.
In
order to curb the flow of black money stashed abroad, the Black Money
(Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the
Black Money Act) has been enacted.
b.
The
Black
Money Act has stringent provisions, which inter-alia include that an
offence of willful attempt to evade tax shall be a predicate offence under the
Prevention of Money Laundering Act, 2002.
c.
A
total of 648 declarations involving undisclosed foreign assets worth Rs.4164
crore were filed under the one-time compliance window provided under Chapter VI
of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax
Act, 2015 (the Black Money Act)
8. The
Income Declaration Scheme, 2016
a.
The
Income Declaration Scheme, 2016 (the Scheme) was an important step by the
Government to rein in undisclosed income & assets. The Scheme commenced
on 1.6.2016 and was
open
for declarations up to 30.9.2016.
b.
The
Scheme has been a major success as it resulted in declaration of Rs.67,382
crore by 71,726 declarants.
9. Pradhan Mantri
Garib Kalyan Yojana
a.
In
the wake of declaring specified bank notes as not legal tender, and in order to
discourage people from finding illegal ways of converting their black money
into black again, vide the Taxation Laws (second Amendment) Act, 2016, the
Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (the
Scheme) has been introduced.
b.
The
Scheme commenced on 17.12.2016 and was open for declaration upto 31.03.2017.
Goods
and Services Tax (GST) – rollout from July 01: The 14th
GST Council Meeting held in Srinagar on 18th and 19th May,
2017, approved the rates for Goods and Services. As on mid-May 2017, 60.5 lakh
taxpayers out of 84 lakh have been already enrolled. Enrollment would be re-opened
for 15 days from 01st June, 2017. Out of 62,937 tax officials, 24,668 tax
officials have been given hands-on training; remaining to be trained by 15th
June, 2017. 3200 taxpayers from Centre, States and UTs to get hands-on
experience of GST System software in a pilot from 02nd to 16th May, 2017. The
major benefits of the this historic reform in the history of Indirect Taxes include
a. Decrease in
Inflation
due to Reduction in Cascading effect of Taxes and an Overall Reduction in
Prices
b. Ease of Doing
Business
due to Common National Market as well as Benefits to Small Taxpayers
c.
Decrease
in “Black” Transactions due to Self-Regulating on line Tax System and GST
been designed as a Non-Intrusive and transparent Tax System
d.
More
informed consumer
due to a more Simplified Tax Regime as well as Reduction in Multiplicity of
Taxes
e.
Poorer
States to gain
due to GST being a destination based Tax and Abolition of CST
f.
Make
in India boost
through Zero Rated Exports and Protection of Domestic Industry - IGST
The Centralized Processing Center (CPC)
of Income Tax Department has processed over 4.19 Cr Income Tax returns and
issued over 1.62 Cr refunds till 10th February 2017. This can be
compared to 4.14 Cr Income Tax returns and 1.61 Cr refunds for the full year in
FY 2015-16. The amount of Refunds issued till 10th February 2017
was Rs 1.42 Lakh Cr which is 41.5% higher as compared to the same period last
year. Taxpayers also reposed faith in CBDT’s e-filing program by filing
a whopping 4.01 Cr e-Income Tax returns in till 10th February 2017
representing an increase of over 20% over the previous year. In addition, over
60.05 lakh other online forms were filed with an increase of nearly 41%
compared to the previous year.
The figures for indirect tax collections
(Central Excise, Service Tax and Customs) up to February 2017 show that net
revenue collections are at Rs 7.72 lakh crore, which is 22.2% more
than the net collections for the corresponding period last year. Till February
2017, about 90.9% of the Revised Estimates (RE) of indirect
taxes for Financial Year 2016-17 has been achieved. As regards Central Excise,
net tax collections stood at Rs. 3.45 lakh crore during
April-February, 2016-17 as compared to Rs.2.53 lakh crore during the
corresponding period in the previous Financial Year, thereby registering a
growth of 36.2%. Net Tax collections on account of Service Tax
during April-February, 2016-17 stood at Rs. 2.21 lakh crore as
compared to Rs.1.83 lakh crore during the corresponding period in the previous
Financial Year, thereby registering a growth of 20.8%. Net Tax
collections on account of Customs during April-February 2016-17 stood at Rs.
