NEW DELHI: In the first 100 days of the new Modi government, the Ministry of Finance’s major achievement was the country’s successful Mutual Evaluation by the Financial Action Task Force (FATF) in June 2024, which recognised India’s measures against money laundering and terrorist financing.
India was placed in the ‘regular follow-up’ category, a distinction shared with only three other G20 nations, reflecting the effectiveness of the JAM (Jan Dhan, Aadhaar, Mobile) framework and efforts to transition towards a digital economy.
The Union Cabinet also approved the introduction of the Unified Pension Scheme (UPS) to improve the National Pension System for Central Government employees. This initiative ensures minimum pension guarantees and inflation indexation, while balancing the need to protect taxpayer interests.
Additionally, the Banking Amendment Bill 2024 was introduced in Parliament to enhance governance standards within the banking sector. This bill focuses on strengthening depositors’ protection, improving audit quality in public sector banks, and streamlining nomination processes for customer convenience.
The launch of the PM Internship Scheme in top companies is another significant initiative, aiming to provide internship opportunities for 1 crore youth over five years, enhancing their employability and exposure to real-world business environments.
Furthermore, the government extended the benefits of the 12th Bipartite Wage Settlement to Regional Rural Bank employees and pensioners, impacting around 93,000 staff and 40,000 pensioners.
In addition, amendment of the Securities Contracts Regulation Rules (SCRR), 1956 allows Indian companies to directly list their securities on international exchanges within the International Financial Services Centres (IFSC) at GIFT City.
This initiative aims to align India with global standards, making it easier for public companies to access international markets. In the recent budget, the ministry reduced duties on gold, silver, and platinum, making it easier for businesses to manufacture and boost exports.