A Step Towards Transparency in Public Finance By Digitization

Abstract

In India both the central and state governments subsidise the price of a wide range of products with the expressed intention of making them affordable for the poor. Rice, wheat, pulses, sugar, kerosene, LPG, naphtha, water, electricity, diesel, fertilizer, iron ore, railways-these are just a few of the commodities and services that the government subsidises.
After getting experience from the whole world, Government of India has launched JAM (Jan Dhan-Aadhaar-Mobile) Trinity. Its's motive is to link Jan Dhan Accounts, Mobile numbers and Aadhaar number of Indians to plug the leakages of government subsidies and fully utilization of available resources. Now a person can transfer funds, check balance through a normal phone only due to launching new technology by National Payment Corporation of India (NPCI). For the availability of Mobile Banking for the poor people through National Unified USSD Platform (NUUP), all banks and mobile companies have come together. Well-being of all the house- holds first, providing the minimum needful to its citizens are guiding principles for any policy to take effect. The financial inclusion measures like Jan Dhan Yojana, Direct Benefit Transfer, Ujjawala, PAHAL, etc have brought the benefits of development to the last mile. Demonetiastion was also a effort to boost the digital payment ecosystem, create less cash less economy and bring transparency in financial transactions.