Page 12 - Banking Finance August 2025

ROUNDUP

tions. By integrating data at the
household level, the administration
aims to drive more responsive and eq-
uitable governance across the region.

PLI Scheme Disburses Rs.
Ò»©­ 21,534 Cr; Drives Invest-
ment & Production
The Indian government has disbursed
Rs. 21,534 crore under various produc-
tion-linked incentive (PLI) schemes,
covering sectors such as electronics, IT
hardware, pharmaceuticals, telecom,
and food processing. According to an
FASTag May Soon Be Used for Insurance, Challans & official statement, the 14-sector PLI
EV Charging initiative has so far attracted Rs. 1.8
lakh crore in investments and gener-
The Indian government is planning to expand the utility of FASTag beyond
toll collection to include payments for insurance premiums, traffic challans, ated incremental production worth Rs.
16.5 lakh crore.
parking fees, and electric vehicle (EV) charging. The initiative, driven by the
road transport ministry and National Highways Authority of India (NHAI), Commerce and Industry Minister
was discussed in a recent workshop with fintech firms and key ministries. Piyush Goyal recently reviewed the
progress of the PLI schemes and
With over 11 crore FASTags issued, the government aims to turn the sys-
tem into a multipurpose vehicle-linked payment platform. Road Transport stressed the importance of aligning
Minister Nitin Gadkari said the collaboration will enhance user convenience manufacturing with export goals to
boost India's global competitiveness.
and streamline transport services.
Goyal reiterated that achieving self-
Transport Secretary V Umashankar said the 'one vehicle, one tag' rule en- reliance in strategic sectors remains a
ables wider functionality and proposes allowing insurers to issue FASTags,
key objective and that PLI schemes
which could push insured vehicle coverage from 50% to 90% in three years.
must serve as a tool for driving export-
However, officials also highlighted the need to clean up the 'Vahan' vehicle
oriented growth.
database, which includes around 7.5 crore inactive registrations.
The PLI framework is central to India's
manufacturing push, encouraging
Jammu & Kashmir to In- Officials noted that the family ID will companies to scale operations domes-
help streamline welfare scheme imple- tically while reducing dependency on
troduce Unique Family ID
mentation and ensure that all eligible imports. Officials say the scheme is also
System citizens receive their entitled benefits. generating significant employment and
The Jammu & Kashmir government is Dulloo emphasized the transformative positioning India as an attractive des-
set to roll out a unique family identifi- potential of the initiative, stating that tination for global manufacturers amid
cation system for every household in the system would offer critical insights shifting supply chains.
the Union Territory, aimed at improv- into the reach of beneficiary-oriented
ing the efficiency and accuracy of pub- schemes and promote accountability in ICAI Limits CAs to 60 Tax
lic service delivery. Chief Secretary Atal governance.
Dulloo chaired a high-level meeting to Audits Annually Starting
initiate the groundwork for the new The project seeks to eliminate data FY27
system, which is expected to serve as duplication, improve inter-departmen-
a unified data source for planning and tal coordination, and serve as a foun- The Institute of Chartered Accoun-
monitoring across departments. dation for targeted social interven- tants of India (ICAI) will enforce a limit

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