Why can't a poor person become rich even if he wants to.

There are a number of reasons why a poor person may struggle to become rich, even if they want to. Some of these reasons include :

·         Lack of access to education and training : A good education is essential for getting a high-paying job and building wealth. However, many poor people do not have access to quality education. This can make it difficult for them to develop the skills and knowledge they need to succeed in the workforce.

·         Lack of financial resources : Starting a business or investing in assets requires money. However, many poor people do not have the financial resources to do so. This can make it difficult for them to build wealth.

·         Discrimination : Poor people may face discrimination in the workplace and in other areas of life. This can make it more difficult for them to find good jobs and advance their careers.

·         Social networks : Wealthy people tend to have social networks that include other wealthy people. This can provide them with access to opportunities and resources that are not available to poor people.

·         Financial mindset : Poor people may have a financial mindset that prevents them from thinking about money in a way that could lead to wealth creation. This could be due to their upbringing, their experiences, or their lack of financial education.

It is important to note that these are just some of the reasons why it can be difficult for a poor person to become rich. There are many people who have overcome these obstacles and achieved financial success. However, it is important to be aware of the challenges that poor people face so that we can work to create a more equitable society.

Here are some tips for poor people who want to become rich :

·         Educate yourself : A good education is essential for getting a high-paying job and building wealth. If you do not have access to formal education, there are many other ways to learn, such as online courses, books, and workshops.

·         Develop your skills : In addition to education, it is also important to develop skills that are in demand in the workforce. This could involve taking on additional training programs or learning new skills on your own.

·         Start a business : Starting a business can be a great way to build wealth. However, it is important to do your research and have a solid business plan before you get started.

·         Invest your money : Investing is another great way to build wealth over time. However, it is important to understand the risks involved and to invest wisely.

·         Change your financial mindset : It is important to develop a financial mindset that is focused on wealth creation. This means thinking about money in a way that will help you achieve your financial goals.

It is also important to remember that becoming rich takes time and effort. There is no get-rich-quick scheme. However, if you are willing to work hard and make sacrifices, you can achieve your financial goals.

10 things To Know About Pradhan Mantri Vaya Vandana Yojana.

Finance Minister Arun Jaitley has formally launched the Pradhan Mantri Vaya Vandana Yojana (PMVVY), or a pension scheme, for senior citizens on Friday. Speaking after the launch of PMVVY, Mr Jaitley said that settlement ratio of LIC (Life Insurance Corporation of India) is near to the maximum. Prime Minister Narendra Modi had earlier announced the launch of the scheme exclusively for the senior citizens aged 60 years and above. Under this scheme, senior citizens (60 years and above) in which they will get a guaranteed interest of 8 per cent for 10 years. Financial planners say that this pension scheme will offer more avenues to senior citizens to earn steady regular income at a time of falling interest rates. The scheme is exempted from GST or goods and services tax. LIC has sold 58,152 PMVVY schemes garnering Rs. 2,705 crore since its soft launch on May 4.

1) LIC started offering the scheme from May 4, 2017. The scheme will remain open till May 3, 2018. The shortfall owing to the difference between the interest guaranteed and the actual interest earned and the expenses relating to administration shall be subsidised by the government of India and reimbursed to the LIC.

2) PMVVY can be purchased offline as well as online through Life Insurance Corporation (LIC) of India which has been given the sole privilege to operate this scheme.

3) The scheme will provide an assured return of 8 per cent per annum payable monthly (equivalent to 8.30 per cent per annum) for 10 years.

4) The pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/ quarterly/ half-yearly/ yearly as chosen by the pensioner at the time of purchase.

5) There is a minimum and maximum limit for investment in Pradhan Mantri Vaya Vandana Yojana Scheme. The amount varies according to the pension payment mode chosen. For example, under the yearly pension mode, the minimum amount that has to be invested in the scheme is Rs. 1,44,578 and the maximum at Rs. 7,22,892. In monthly mode, the minimum amount that has to be invested is Rs. 1,50,000 and maximum at Rs. 7,50,000. For other modes, see the table below.

