As Prime Minister Narendra Modi’s third term in office reaches its 100-day milestone, the government has unveiled a series of significant reforms and initiatives aimed at providing relief to the middle class, enhancing social security, and boosting economic growth. These measures reflect the administration’s commitment to addressing the needs of various sectors and ensuring inclusive development.
Tax Relief for the Middle Class
One of the most notable announcements in the first 100 days of Modi 3.0 is the substantial tax relief for the middle class. Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2024-25, introduced several changes to the tax regime. The standard deduction has been increased from ₹50,000 to ₹75,000, providing much-needed relief to salaried employees. The revised tax slabs are as follows:
- No tax up to ₹3 lakh
- ₹3-7 lakh at 5%
- ₹7-10 lakh at 10%
- ₹10-12 lakh at 15%
- ₹12-15 lakh at 20%
- Above ₹15 lakh at 30%
These changes are expected to save salaried employees up to ₹17,500 annually in taxes. Additionally, the exemption limit for family pensions has been raised to ₹25,000, further easing the financial burden on middle-class families.
Pension Reforms
In a significant move, the Union Cabinet approved a guaranteed pension for 23 lakh central government employees who joined the service after January 1, 2004, under the National Pension System (NPS). Retirees will now receive 50% of their average basic pay over the last 12 months before retirement as a pension, provided they have a minimum qualifying service of 25 years. For those with lesser service periods, the pension will be proportionate, with a minimum qualifying service of 10 years. The new pension scheme also guarantees an assured minimum pension of ₹10,000 per month on superannuation after a minimum of 10 years of service.
Moreover, the government has announced the third iteration of the One Rank, One Pension (OROP) scheme, benefiting security forces and their families. This move aims to ensure that retired personnel receive pensions commensurate with their service and rank, addressing long-standing demands for pension parity.
Housing Initiatives
Under the Pradhan Mantri Awas Yojana (PMAY), the government has approved the construction of three crore houses, with one crore under the urban scheme and two crore in rural areas. This initiative aims to provide affordable housing to millions of families, ensuring that every citizen has access to a safe and secure home. The total number of houses approved in both rural and urban areas to date stands at 4 crore 27 lakh.
In addition to housing, the PM Surya Ghar Muft Bijli Yojana has seen the installation of solar energy systems in over 2.5 lakh homes between June and August 2024. This initiative not only promotes the use of renewable energy but also helps reduce electricity bills for households, contributing to environmental sustainability.
Infrastructure Development
Infrastructure development has been a top priority for the Modi 3.0 government. In the first 100 days, the administration has approved infrastructure projects worth ₹3 lakh crore, focusing on roads, railways, ports, and airways. These projects aim to enhance connectivity, reduce travel time, and boost economic activities across the country.
One of the key projects is the construction of a mega port at Vadhvan in Maharashtra, which is expected to be among the top 10 ports in the world. Additionally, the government has laid the foundation for linking 25,000 unconnected villages to road networks, ensuring that even the most remote areas have access to essential services and opportunities.
Agricultural Reforms
The agricultural sector has also received significant attention in the first 100 days of Modi 3.0. The government has increased the Minimum Support Price (MSP) for Kharif crops, providing better remuneration to farmers. The approval of the Polavaram Irrigation Project and the launch of major agricultural schemes aim to enhance water availability and improve agricultural productivity.
Furthermore, the disbursement of the 21st installment of the Kisan Samman Nidhi scheme has provided financial support to farmers, helping them meet their agricultural needs and improve their livelihoods. These measures reflect the government’s commitment to ensuring the welfare of farmers and promoting sustainable agricultural practices.
Empowerment of Women
Empowering women has been a key focus of the Modi 3.0 government. The Lakhpati Didi Scheme, which aims to empower 11 lakh women, has been a significant step in this direction. This scheme provides financial assistance and training to women, enabling them to start their own businesses and become financially independent.
Additionally, the government has launched several initiatives to improve women’s safety and security, including the installation of CCTV cameras in public places and the establishment of women-only police stations. These measures aim to create a safer environment for women and ensure their active participation in the workforce.
Environmental Sustainability
The Modi 3.0 government has also prioritized environmental sustainability. The PM E-Bus service aims to develop an environmentally friendly public transport system, reducing carbon emissions and promoting the use of electric vehicles. The installation of solar energy systems under the PM Surya Ghar Muft Bijli Yojana is another step towards promoting renewable energy and reducing the carbon footprint.
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