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Development can benefit few but leave out many: Jaitley
New Delhi, Nov 15 (IANS) Warning about the dangers of development benefiting a few while leaving out many others, Finance Minister Arun Jaitley on Thursday said there is a need to design a system where beneficiaries of high growth rate can be more inclusive.
Jaitley also said economies like India need higher growth rate to pull people out of poverty.
“Economies like ours all over the world need a high rate of growth. We want to use growth as a mechanism to pull the maximum number of people out of poverty, improve upon their quality of life, but we are conscious of the fact that the dangers of development and progress benefiting the few and leaving many others out of the system are also there,” he said.
Speaking at the inauguration of a two-day 25th World Congress of Savings and Retail Banks here, Jaitley stressed that the penetration effect of growth will certainly take place but it will be a slow process and aspirational societies are not willing to wait indefinitely.
“Could we not anticipate a system where the additionality of resources which the state gets because of higher growth are used for the purpose of helping those who have been left out,” he said at the congress gathered to talk on “Sustainable Retail Banking – Making globalisation inclusive for all”.
Jaitley shared the initiatives taken by the Central government under its financial inclusion initiative wherein the objectives were banking the unbanked, securing the unsecured, funding the unfunded and servicing the unserviced.
And, now the government is busy in formalisation of the economy for which it took “difficult steps” like demonetisation and tax reforms.
He said a decade back financial inclusion was just an aspiration or a subject for academic research but never really occupied the centre-stage as far as governance was concerned.
“Just four to five years ago, 48 per cent of our population or in terms of today’s population 600 million people had never seen a bank, were not connected to banks,” he said and added that the current government carried out a massive exercise to get 330 million accounts opened in matter of few months using incentives like overdraft facility and insurance.
Further, he said about 130 million entrepreneurs were funded under Mudra loans, targeted at micro units, of which 54 per cent were women. Mudra is a good alternative to loans from middlemen whose 30 per cent interest rates used to make businesses unviable, he said.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.