PM Modi May Soothe The Poor By Depositing Rs10000 Into Jan Dhan Accounts 

New Delhi: If not Rs15 lakh to each person in the country, Prime Minister Narendra Modi is planning to give away Rs10,000; not for all, but those opened Jan Dhan accounts under Prime Minister's Jan Dhan Yojana and could not save any money in those accounts so far.

Even as the demonetization of Rs 500 and Rs 1,000 notes is giving jolts to the poorer sections of society, contrary to its very purpose of benefiting the common man by curbing black money, the government is planning to deposit Rs10,000 in the Jan Dhan accounts, particularly those which have no balance so far.

The Prime Minister is seeing this measure as a compensation to the poorers sections of the society that were affected by the inconvenience caused after the abolition of high value notes. Moreover, this grand, populist gesture will turn the people's ire into a huge relief and will also benefit the BJP in the crucial elections in UP, Punjab and Goa.

Nearly 25 crore people have opened Jan Dhan accounts in the country, of which nearly 5.8 crore are zero-balance accounts. The move is expected to cost the government nearly Rs 58,000 crore.

The government wants to send a signal to poor farmers, among others, that the benefits are being passed on to them.

As the demonetisation move is going to bring in a windfall of Rs 3 lakh crore to the RBI, the scheme to deposit Rs10,000 into Jan Dhan accounts will not be a burden on the government. And it is going to soothe a major segment of society. Highly-placed sources said that after targeting black money hoarders, the government “has to send a signal to poor farmers, among others, that the benefits are being passed on to them.” The government wants to reward for their hardship.

Jan Dhan Give Away Will Prove To Be Game Changer

Once the government begins depositing Rs10,000 into Jan Dhan accounts, it will change the perception of the entire nation about the demonetization and have a positive impact on Assembly elections scheduled in April next year.

The BJP which alienated its core vote bank of traders and middle class with the shock announcement of demonetisation, is now focusing only on the poor and the farmers whose support is essential for the UP and Punjab elections.

It may be noted that the main agenda of the Modi government at the moment is "empowerment of the poor."

However, Saffron pundits are worried about the impact of the political gamble the Prime Minister has taken before the crucial Assembly polls. Rural economy across the country, which runs mainly on cash, has been severely hit following the demonetisation.

Reports pouring in from Uttar Pradesh, Punjab and other states indicate that as a consequence of demonetisation, farmers have no cash to buy manure or seeds ahead of the cropping season. The Punjab agricultural market has registered a downward trend in Ludhiana.

The saffron high command expects to win the UP election with this move as it will add to the Prime Minister’s image and credibility.