25/08/2022 - Economy

KEY POINTS

·        Social security mainly encompasses food security, health security and income security.

·        India operates the widest spectrum of social security schemes which cater to the largest number of people than any other country.

·        The Indian food security programme, for example, has over 800 million beneficiaries being provided heavily subsidised food grain under the National Food Security Act (NFSA).

·        About 120 million children are provided free lunch under the Mid-Day Meal Scheme.

·        The insurance penetration (premium as a percentage of GDP) in India has been hovering around 4% for many years compared to 17%, 9% and 6% in Taiwan, Japan and China, respectively.

·        Two, though the economy largely remains informal, data of that informal sector are now available both for businesses (and for unorganised workers (through e-Shram, which is the centralised database of all unorganised workers).

·        As a result of the recent initiatives by the Government, the Goods and Services Tax (GST) portal has 13.5 million registrations and the e-Shram portal has over 280 million registrations.

·        As a prototype of a social security portal based on such data, the social registry portal, ‘Kutumba’, developed by Karnataka is available as a blueprint.

·        Till the Indian economy grows to have adequate voluntary insurance, social security can be boosted through the scheme of universal basic insurance.

Pls review

Please review sir 

Kindly review 

Kindly review