NITI Aayog has announced two schemes namely Lucky Grahak Yojana and Digi-dhan Vyapar Yojana in order to digitalize payment system by giving cash awards to consumers and merchants who utilize digital payment instruments for personal consumption expenditure. National Payments Corporation of India will be the implementing agency for this scheme.
Under this scheme, daily award of Rs. 1000 has to be given to 15,000 lucky consumers for a period of 100 days. Apart from this, there are provisions of weekly prizes for both consumers and merchants and a bumper mega prize. Estimated expenditure of this scheme is likely to be over 340 crores.
This is an example of absolute prodigality and extravagance. I wonder how government can come up with such schemes. There are few concerns which raises question over the necessity of the scheme.
1) To ensure that the focus of the scheme is on small transactions(entered into by common people),incentives shall be restricted to transactions within the range of Rs. 50 and Rs. 3000.
Now, this range will not ensure anything. Fixing the range at Rs. 3000 does not prevent the rich and upper middle class people from doing a transaction. The prices of services are same for every section irrespective of their economic status. Since UPI is applicable under the scheme, everyone will be able to take advantage of the scheme and get rewarded.
2) Winners shall be identified through a random draw of the eligible Transaction IDs.
This is,I think, the most weird thing about the scheme. There is no mechanism as such to select the awardee. Lavishly spending 340 crores through a lucky draw might not be a good idea.
3) Assuring transparency in this scheme is such an arduous task. There is no such agency to ensure transparency. Who will see who is getting awarded? What if same set of consumers or merchants get awarded repeatedly since there is no such mechanism to check redundancy.
How will people know that 15000 consumers are getting awarded? It is like-
जंगल में मोर नाचा किसने देखा
I suppose, the hidden motive of government behind this fancy scheme is to spur economic growth which is on a decline after demonetization.Harsh reality is that infrastructure of the country does not allow the economy to transform digitally in a single night. There is much more to be done at the grassroot level.
Under this scheme, daily award of Rs. 1000 has to be given to 15,000 lucky consumers for a period of 100 days. Apart from this, there are provisions of weekly prizes for both consumers and merchants and a bumper mega prize. Estimated expenditure of this scheme is likely to be over 340 crores.
This is an example of absolute prodigality and extravagance. I wonder how government can come up with such schemes. There are few concerns which raises question over the necessity of the scheme.
1) To ensure that the focus of the scheme is on small transactions(entered into by common people),incentives shall be restricted to transactions within the range of Rs. 50 and Rs. 3000.
Now, this range will not ensure anything. Fixing the range at Rs. 3000 does not prevent the rich and upper middle class people from doing a transaction. The prices of services are same for every section irrespective of their economic status. Since UPI is applicable under the scheme, everyone will be able to take advantage of the scheme and get rewarded.
2) Winners shall be identified through a random draw of the eligible Transaction IDs.
This is,I think, the most weird thing about the scheme. There is no mechanism as such to select the awardee. Lavishly spending 340 crores through a lucky draw might not be a good idea.
3) Assuring transparency in this scheme is such an arduous task. There is no such agency to ensure transparency. Who will see who is getting awarded? What if same set of consumers or merchants get awarded repeatedly since there is no such mechanism to check redundancy.
How will people know that 15000 consumers are getting awarded? It is like-
जंगल में मोर नाचा किसने देखा
I suppose, the hidden motive of government behind this fancy scheme is to spur economic growth which is on a decline after demonetization.Harsh reality is that infrastructure of the country does not allow the economy to transform digitally in a single night. There is much more to be done at the grassroot level.
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