• Latest
Sitharaman Praises Surge in Credit-Driven Consumption in Rural India

Sitharaman Praises Surge in Credit-Driven Consumption in Rural India

October 2, 2024
Ravi Teja’s Nephew Maadhav Debuts with Gritty Rural Drama Maremma

Ravi Teja’s Nephew Maadhav Debuts with Gritty Rural Drama Maremma

July 8, 2025
Modi in Brazil: Diaspora and Brazilian Artists Unite in Cultural Harmony

Modi in Brazil: Diaspora and Brazilian Artists Unite in Cultural Harmony

July 8, 2025
Sensex, Nifty Rise as US Hints at India Deal

Sensex, Nifty Rise as US Hints at India Deal

July 8, 2025
Bandi Sanjay Warns BRS of Retaliation Over Alleged Media Intimidation

Bandi Sanjay Warns BRS of Retaliation Over Alleged Media Intimidation

July 8, 2025
Teacher Paves the Way for Students in Kakinada

Teacher Paves the Way for Students in Kakinada

July 7, 2025
Samantha’s Bold Look Steals Spotlight in America

Samantha’s Bold Look Steals Spotlight in America

July 7, 2025
‘Kingdom’ Locks July 31 Release with Action-Packed Promo

‘Kingdom’ Locks July 31 Release with Action-Packed Promo

July 7, 2025
Dale Steyn Steps Down as Sunrisers EC Bowling Coach

Dale Steyn Steps Down as Sunrisers EC Bowling Coach

July 7, 2025
Nifty, Sensex Open Flat; Eyes on US Trade Talks

Sensex, Nifty Flat Amid India-US Trade Deal Uncertainty

July 7, 2025
Dhurandhar Teaser Garners Buzz; Sara Arjun's Role Sparks Debate

Dhurandhar Teaser Garners Buzz; Sara Arjun’s Role Sparks Debate

July 7, 2025
TG ICET 2025: 90.83% Candidates Qualify

TG ICET 2025: 90.83% Candidates Qualify

July 7, 2025
Kerala Officer’s Daring King Cobra Rescue Goes Viral

Kerala Officer’s Daring King Cobra Rescue Goes Viral

July 7, 2025
Tuesday, July 8, 2025
  • Login
CredTimes.com : Formerly known as TollywoodTimes.com
720 X 90 Advertisement
ADVERTISEMENT
  • Home
  • Politics
  • Entertainment
    • News
    • Reviews
    • Photos
    • Videos
  • Government
    • Andhra Pradesh
    • Telangana
    • India
  • World
  • Business
  • Cricket
  • Sports
  • Technology
  • Lifestyle
  • Education
No Result
View All Result
  • Home
  • Politics
  • Entertainment
    • News
    • Reviews
    • Photos
    • Videos
  • Government
    • Andhra Pradesh
    • Telangana
    • India
  • World
  • Business
  • Cricket
  • Sports
  • Technology
  • Lifestyle
  • Education
No Result
View All Result
CredTimes.com : Formerly known as TollywoodTimes.com
Home Business

Sitharaman Praises Surge in Credit-Driven Consumption in Rural India

Rajeshwari R by Rajeshwari R
October 2, 2024
in Business
Reading Time: 3 mins read
0
Sitharaman Praises Surge in Credit-Driven Consumption in Rural India

Sitharaman Praises Surge in Credit-Driven Consumption in Rural India

6.8k
SHARES
19.5k
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Nirmala Sitharaman Celebrates Credit-Driven Consumption Surge in Rural India

New Delhi: Finance Minister Nirmala Sitharaman has praised the remarkable increase in credit-driven consumption across small cities and towns, describing it as a “revolutionary shift” enabled by the Pradhan Mantri Jan Dhan Yojana (PMJDY). This shift marks a significant change in the economic landscape of tier 2, 3, and 4 cities, where household consumption has surged, evident in the rising sales of two-wheelers, air conditioners, refrigerators, smartphones, and fast-moving consumer goods (FMCGs).