Accordingly, Rs. 1,000 will be the minimum pension amount payable monthly for which Rs.1,50,000 has to be invested. Similarly, the maximum monthly pension shall be Rs. 5,000 per month for which Rs. 7,50,000 has to be invested. For other modes, see the table above. (It should be noted that the ceiling of maximum pension - pensioner, his/her spouse and dependants - is for a family as a whole.)

6) On survival of the pensioner to the end of the policy term of 10 years, purchase price along with final pension instalment shall be payable.

7) Loan up to 75 per cent of purchase price (amount invested to earn pension) shall be allowed after three policy years to meet the liquidity needs. Loan interest shall be recovered from the pension installments and the loan to be recovered from claim proceeds.

8) The scheme also allows for premature exit for the treatment of any critical/ terminal illness of self or spouse. On such premature exit, 98 per cent of the purchase price shall be refunded.

9) On death of the pensioner during the policy term of 10 years, the purchase price shall be paid to the beneficiary.

10) senior citizens should take advantage of PMVVY pension scheme as well as another popular senior citizens scheme called Senior Citizen Savings Scheme (SCSS). If one has to choose one over the other, then the PMVVY is better as one has a longer time frame need of 10 years while the SCSS is better for higher liquidity it provides. Though the interest earned from both the schemes are taxable, effective tax planning and higher tax slabs can greatly reduce the impact of tax for senior citizens.

Read more : https://www.licindia.in/Products/Pension-Plans/Pradhan-Mantri-Vaya-Vandana-Yojana 

The Indian Government has announced new passport rules aimed at simplifying and easing the process of issue of passport.

The Indian Government has announced new passport rules aimed at simplifying and easing the process of issue of passport.  The new passport rules also simplify the process of application for single parents, orphaned children etc. The changes have thus been notified.

In one of the most major changes, eight (8) different documents will now be accepted as proof of Date of Birth (DOB). As per the existing provisions of the Passport Rules, 1980, all applicants born on or after 26th January 1989 must mandatorily submit a Birth Certificate as the proof of Date of Birth (DOB). Changing this rule, the government has now decided that applicants can submit any of the following eight (8) documents as the proof of DOB while submitting the passport application:

• Birth Certificate (BC) issued by the Registrar of Births & Deaths, or the Municipal Corporation, or any other prescribed authority whosoever has been empowered under the Registration of Birth & Deaths Act, 1969 to register the birth of a child born in India.
• Transfer or School-Leaving or Matriculation Certificate issued by the school last attended, or by the recognized educational board containing the DOB of the applicant.
• PAN Card issued by the Income Tax Department with the DOB of applicant.
• Aadhar Card/E-Aadhar having the DOB of applicant.
• Copy of the extract of the service record of the applicant (only in respect of Government servants) or the Pay Pension Order (in respect of retired Government Servants), duly attested/certified by the officer/in-charge of the Administration of the concerned Ministry/Department of the applicant, having his DOB.
• Driving licence issued by the Transport Department of the concerned State Government, having the DOB of the applicant.
• Election Photo Identity Card (EPIC) issued by the Election Commission of India having the DOB of applicant.
• Policy Bond issued by the Public Life Insurance Corporations/Companies having the DOB of the holder of the insurance policy.

Simplified rules for various sections of society

Provision for Single Parents: The online passport application form now requires the applicant to provide the name of father or mother or legal guardian, i.e., only one parent, and not both. This allows single parents to apply for passports for their children and to also issue passports where the issuing authority cannot print the name of either the father or the mother, at the request of the applicant.

Number of Annexures reduced: The new rules bring down the total number of Annexures prescribed in the Passport Rule, 1980, to nine from the present 15. They have removed Annexes A, C, D, E, J, and K, and merged certain Annexes.

