Economy

What if you could get the best medical care without worrying about the cost? How would you feel knowing your health was in good hands? Can you imagine a world where everyone has access to quality healthcare? 

While it has remained a dream for millions of Indians, the Government of India’s landmark initiative, Ayushman Bharat – National Health Protection Mission (AB-NHPM) or Pradhan Mantri Jan Arogya Yojana (PM-JAY) launched in 2018, has made healthcare affordable and accessible for all.

Let’s look at how this initiative will transform millions of lives by providing them with comprehensive health coverage, high-quality health services, and digital health infrastructure. The scheme has received global recognition and appreciation and has inspired other countries to adopt similar health insurance models for their citizens!

Objectives of PM-JAY for Healthcare Industry

The world’s largest government-funded healthcare program covers over 50 crore beneficiaries from poor and vulnerable families, providing coverage of up to ₹5 lakh per family per year for special care and special equipment use during hospitalization.

The main objectives of AB-NHPM are to:

• Reduce the financial burden of out-of-pocket expenditure on health and prevent catastrophic health expenditures for poor and marginalized families.
• Improve access to quality health services for PM-JAY beneficiaries across public and private health facilities.
• Create a network of health and wellness centers (HWCs) to provide comprehensive primary health care, including prevention, promotion, and ambulatory care.
• Strengthen the health system and infrastructure by leveraging digital technologies, such as the Ayushman Bharat Digital Mission (ABDM), which aims to develop the backbone necessary to support the country’s integrated digital health infrastructure.

Eligibility Criteria of PM-JAY

Anyone from India can benefit from this initiative if they match any of these criteria:

• First of all, your annual Income has to be below Rs 2.5 Lakh
• Your family does not have any income members above 16 years of Age.
• If you belong to the SC or ST Category, then you can also register online for this scheme.
• If you do not have a permanent residence, then you can also apply for the Ayushman Yojana and get this health card.  

Impact of AB-NHPM on Healthcare Accessibility and Affordability

The impact of AB-NHPM on healthcare accessibility and affordability for the beneficiaries has been remarkable and unprecedented. According to the latest data from the National Health Authority (NHA): 

• More than 5.5 crore hospital admissions have been authorized under the scheme. 
• The beneficiaries can avail of cashless and paperless benefits from any of these hospitals nationwide, irrespective of their domicile.
• Beneficiaries are able to access high-quality and specialized medical services, such as cardiac surgeries, cancer treatments, knee replacements, and organ transplants. 
• The scheme has contributed to reducing maternal and infant mortality rates and preventing and controlling communicable and non-communicable diseases. 
• It has been generating employment opportunities for health professionals, technicians, and administrators and stimulating the growth of the health sector and the economy.

Success Story of AB-NHPM

To illustrate the scheme’s impact, let us look at the story of Ramesh, a 45-year-old farmer from Bihar who suffered from a heart attack and needed urgent bypass surgery. He had no health insurance and could not afford the treatment, which would have cost him around ₹2 lakh. 

Ramesh was about to give up hope when he learned that he was eligible for AB-NHPM. He was admitted to a nearby impaneled hospital, where he underwent the surgery without paying a single rupee. He recovered well and returned to his family and work, grateful for the scheme that saved his life.

Ramesh is one of the millions of beneficiaries who have benefited from AB-NHPM and whose stories testify to the success and impact of the scheme.

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Recognition and Appreciation of AB-NHPM

AB-NHPM has received global recognition and appreciation for its vision, design, and implementation. The scheme has been praised by various international organizations, such as the World Health Organization, the World Bank, the United Nations, and the Bill and Melinda Gates Foundation.

Conclusion

AB-NHPM is a revolutionary and visionary initiative that has transformed the healthcare landscape of India. It has provided millions of Indians with access to quality and affordable healthcare, improved their health outcomes and well-being, and strengthened the health system and infrastructure. It has also received global acclaim and admiration and set an example for other countries.

AB-NHPM is not just a scheme but a movement. A movement that aims to create a healthy, happy, and prosperous India. A movement that is making healthcare a right, not a privilege. A movement that is making Ayushman Bharat a Healthy India.

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Have you heard of the digital rupee? It’s a new kind of money that the Reserve Bank of India (RBI) is testing out. It’s not like the paper notes and coins that we use every day. It’s also not like the cryptocurrencies you may have heard of, like Bitcoin or Ethereum. It’s a currency of its own kind.

What is Digital Rupee?
The digital rupee is the Indian rupee that went digital. It’s like having money in your phone or device instead of your wallet or bank account. You can use it to buy things and pay for services, just like you do with cash or cards. You can also send it to anyone, anywhere, anytime, without any hassle or fees. It quite literally works in the form of exchanging notes like we are used to doing, but instead of notes being made of paper, they are completely digital.