Sitharaman emphasized that “Rural India is no longer a passive observer of India’s growth; it is an active driver of it.” This statement reflects a growing trend where rural consumers are increasingly participating in the economy, influenced by improved access to credit and financial services.

The PMJDY, which celebrated its 10th anniversary recently, has been pivotal in this transformation. The initiative has led to the opening of over 53 crore bank accounts, integrating millions of rural Indians into the formal financial system for the first time. Sitharaman noted that more than 80 percent of Indian adults now hold formal financial accounts, a substantial increase from just 50 percent in 2011, showcasing PM Modi’s commitment to advancing financial inclusion in India.

Recent reports highlight that 62 percent of two-wheeler purchases in rural India are now financed through credit, surpassing urban figures of 58 percent. This trend is also mirrored in the electronics and smartphone sectors, where various consumer financing options have facilitated unprecedented growth.

The accounts opened under PMJDY have accumulated a total deposit balance of Rs 2.3 lakh crore, and over 36 crore free-of-cost RuPay cards have been issued, providing users with a Rs 2 lakh accident insurance cover. The program has seen the total number of accounts rise from 14.7 crore with deposits of Rs 15,670 crore in March 2015 to 53 crore with a balance of Rs 2.31 lakh crore. This impressive growth underscores the scheme’s significant role in promoting financial inclusion and economic empowerment among rural populations.

Sitharaman pointed out that prior to the PMJDY, India’s rural populace had been neglected by a financial system that offered only token gestures toward inclusion, while simultaneously obstructing credit access for the economically disadvantaged. She credited Prime Minister Narendra Modi’s decisive leadership for bringing rural communities into the financial mainstream and unlocking their potential. “The opposition blocked progress while PM Modi empowered rural India with pro-poor reforms and welfare policies,” she asserted.

The Reserve Bank of India recently indicated that household consumption is expected to accelerate in the second quarter of the current fiscal year (FY25), as easing headline inflation signals a revival of rural demand, further validating the positive impact of initiatives like PMJDY on the Indian economy.

Tags: Nirmala SitharamanRural IndiaTOP

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ravi Teja’s Nephew Maadhav Debuts with Gritty Rural Drama Maremma

Ravi Teja’s Nephew Maadhav Debuts with Gritty Rural Drama Maremma

July 8, 2025
Modi in Brazil: Diaspora and Brazilian Artists Unite in Cultural Harmony

Modi in Brazil: Diaspora and Brazilian Artists Unite in Cultural Harmony

July 8, 2025
Sensex, Nifty Rise as US Hints at India Deal

Sensex, Nifty Rise as US Hints at India Deal

July 8, 2025
No Result
View All Result

Recent News

  • Ravi Teja’s Nephew Maadhav Debuts with Gritty Rural Drama Maremma
  • Modi in Brazil: Diaspora and Brazilian Artists Unite in Cultural Harmony
  • Sensex, Nifty Rise as US Hints at India Deal
  • Bandi Sanjay Warns BRS of Retaliation Over Alleged Media Intimidation

We bring you the latest updates on Indian political affairs, business trends, sports highlights, and the glitz and glamour of the entertainment world. Stay tuned for comprehensive coverage of movie releases and reviews, ensuring you're always in the know. Trust CredTimes.com to keep you informed and credible.

  • About Us
  • Privacy & Policy
  • Contact Us

© 2024 All Rights Reserved. CredTimes.com (Formerly known as TollywoodTimes.com)

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Politics
  • Entertainment
    • News
    • Reviews
    • Photos
    • Videos
  • Government
    • Andhra Pradesh
    • Telangana
    • India
  • World
  • Business
  • Cricket
  • Sports
  • Technology
  • Lifestyle
  • Education

© 2024 All Rights Reserved. CredTimes.com (Formerly known as TollywoodTimes.com)