Page 13 - Banking Finance April 2025

ROUNDUP

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