Only Self-Declaration from now on: All the required annexes will now be self-declarations on plain paper. No attestation/swearing by/before any Notary/Executive Magistrate/First Class Judicial Magistrate will henceforth be necessary.

No affidavit/Marriage Certificate required for married applicants: Applications now don’t require married applicants to provide Annexure K/marriage certificate.

Spouse’s Name not required for separated/divorced applicants: Passport applications now don’t require a spouse’s name for separated/divorced persons. There is even no requirement of the Divorce Decree.

Provision for Orphaned children : Orphaned Children without proof of DOB may now submit a declaration. The declaration – by the Head of the Orphanage/Child Care Home on their official letter head – confirms the applicant’s DOB.

Children not born out of a wedlock: Applications for children not born out of wedlock need only Annexure G.

For domestically adopted children: Applications for in-country domestically adopted children no longer requires submission of the registered adoption deed. In the absence of a deed, the passport applicant may give a declaration on a plain paper confirming the adoption.

Government Servants without a NOC: Government servants sometimes cannot obtain the Identity Certificate (Annexure-B)/NOC (Annexure-M) from their employer. They can now get the passport by submitting a self-declaration in Annexure-‘N’. The declaration must state that they have informed their employer, that they are applying for an ordinary passport.

Mudra Bank

Indian Prime Minister Shri Narendra Modi started this bank on April 8, 2015. Mudra Bank or Micro Units Development and Refinance Bank may be described as a public sector entity that deals in various financial products and services. Primarily, it makes loans accessible to small entrepreneurs, who otherwise find it hard to procure financial assistance of any kind, and this is done in lieu of low rates of interest.

Objective of Mudra Bank 

The main aim of the Mudra Bank programme is regulate the lending and borrowing activities in the microfinance setup of India and thus make it stable to a certain extent. It also looks to make this sector see greater levels of inclusive participation. The initiative aims to provide crediting services and financial support to those microfinance entities that are functioning across the country. These organizations primarily cater to small business units, self help groups, retailers and individual entrepreneurs. The Mudra Bank initiative will also be employed to register all the microfinance institutions and then start a system of rating their performances and accrediting them.

Products and Offerings

The Mudra Bank will provide three kinds of loans – Shishu, Tarun and Kishore. The maximum amount that will be lent under Shishu loan is Rs. 50,000. For Kishore loan, the upper limit is Rs. 5 lakhs and in case of Tarun loan, the maximum amount has been fixed at Rs. 10 lakhs. Now, the bank will determine which loan applicant falls under particular category and the loans will be provided in accordance to that. Shishu loans are basically for the ones who are just starting out their businesses, Kishore loans are for those who are in the middle stage of their business endeavours and Tarun loans are for those who are looking to move on to higher levels, such as doing business expansion.

Benefits and Demerits

The biggest potential advantage of the Mudra Bank programme  is that it can help a large number of countless entrepreneurs across the country by providing financial support, which is such an important component in their existence and eventual success. With its focus on the underprivileged section of the Indian economic hierarchy, Mudra Bank may one day replicate what Grameen Bank has done in Bangladesh. 
On the other hand, some experts feel that with a bank working as a microfinance institution, there may be a question of conflict of interest coming up soon. They have also questioned about the need of having a new microfinance entity when there are already several institutions like such in place. They feel that it may also give rise to shadow banking programmes.

Mudra Bank Scheme Highlights

Following are certain special features of the Mudra Bank :- 

• Mudra Bank is established via a statutory enactment.
• It will be a part of the Pradhan Mantri MUDRA Yojana.
• It will function in the service area that falls outside the purview of the conventional banks. For this purpose, it shall use last mile agents.
• The programme has used the NSSO Survey of 2013 to identify its prospective clients.
• Among its target clientele, only 4percent can access loans that are going to be provided by the banks.
• The bank will try and make sure that its clients never run up any debt; therefore, it will focus on responsible methods of lending.
• Mudra Bank will, at the start, have a corpus of Rs. 20,000 crore. It will also have a credit guarantee fund ranging between Rs. 2000 crore and Rs. 3000 crore.

