Bankers say that the Supreme Court moratorium over classifying loans as non performing assets (NPAs) has so far kept defaults under wraps, even as recovery efforts are ongoing. But they fear that as much as 25% loans under the scheme could turn bad.
Noting that there are 10 crore labourers in the organised sector and 40 crore in the unorganised sector, Gangwar said the government is making efforts and running programmes to shift the workforce employed in the unorganised sector to organised sector. Employment generation coupled with improving employability is the priority of the government, he said in a written reply to a starred question.
The government has taken various steps for generating employment in the country, the minister said.
The measures include encouraging various projects involving substantial investment and increasing public expenditure on schemes like Prime Minister s Employment Generation Programme (PMEGP), Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), Pt Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY), Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM) and Pradhan Mantri Mudra Yojana (PMMY).
WhatsApp is on its way to rolling out micro-pension products for the Indian masses In spite of a robust fintech ecosystem, no startup has attempted to cater to an underserved Indian market
WhatsApp could be facing tough challenges as the low-income population lacks financial awareness and the habit of saving
When messaging giant WhatsApp announced its foray into micro-pension products in December 2020, it turned out to be a first-of-its-kind initiative in the Indian fintech space. This is surprising, given the massive depth and reach of the sector. India has 2,000+ fintech startups, and they collectively raised more than $2.1 Bn in 2020, the year of the pandemic, which resulted in an unprecedented slowdown. Moreover, the requirement is already here. From a young demographic in its late 20s in 2019, the Indian population will comprise 20% senior citizens by 2050. Add to that poor financial literacy and a not-so-inclusive annuity market, and the reality looks grim enough. So, what