Types of Digital Rupee
The digital rupee has two forms: one for big transactions, like interbank settlements, and one for small transactions, like consumer and business payments. The one for small transactions is called the retail digital rupee (e₹-R), and that’s the one we are going to focus on, as that concerns us, the layman.

How does the Retail Digital Rupee (e₹-R) work?
The e₹-R can be accessed through a digital wallet offered by participating banks. You can store it on your phone or other smart device and use it to make payments through person-to-person (P2P) or person-to-merchant (P2M) modes, using QR codes or other methods. The e₹-R does not make any interest and can be converted to other forms of money, such as bank deposits. In a nutshell, we are replacing our physical tokens with digital versions of the same, which saves a lot of money and resources on printing, distributing, and managing physical currency, which costs ₹49,84 Crores.

Inclusion of all economic classes

Despite so much digital advancement, 89 percent of transactions in India are made through cash. It’s not because people are apprehensive of digital methods of transaction. They are unable to access these methods for various reasons:

• A 10th of India’s population lives below the poverty line, and earning daily wages is a challenge, so maintaining a bank account becomes pretty much impossible.
• About 190 Million Indians don’t have access to a bank account, and one of the most common reasons for this is that the majority of India stays in rural areas, and access to banks is scarce for them.
• Elderly people have a hard time coping with digital advancements in transactions and hence prefer to stick to the old method of exchanging notes.

Bridging the gap

As India grows and digitally progresses, this section of the population is being left behind as it lacks the access to the digital world due to their limited their ability to make transactions,  the digital rupee fixes that, here are some examples:

• With advancements in technology, education has become cheaper, but only for people who can pay the fee of the digital educational platform, and the digital rupee enables a person with a lack of bank account to just pay with their tokens online and access it.
• A new start-up in India makes high-quality goods cheaper and more accessible to the people of India. Still, due to the nature of their business, they only accept advance payment through online mediums. Now, people who don’t have a bank account can still access these options.
• As the payment method becomes traceable, the unfair pay of wages to workers can be addressed because the authorities can see if a person is being paid below the minimum wage mark.

These were just a few examples. The digital rupee can help a huge segment of India to reach better heights.

Challenges RBI May Face

The ambitious and innovative project is a step towards realizing the vision of a ‘less cash and more digital India,’ where everyone can access and benefit from the digital payment ecosystem. However, RBI is up for a challenge to fit the digital currency in the current landscape:

• Requires a clear and comprehensive legal and regulatory framework to define its status, scope, and functions. And will have to comply with the existing laws and regulations.
• Needs a robust and secure technological design and architecture to ensure its functionality, interoperability, scalability, cyber security, data protection, and system resilience.
• Must gain the trust and confidence of consumers and businesses, who may be unfamiliar or reluctant to use a new form of money. 
• May affect the money supply, interest rates, inflation, exchange rates, and credit creation, and thus the country’s monetary policy and financial stability. 

The RBI understands these concerns, and that is why the currency is still being tested, while feedback and suggestions from the public and stakeholders are welcomed.

The Union budget for 2024-25 was an interim budget on account of the general election schedule in April-May’24. As expected, being an interim budget, there were no significant policy changes. No changes in direct or indirect taxes were proposed.

The budget aligned with the path of fiscal consolidation and macroeconomic stability as guided in the 2021-22 budget. It also saw a lower-than-expected increase in capital expenditure, helping reduce the fiscal deficit and facilitate higher credit availability for the private sector. The capex outlay saw a tilt towards the states as they got a larger share.  Most announcements were in the railways, energy, housing, and healthcare sectors.

Top takeaways from the budget

1. The budget outlined the need to focus on the Poor, Women, Youth, and farmers, as their empowerment and well-being will drive the country forward. The next five years are expected to be unprecedented in development, helping India progress and realize the dream of a developed India by 2047. The trinity of Democracy, Democracy, and Diversity backed by everyone’s efforts will be key in fulfilling the aspirations.
2. Capital expenditure for FY25 is estimated at Rs. 11.1 lakh crore, a jump of 11.1% from last year’s budgeted estimate of Rs. 10 Lakh Crore. This is 3.4% of GDP, higher than last year at 3.3%.
3. FY24 fiscal deficit estimate was lowered to 5.8% from 5.9% budgeted earlier. For FY25, the fiscal deficit is expected to drop to 5.1% on account of slower growth in capex and sustained growth in tax and non-tax revenues. This is in line with the aim to reach a fiscal deficit of 4.5% in FY26. On the non-tax revenue front, divestment of Rs. 50,000 Cr. is expected in FY25 Vs. the revised estimate of Rs. 30,000 Cr. for FY24.
4. Three major economic railway corridor programs will be implemented: energy, mineral, and cement corridors, port connectivity corridors, and high-traffic density corridors. This will accelerate GDP growth, reduce logistic costs along with decongestion, and improve the operations of passenger trains.
5. Through rooftop solarization, one crore households will get up to 300 units of free electricity every month. This will bring in savings of Rs. 15,000-18,000 annually, entrepreneurship opportunities for vendors, and employment opportunities for youth.
6. A corpus of Rs. 1 Lakh Crore will provide long-term financing or refinancing with long tenor at low or nil interest rates and encourage the private sector to scale up research and innovation in sunrise domains.

