The Sonia Gandhi-led National Advisory Council (NAC) has released draft recommendations for a social security package for the country’s unorganized sector, which envisages providing life, disability and health cover, maternity benefits and old-age pension to workers. NAC, in a draft released on 7 March, suggested that the different welfare schemes being run by the ministries of women and child development, health and family welfare, finance and labour and employment should be...

One of the key factors to inclusive growth is financial inclusion for all. Financial inclusion refers to universal access to a wide range of banking solutions and financial services in a fair, predictable and transparent manner at affordable costs. The poor tend to be ignored because the transaction costs in serving them are high. Initiatives that reduce these costs will allow service providers to begin thinking of financial services for...

-Live Mint High on hype, the budget speech of the Union finance minister today is merely a statement of account. As India’s economy diversifies—with the private sector playing an increasingly important role—this annual feature has assumed much lower salience. Not only have fiscal policies lost the space they enjoyed in earlier years, even major policy announcements are restricted to being mere statements of account. Examples from other arenas include “activism” on...

In an indication that the ruling Congress may be looking to evolve a comprehensive social security package ahead of the next general election, the Sonia Gandhi-led National Advisory Council (NAC) has started a consultative process with four central government ministries aimed at linking existing and new schemes for the huge unorganized sector. The plan, according to an NAC member, is to issue one entitlement card to every worker in the unorganized...

-The Hindu Business Line The Tamil Nadu Government has urged the Centre to expedite financial assistance for its Rs 700 crore scheme to computerise the PDS with a view to increase efficiencies of operation. It also pleaded with the Centre to exempt the State from the purview of the proposed Food Security law and reconsider its decision to implement the Targetted Public Distribution System. According to a copy of the speech by the...