Opinion | Modinomics And Garib Kalyan

In the New India under PM Modi, poverty is being replaced by dexterity and adroitness of thought, action, and purpose so that we move closer to prosperity in more ways than one

“Poverty is the worst form of violence." -Mahatma Gandhi.

Speaking of poverty, the Pradhan Mantri Garib Kalyan Yojana (PMGKY) was launched by the Modi government in December 2016, on the lines of the Income Declaration Scheme (IDS). As part of the Taxation Laws (Second Amendment) Act, 2016, the scheme provided an opportunity to declare unaccounted wealth and black money in a confidential manner and avoid prosecution, but only after paying a fine of 50% on the undisclosed income. An additional 25% of the undisclosed income was allowed to be invested in the scheme, which could be refunded after four years, without any interest. Not declaring undisclosed income under the PMGKY attracted a fine of 77.25% if the income was shown in tax returns. In case the income was not shown in tax returns, it attracted a further 10% penalty, followed by prosecution. The initial objective of PMGKY was to ensure tax evaders declared unaccounted money to avoid penalty and criminal prosecution. Through this scheme, the Modi government intended to use the deposited black money for the welfare of the poor people. The scheme was valid from December 2016 to March 2017. In 2020, the Modi government extended the scheme to include relief packages during the pandemic. The aim was to support the livelihood of the poor during Covid-related lockdowns.

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Again, PM Garib Kalyan Anna Yojana (PMGKAY), launched in April 2020, has strengthened the provisions of NFSA in terms of accessibility,........

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