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The Vibrant Gujarat Global Summit 2024, which commenced on January 10 and ended on the 12th, emerged as a transformative event for India. It witnessed active participation from global business leaders, setting the stage for economic growth, investments, and international partnerships.

This summit was a critical platform to showcase Gujarat as a premier investment hub. Prime Minister Modi’s direct involvement underscores the state’s pivotal role in the nation’s overall development. The spotlight shone on India’s two wealthiest businessmen, Gautam Adani, and Mukesh Ambani, as they took center stage during the summit with announcements that could redefine Gujarat’s economic landscape.

Top 10 Announcements at the Gujarat Global Summit

1. Adani’s $24 Billion Investment: Gautam Adani pledged a staggering $24 billion over the next five years, not merely as an investment but as a commitment to creating 1 lakh jobs in Gujarat, significantly impacting the state’s employment landscape.
2. Green Energy Revolution: Adani Groups committed around $100 billion towards transitioning to green energy over the next decade, signaling a transformative shift in India’s energy ecosystem. This move aligns with global environmental goals and positions India as a leader in sustainable practices.

3. Carbon Fibre Facility: Mukesh Ambani’s announcement about India’s first world-class carbon fiber facility at Hazira, Gujarat, marks a pioneering step toward enhancing India’s manufacturing capabilities in advanced materials.
4. Green Energy Giga Complex: The plan to establish a green energy giga complex on a sprawling 5,000-acre site in Jamnagar by 2024 reflects Reliance Industries’ commitment to sustainability and signifies a substantial contribution to India’s clean energy goals.

5. Semiconductor Fab in Dholera: N Chandrasekaran’s revelation about building a semiconductor fab in Gujarat’s Dholera, operational by 2024, underscores the state’s leap into advanced technology manufacturing.
6. Lithium-Ion Storage Battery Factory: Tata Group’s ambitious plan to construct a massive 20-gigawatt lithium-ion storage battery factory in Sanand within the next two months positions Gujarat as a critical player in the electric vehicle revolution.

7. Suzuki’s Expansion: Toshihiro Suzuki announced a ₹35,000 crore investment for Suzuki’s second manufacturing facility in Gujarat, which will contribute to the state’s economic growth and align with India’s automotive sector expansion plans.
8. Dutch, Singaporean, and Tech Investments: The Dutch and Singaporean firms and Nvidia’s partner firm Yotta’s plan to commission an “artificial intelligence data center” in GIFT City announced investments exceeding $7 billion.

9. World’s Largest Steel Manufacturing Factory: Lakshmi Mittal’s revelation about building the world’s single biggest steel manufacturing factory at Hazira in Gujarat by 2029, with a capacity of 24 million tonnes per annum, could position Gujarat as a hub for heavy industries.

10. India’s Global Standing: India is poised to be among the top three economies globally, promising significant investments and strategic partnerships that could aid India’s ascent on the global economic stage.

Summit Achievements

• Record-breaking MoUs: MoUs exemplify the summit’s achievements for investments exceeding INR 45 lakh crores across 98,540 projects, marking a historic milestone for Gujarat and solidifying its position as an investment destination.
• Global Participation: With 34 partner countries and 16 partner organizations actively engaged, the summit attracted global attention and fostered international collaboration, further elevating Gujarat’s global standing.
• Bilateral Talks: Prime Minister Modi’s bilateral discussions with vital global figures, including executives from Suzuki Motor Corp, AP Moller, Micron Technology, and others, highlight the summit’s role in fostering international cooperation and strategic partnerships.
• A Decade of Growth: The Vibrant Gujarat Global Summit 2024, overcoming the challenges of the previous year, has not only surpassed the achievements of the 2022 edition but has also set a new benchmark with 41,299 projects worth INR 26.33 lakh crores signed, showcasing Gujarat’s resilience and commitment to sustained growth.
• Green Hydrogen Mission: Member of NITI Aayog, Shri V. K. Saraswat, shed light on the ‘Mission Green Hydrogen,’ aiming to produce five million metric tons of green hydrogen in India by 2030. Gujarat’s expected significant contribution aligns with the state’s commitment to sustainable practices.
• International Collaboration: The signing of five MoUs between the Gujarat government and the UK, fostering strategic cyber cooperation and technology collaboration, strengthens the state’s cybersecurity infrastructure, positioning it at the forefront of technological advancements.

