India has saved $40 billion from being stolen in the last 8 years through DBT schemes: Nirmala Sitharaman

According to Nirmala Sitharaman, through the government’s direct benefit transfer (DBT) schemes, more than $450 billion has been transferred in the last eight years, preventing theft of $40 billion.

Union Finance Minister Nirmala Sitharaman stated that India has saved $40 billion from being stolen in the last eight years through the government’s direct benefit transfer (DBT) schemes. During her visit to the Wharton Business School of the University of Pennsylvania in the United States, the Finance Minister said that more than 51 ministries and departments of the central government are now using different DBT schemes.

I have to stop theft: Finance Minister

She informed that through this government scheme, more than $450 billion has been transferred in the last eight years. She also said, “As the Finance Minister, I have to stop theft. I have to ensure that every taxpayer’s money is spent correctly, and there is a correct account of it. I do not want theft to prevail.”

Aadhaar-linked DBT provides cash benefits to beneficiaries

Through the Aadhaar-linked DBT, cash benefits are directly transferred to the bank accounts of beneficiaries under various welfare schemes. This facility eliminates the need for documents and also prevents problems like fake beneficiaries. The world’s largest DBT scheme, the PM-Kisan scheme, has already transferred more than Rs 3.04 lakh crore to over 11 crore farmers across the country. With the 18th installment of the PM-Kisan scheme, the total amount transferred has crossed Rs 3.24 lakh crore.

One of the largest DBT schemes

This initiative is one of the largest DBT schemes in the world, which uses a digital platform for transparent registration and transfer of welfare funds to farmers. The PM-Kisan scheme has eliminated the dependence on middlemen and promoted sustainable agricultural practices. By eliminating intermediaries, this scheme ensures that all farmers receive equal assistance.

PMJDY boosts financial inclusion

Moreover, the Pradhan Mantri Jan-Dhan Yojana (PMJDY) promotes financial inclusion, under which more than 523 million bank accounts have been opened, bringing the marginalized sections into the formal financial system. According to the government, this Aadhaar-based approach has not only empowered people but also resulted in significant savings for the country’s treasury by removing crores of fake, non-existent, and ineligible beneficiaries from government schemes. For instance, due to Aadhaar-based DBT, more than 4.15 crore fake LPG connections and 5.03 crore duplicate ration cards have been eliminated, ensuring the smooth distribution of essential services like cooking gas and food subsidies.