हर महीने इनकम (income) के लिये इन जगहों पर करें निवेश …

1. म्यूचुअल फंड एमआईपी - Mutual fund (MIP) = म्यूचुअल फंड में एक मासिक आय का भी प्लान होता है। इसमें कई प्रकार की अलग-अलग योजनाएं हैं, जो आपको बेहतर लगे, आप उसमें निवेश कर सकते हैं।

2. सीनियर सिटीजेन सेविंग स्कीम - Senior citizen saving scheme = डाक घर एवं कुछ बैंकों में ऐसी योजनाएं हैं, जिनमें 5 साल के मेच्योरिटी पीरियड के बाद 8.6 प्रतिशत सालाना की दर से ब्याज मिलता है। आप ऐसे अकाउंट खोल सकते हैं।

3. बैंक फिक्सड डिपॉजिट - Bank Fixed Deposit = जो लोग जोखिम नहीं लेना चाहते हैं, वे बैंक के उन फिक्स्‍ड डिपॉजिट को चुन सकते हैं, जिनमें मासिक, त्रैमासिक या पुन:निवेश करने पर आय होती है।

4. म्यूचुअल फंड डिविडेंड - Mutual Fund Dividend = म्यूचुअल फंड में निवेश करके आप एक नियमित अंतराल में उसका लाभांश प्राप्‍त कर सकते हैं।

5. रीयल इस्‍टेट - Real Estate = अगर आपके पास इतना धन है कि आप मकान या फ्लैट खरीद सकते हैं। तो उसमें आप निवेश करिये और किराये पर उठा दीजिये।

6. पोस्ट ऑफिस एमआईएस - Post Office Monthly Income Scheme = पोस्ट ऑफिस की मासिक स्कीम के अंतर्गत आप 7.80 प्रतिशत की वार्षिक ब्याज दर से मासिक आय प्राप्‍त कर सकते हैं।

Main Causes of Unemployment in India.

Caste System

In India caste system is prevalent. The work is prohibited for specific castes in some areas.

In many cases, the work is not given to the deserving candidates but given to the person belonging to a particular community. So this gives rise to unemployment.

Slow Economic Growth

Indian economy is underdeveloped and role of economic growth is very slow. This slow growth fails to provide enough unemployment opportunities to the increasing population.

Increase in Population

Constant increase in population has been a big problem in India. It is one of the main causes of unemployment. The rate of unemployment is 11.1% in 10th Plan.

Agriculture is a Seasonal Occupation

Agriculture is underdeveloped in India. It provides seasonal employment. Large part of population is dependent on agriculture. But agriculture being seasonal provides work for a few months. So this gives rise to unemployment.

Joint Family System

In big families having big business, many such persons will be available who do not do any work and depend on the joint income of the family. Many of them seem to be working but they do not add anything to production. So they encourage disguised unemployment.

Fall of Cottage and Small industries

The industrial development had adverse effect on cottage and small industries. The production of cottage industries began to fall and many artisans became unemployed.

Slow Growth of Industrialisation

The rate of industrial growth is slow. Though emphasis is laid on industrialisation yet the avenues of employment created by industrialisation are very few.

Less Savings and Investment

There is inadequate capital in India. Above all, this capital has been judiciously invested. Investment depends on savings. Savings are inadequate. Due to shortage of savings and investment, opportunities of employment have not been created.

Causes of Under Employment

Inadequate availability of means of production is the main cause of under employment. People do not get employment for the whole year due to shortage of electricity, coal and raw materials.

Defective Planning

Defective planning is the one of the cause of unemployment. There is wide gap between supply and demand for labour. No Plan had formulated any long term scheme for removal of unemployment.