2.05 lakh crore as compared to Rs. 1.94 lakh crore during the same
period in the previous Financial Year, thereby registering a growth of 5.2%.
During February 2017, the net indirect tax grew at the rate of 8.4% compared
to corresponding month last year. The growth rate in net collection for
Customs, Central Excise and Service Tax was 10.9%, 7.4% and 7.6% respectively
during the month of February 2017, compared to the corresponding month last
year.
C. Department of
Expenditure
Under Direct Benefit
Transfer (DBT), an amount of Rs. 1,02,786.77 crore has been paid using Public
Financial Management System (PFMS) in various programmes of Government viz.
MGNREGA, NHM and food subsidy etc. till February 2017 for more effective and
transparent utilisation of resources.
General Financial Rules (GFRs), 2017 were
released by the Union Finance Minister Shri Arun Jaitley on 7th March,
2017 to enable an improved, efficient and effective framework of fiscal
management while providing the necessary flexibility to facilitate timely
delivery of services.
The distinction between plan
and non-plan expenditure has been done away with and consequently the
appraisal of non-plan expenditure through Committee of Non Plan Expenditure
(CNE) has been done away with.
The number of Central
Sector Schemes (CSS) was brought down to 300 from around 1500 earlier, and
the number of Centrally Sponsored Schemes was brought down to 28 from 66
earlier. This has enabled us to better allocate our existing resources and
improve the efficiency of government programmes.
In order to ensure faster
realization of Government revenue, other than Direct & Indirect Tax
receipts, a Non-Tax Receipt Portal was inaugurated by the Union Finance
Minister, to provide a one stop window to citizens, corporates and other users
for making online payments of Non-Tax Revenue payable to Govt. of India. So
far more than 54,000 transactions have been done using this portal, leading to
a collection of Rs. 91,017 Crores.
D. Department Of Investment and Public Asset Management
(DIPAM)
Disinvestment Performance: The total
disinvestment achieved in the last three years (2014-15 to 2016-2017) was Rs.
87,714 crore as against Rs. 53,670 crore in the previous three-year period. The
average yearly realization of Rs. 29,238 crores during the period between
2014-15 to 2016-17 (last 3 years) vis-à-vis Rs. 19,873 crore for the period
between 2009-10 to 2013-14 (5 years) represents an increase of 47%.
A system of Rolling Plan has
been brought-in, replacing the earlier system of annual plans,
wherein shares are readily available for transactions, to take advantage
of the market conditions without any loss of time and with an element of
surprise for the market players. This helps in minimizing the price hammering
during disinvestment of CPSEs.
Central Public Sector
Enterprises (CPSE) Exchange Traded Fund (ETF): The
Government launched a Further Fund Offer (FFO) of the CPSE ETF Scheme. Overall,
the issue got oversubscribed by 2.30 times – Rs. 13,802 crore worth of
applications were received as against the maximum issue size of Rs. 6,000
crore. The number of Retail applications was 2,70,712 (approx. 7 times
the Retail applications received during first tranche held in March 2014), with
corresponding value of Rs. 2,465 crore. This was one of the largest retail
offering (Government / Private) in capital market in last few years. The
Government realized an amount to the tune of Rs. 6000 crore through this offer.
Time-bound listing of CPSEs
on Stock Exchanges: DIPAM has issued circular dated 17.02.2017 on the mechanism and
procedure, along with a list of activities with indicative timelines, for time
bound listing of CPSEs by all the Administrative Ministries/Departments. This
will enable unlocking the true value of the company and promote ‘people’s
ownership’ by encouraging public participation in CPSEs, making them
accountable to its shareholders.