In conclusion, the Vibrant Gujarat Global Summit 2024 was a testament to India’s resilience and determination for economic progress. The active participation of global business leaders has laid the foundation for a prosperous and sustainable future.

FAQs

In the dynamic landscape of modern business, the concept of Green Business has gained significant traction. As environmental concerns continue escalating, investors and individuals focus on sustainable and eco-friendly practices. There is an increasing demand for environmentally friendly practices, and companies are adapting to meet these expectations.

Everyday business activities can significantly impact the environment, positively or negatively. We don’t consciously understand this and don’t know how it works and affects our daily lives. The local environmental and social impacts are enormous.

The world is slowly moving towards more environmentally friendly and sustainable practices. Companies are also beginning to recognize the importance of a sustainable business strategy and incorporate that into their business processes. Many green, ethical companies strive to minimize their impact on the local environment.

Many government regulations come to protect natural resources and preserve the environment. For example, companies must comply with the rules to safeguard the environment before building manufacturing plants, factories, or factories in green areas.

This comprehensive guide will help you explore the basics of green business, highlighting examples, potential investments, and sustainable business models. Whether you’re an investor looking for ethical opportunities or an individual looking to make a positive impact, this guide offers seven critical steps to a successful green business journey.

Need For Green Businesses

Understanding Green Business

Green business describes a company that does not negatively impact the environment, economy, or community. It makes its products from sustainable materials. It aims to use as little water, energy, and raw materials as possible while reducing carbon emissions or explores ways to use these resources in innovative ways that are not as environmentally friendly as installing solar panels.

The Green Investment Landscape

Prime Minister Narendra Modi has also highlighted the economic opportunities in areas like green hydrogen ecosystem, auto scrapping, and energy conversion, such as green initiatives by the Government of India to increase renewable energy, reduce fossil fuel consumption, and move the country towards a gas-dependent economy.

Some initiatives by the government are:

• National Solar Project (MNRE)
• Advanced National Energy Efficiency Program (under Ministry of Power).
• Sustainable Global Environmental Policy (under the Ministry of Housing and Urban Development)
• Global Water Project (MWR)
• Green Business Plan
• National Green Hydrogen Mission

Setting up Green Business in India

• Research and Design: Know your green business idea. Identify the type of green business you want to set up. This could be renewable energy, waste management, environmentally friendly practices, sustainable agriculture, etc.
• Market Analysis: Analyze market demand, competition, and potential customers for your green business.
• Business Plan: Develop a comprehensive business plan outlining your objectives, target markets, financial projections, and sustainability initiatives.
• Legal Framework and Records: Choose a business structure. Decide on the legal structure of your business, such as a sole proprietorship, partnership, limited liability company (LLC), or sole proprietorship.
• Register your business: Register with India’s Ministry of Corporations (MCA). Get a Unique Number (UIN) or Company Number (CIN).
• Rules of Compliance:
  • Environmental clearance: Depending on the nature of your green business, you may need an environmental permit from the relevant authorities. Contact the National Pollution Control Board for guidance.
  • Obtain permits and licenses: Identify and obtain the specific permits or licenses for your green business. This can include permits and licenses for specific projects.
• Taxation and Finance:
  • Tax registration: If your annual income is above the border limit, register for Goods and Services Tax (GST).
  • Financial management: Establish a financial plan, including a professional bank account, and maintain proper financial records.
• Funding and support:
  • Research government policies: Research and ask for government policies or grants supporting green businesses in India.
  • Find investors: Find potential investors, investors, or green financing options to finance your business.
• Resources and Technology:
  • Technology and Equipment: Invest in environmentally friendly technology and equipment that aligns with your green business goals.
  • Resource Management: Plan your work schedule to minimize environmental impact and maximize energy efficiency.

Exploring Green Business Models

There have been various sustainable business models that have proven successful. From circular economies to zero-waste strategies, one such brand example is IKEA. It opened its doors in India a few years ago and is spread worldwide. As a leading brand focused on renewable energy and sustainability, IKEA has developed a “Good for People and the Planet” program that promotes environmentally friendly practices and solar power and encourages renewable environmental efforts.

IKEA is also an example of a company working towards 100% renewable energy in stores and reducing its already low percentage of waste from the current 15%.

The imperative to meet the challenges of climate change led to a paradigm shift towards adopting sustainable consumption and production practices, ultimately benefiting consumer well-being. It is important to consider market development and responsibility for resource consumption. Business owners should prioritize resource efficiency, expanding their commitment beyond the construction sector to promote the country’s Sustainable Development Goals (SDGs).

As we conclude our journey to green business, it is clear that the future lies in sustainable practices. Incorporating these steps into your investment or lifestyle choices contributes to a greener and more ethical world. Embrace green business opportunities and be part of the positive change our planet needs.

FAQs