Expansion of Universities

The number of universities has increased manifold. There are 385 universities. As a result of this educated unemployment or white collar unemployment has increased.

Inadequate Irrigation Facilities

Even after the completion of 9th five plans, 39% of total cultivable area could get irrigation facilities. Due to lack of irrigation, large area of land can grow only one crop in a year. Farmers remain unemployed for most time of the year.

Immobility of labour

Mobility of labour in India is low. Due to attachment to the family, people do not go to far off areas for jobs. Factors like language, religion, and climate are also responsible for low mobility. Immobility of labour adds to unemployment.

All these factors add to unemployment.

Best Top 100 Startup Companies in India 2015 - 2016

 

Small Savings Rates Cut : PPF, Senior Citizen Scheme, Deposits to Earn Less

Since the indian government is now moving on revising interest rates on such schemes every quarter, the new rates, therefore, will be applicable from April 1, 2016  to June 30, 2016.

 

12 Projects You Should Know About Under the Digital India Initiative

To increase digital connectivity and make governance more transparent, Digital India initiative has launched some amazing projects. Here are 12 of them.

Here are some key initiatives which form a part of Digital India week-

1. Digi Locker

The service was launched as an important facility to store crucial documents like Voter ID Card, Pan Card, BPL Card, Driving License, education certificates, etc. in the cloud.

2. MyGov.in

The portal works as an online platform to engage citizens in governance through a “Discuss”, “Do” and “Disseminate” approach.

3. eSign Framework

This initiative would enable users to digitally sign a document online using Aadhaar authentication.

4. Swach Bharat Mission mobile app

The app will enable organizations and citizens to access information regarding the cleanliness drive and achieve the goals of the mission.

5. National Scholarship Portal

This initiative aims at making the scholarship process easy. From submitting the application, verification, sanction and disbursal to end beneficiary, everything related to government scholarships can be done on this single portal online.

6. eHospital

Online Registration System under this initiative enables people to avail services like online registration, payment of fees and appointment, online diagnostic reports, checking on the availability of blood online, etc.

7. Digitize India Platform

This initiative will involve digitization of data and records on a large scale in the country to make easy and quick access to them possible.

8. Bharat Net

Under this initiative, a high-speed digital highway will connect all 250,000 gram panchayats of the country. This is the world’s largest rural broadband project using optical fibre.

9. Wi-fi Hotspots

Development of high speed BSNL wi-fi hotspots throughout the country is yet another initiative to improve digital connectivity in the country.

10. Next Generation Network

Launched by BSNL, this service will replace 30-year old telephone exchanges to manage all types of services like voice, data, multimedia and other types of communication services.

11. Electronics Development Fund

The fund will be set up to support the manufacturing of electronics products that would help create new jobs and reduce import. The funds will promote innovation, research and product development to create a resource pool within the country.

12. Centre of Excellence on Internet of Things (IoT)

In partnership with NASSCOM, DeitY and ERNET in Bangalore, Centre of Excellence will enable rapid adoption of IoT technology and encourage a new growth strategy. IoT will help the citizens in services like transport system, parking, electricity, waste management, water management and women’s safety to create smart cities, smart health services, smart manufacturing and smart agriculture, etc.

Make In India : What is the Make in India project?

Key policies:

1. Ease of business: Make in India is a policy that combines incentives with easy handling of businesses and a faster redressal machinery. Only Business, NO harassment is the underlining idea. India lies at 142nd place in the Ease of Doing Business Index below several African countries and it's a shame.

2. Skill and jobs for the youth: Skill endowment and job creation in 25 key industries will be encompassed under this plan for able youth development and relevant training in certain key areas. These industries include roads and highways, construction, defence development and automobiles among others.

3. Making India a manufacturer: Urging global investors to make India an industrial hub is the eye-catching feature about which all of us read everyday. Narendra Modi is urging investors to set up industries in India instead of just FDI. This includes making India a destination for production of goods and exporting the same to the world over.

