Page 13 - Banking Finance April 2025
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          tracking platform 'Pratibimb', devel-  Government Plans Universal Voluntary  Pension
          oped under the Indian Cyber Crime
          Coordination Centre (I4C), has resulted  Scheme for All Citizens
          in the arrest of 6,046 individuals, ac-  The Indian government is considering a Universal Pension Scheme that
          cording  to  a  statement  in  the  Lok  would be voluntary and contributory in nature, with the aim of extending
          Sabha by Minister of State for Home  social security benefits to all individuals, irrespective of employment status.
          Affairs Bandi Sanjay Kumar. The system  According to officials from the Ministry of Labour and Employment, the
          has identified 17,185 crime linkages  scheme will be open to all, including salaried workers, self-employed indi-
          and processed 36,296 cyber investiga-  viduals, gig workers, and construction labourers.
          tion assistance requests.
                                              The Employees' Provident Fund Organisation (EPFO) is currently working on
          A complementary coordination plat-  the initial framework. Once finalized, the ministry will conduct consultations
          form,  'Samanvaya',  has  also  been  with stakeholders. The proposal includes absorbing certain existing central
          launched  to  facilitate  data  sharing  schemes to increase attractiveness and flexibility, with options to choose
          among  law  enforcement  agencies.  returns based on interest or both principal and interest.
          Pratibimb enables real-time mapping
          of criminals and crime infrastructure,                               achieve a Rs. 9 lakh crore export tar-
          offering jurisdictional officers improved  GST Rate Reduction Likely  get.  Speaking  at  Bharat  Tex,  Modi
          visibility and access to techno-legal  as Rationalisation Nears      noted that setting up a factory with
          support from I4C and subject-matter                                  Rs. 75-80 crore investment could cre-
          experts.                          Completion: FM                     ate 2,000 jobs.
                                            Finance Minister Nirmala Sitharaman

          PM  Modi  Unveils  Rs.  1         has indicated that a reduction in Goods  He encouraged industry representa-
                                            and Services Tax (GST) rates is immi-  tives to act as ambassadors to attract
          Lakh  Crore  Urban  Chal-         nent. Speaking at The Economic Times  foreign investors, especially as global
          lenge Fund for Future Cit-        Awards  for  Corporate  Excellence,  companies seek alternatives to China.
                                            Sitharaman  said that  the  GST  rate  The textile sector has seen increased
          ies                               rationalisation process is nearly com-  interest  due  to  developments  in
          Prime Minister  Narendra Modi has  plete, and final decisions will soon be  Bangladesh and diversification efforts.
          announced the creation of a Rs. 1 lakh  taken by the GST Council.    Modi emphasized India's potential as a
          crore Urban Challenge Fund, focusing  She noted that the revenue-neutral  sourcing hub and urged stakeholders to
          on sustainable urban development, in-  rate has already dropped from 15.8%  tap into these emerging opportunities.
          frastructure, and financial resilience.  at GST's inception to 11.4%, with no
          Addressing a post-budget employment  increase in rates for any items. While Universal Pension Scheme
          webinar, the PM highlighted the need  declining  to comment on potential
          for sustainable mobility, digital integra-  changes  in  capital  gains  tax,  Proposed  for Expanding
          tion, and climate-resilient cities, espe-  Sitharaman maintained that lowering Elderly Population
          cially with India's urban population  GST rates and simplifying slabs remain  The Union Labour and Employment
          projected to reach 900 million by 2047.  a top priority for the government.  Ministry is developing a Universal Pen-
          He urged the real estate and industrial                              sion Scheme to cover the working-age
          sectors to drive planned urbanisation PM Modi Sets Rs. 9 Lakh        population, including salaried employ-
          and called for collaboration in pro-  Crore  Export  Target  for     ees, business owners, self-employed
          grams like AMRUT 2.0 and Jal Jeevan                                  individuals, gig workers, and construc-
          Mission. Modi also stressed tourism as Textile Sector                tion labourers. Designed to ensure

          a key growth sector, with infrastruc-  Prime Minister  Narendra Modi has  post-retirement financial security, the
          ture status for hotels and support for  urged  banks  to  provide  adequate  voluntary and contributory scheme is
          homestays to boost employment and  credit to the textile industry to help it  being structured by the Employees'
          attract global visitors.          meet  surging  global  demand  and  Provident Fund Organisation (EPFO).


            12 | 2025 | APRIL                                                              | BANKING FINANCE
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