E. Department of Financial Services
(DFS)
Banking
Regulation (Amendment) Ordinance, 2017: The promulgation of Banking
Regulation (Amendment) Ordinance, 2017 will lead to effective resolution of
stressed assets, particularly in consortium or multiple banking arrangements. The
Ordinance enables the Union Government to authorize the Reserve Bank of India
(RBI) to direct banking companies to resolve specific stressed assets. The RBI
has also been empowered to issue other directions for resolution, and appoint
or approve for appointment, authorities or committees to advise banking
companies for stressed asset resolution.
Merger of SBI Associates with SBI: Cabinet in its
meeting on 15.02.2017 has approved the proposal for merger of 5 State Bank
associates with State Bank of India (SBI) and the same has been notified in the
Gazette of India on 22.02.2017. This will lead to better management of
high-value credit exposures common to SBI and Associate Banks, as there would
be single, more focused oversight and control over cash flows of large
corporate borrowing entities instead of separate and independent monitoring and
more effective management of stressed or Non-Performing Assets (NPAs).
The Government infused a sum of Rs.
25000 crore in 19 Public Sector Banks during financial year 2015-16.
Further, With the approval of Hon’ble FM, the capital allocation plan for FY
2016-17 was finalized in which capital of Rs. 22915 crore was allocated to 13
PSBs, out of which 75 % (Rs. 16414 crore) was infused upfront. An amount of Rs.
10,000 crore has been proposed for Re-capitalization of PSBs for the Financial
Year 2017-18.
Pradhan Mantri Jan Dhan Yojana (PMJDY): The
deposit base of PMJDY accounts has expanded over time. As on 05.04.2017, the
deposit balance in PMJDY accounts was Rs. 63,971 crore in 28.23 crore accounts.
The average deposit per account has more than doubled from Rs. 1,064 in March
2015 to Rs. 2,235 in March 2017. 22.14 crore RuPay cards have been issued
under PMJDY. The average number of transactions per Bank Mitra, on the Aadhaar
Enabled Payment System operated by Bank Mitras, has risen by over eightyfold,
from 52 transactions in 2014-15 to 4,291 transactions in 2016-17.
Pradhan Mantri
Jeevan Jyoti Bima Yojana (PMJJBY): As on 29th March, 2017,
Cumulative Gross enrolment reported by Banks subject to verification of
eligibility, etc. is over 3.09 Crore under PMJJBY. A total of 62006 Claims were
registered under PMJJBY of which 58805 have been disbursed.
Pradhan Mantri Suraksha Bima Yojana
(PMSBY): As
on 29th March, 2017, Cumulative Gross enrolment reported by Banks
subject to verification of eligibility, etc. is over 9.94 Crore under PMSBY. A
total of 12488 Claims were registered under PMSBY of which 9364 have been
disbursed.
Atal Pension Yojana (APY): As on
21st March, 2017, a total of 46.80 lakh subscribers have been
enrolled under APY with a total pension wealth of Rs. 1713.214 crores.
Pradhan Mantri
Mudra Yojana: As
per latest data, loans extended under the Pradhan Mantri Mudra Yojana (PMMY)
during 2016-17 have crossed the target of Rs. 1,80,000 crore for 2016-17.
Sanctions currently stand at Rs. 1,80,528 crore. Of this amount, about Rs.
1,23,000 crore was lent by banks while non-banking institutions lent about Rs.
57,000 crore. Data compiled so far indicates that the number of borrowers this
year were about 4 crore, of which over 70% were women borrowers. About 18% of
the borrowers were from the Scheduled Caste Category, 4.5% from the Scheduled
Tribe Category, while Other Backward Classes accounted for almost 34% of the
borrowers.
Stand-Up India Scheme: As on 11th
April, 2017, Rs 5807.7 crore has been sanctioned in 28444 accounts. Of these,
women hold 22708 accounts with sanctioned loan of Rs 4740.11 crore, Scheduled
Caste persons hold 4487 accounts with sanctioned amount of Rs 825.17 crore
while Scheduled Tribe persons hold 1249 accounts with a sanctioned amount of
Rs. 242.43 crore.
*****
DSM/VKS/KA