India has demand, demography and democracy and we need $$$, technology and exposure.

4. Getting away with archaic laws: Raising FDI caps in a controlled manner and parting with the red tape restrictions in decision making is another important feature of this plan. Archaic laws have become synonymous with our country's business-related environment and hence this Make in India campaign aims at eliminating them.

The problems faced by Walmart in setting up in India paint a gloomy picture and this sets a precedent for others to follow. Infrastructure is ailing and set up in red-tape and this plan aims at redressing that.

5. 100 smart cities: This will also help in achieving the target of 100 smart cities and affordable housing schemes by making the investors a partner in the plan and investors adopting a city.

6. Disinvestment of PSU: Certain inefficient and loss-incurring PSUs will be disinvested i.e. a certain part of them will be sold off to private players so as to generate revenue and do away with the resource-sucking headaches. Private firms have an unmatched administration and management at times.

There's no denying that India, a country with demand, demographic dividends and democracy lagging in 142nd place in the Ease of doing business Index is a heartbreaking scenario.

What a great sea of opportunities with extraordinary demands but there are more than one stumbling blocks that hold us back. What a great land of oozing abundance and startling scarcity.

To raise the standard of living, to make our country a major hub for industries and to embrace progress leaving behind our anti-business leanings for good this is the right step ahead.

क्या है मेक इन इंडिया (Make in India)

वर्तमान में मेक इन इंडिया (Make in India) सबसे बड़ा समसायिक (Current Affairs) विषय है।  

क्या है मेक इन इंडिया .....

• मेक इन इंडिया (Make in India) का उद्देश्य भारत को मैन्युफैक्चरिंग का हब बनाना है।

• मेक इन इंडिया (Make in India) के अन्तर्गत 125 करोड़ जनसंख्या वाले भारत को एक विनिर्माण केंद्र के रूप में बदलने तथा लोगों को रोजगार के अधिक अवसर प्रदान करने के लिए, घरेलू और विदेशी दोनों ही निवेशकों को मूल रूप से एक अनुकूल माहौल उपलब्ध कराने का वादा किया गया है।

• मेक इन इंडिया (Make in India) से भारत के उद्योग-धंधों एक गंभीर व्‍यापक प्रभाव पड़ेगा।

• मेक इन इंडिया (Make in India) का एक उद्देश्य नवाचार के लिए आवश्‍यक दो निहित तत्‍वों – नये मार्ग या अवसरों का दोहन और सही संतुलन रखने के लिए चुनौतियों का सामना करना भी हैं।

• मेक इन इंडिया (Make in India) को आर्थिक विवेक, प्रशासनिक सुधार के न्‍यायसंगत मिश्रण के रूप में देखा जा सकता है।

मेक इन इंडिया (Make in India) के लक्ष्‍य

• मध्‍यावधि की तुलना में विनिर्माण क्षेत्र में 12-14 प्रतिशत प्रतिवर्ष वृद्धि करना।

• भारत के सकल घरेलू उत्‍पाद में विनिर्माण की हिस्‍सेदारी 2022 तक बढ़ाकर 16 से 25 प्रतिशत करना।

• विनिर्माण क्षेत्र में 2022 तक 100 मिलियन अतिरिक्‍त रोजगार सृजित करना।

• ग्रामीण प्रवासियों और शहरी गरीब लोगों में समग्र विकास के लिए समुचित कौशल का निर्माण करना।

• घरेलू मूल्‍य संवर्द्धन और विनिर्माण में तकनीकी ज्ञान में वृद्धि करना।

• भारतीय विनिर्माण क्षेत्र की वैश्विक प्रतिस्‍पर्धा में वृद्धि करना।

• भारतीय विशेष रूप से पर्यावरण के संबंध में विकास की स्थिरता सुनिश्चित करना।