Did Economist Manmohan Singh Really Not Know About Zero-Balance Accounts?

Bhopal, July 4 (NationPress) In a humorous yet pointed address that elicited both laughter and applause, Madhya Pradesh Chief Minister Mohan Yadav delivered a satirical assessment of former Prime Minister Manmohan Singh, questioning the esteemed economist's grasp of everyday realities.

During a public gathering aimed at distributing laptops and transferring funds to talented students, CM Yadav, draped in irony, claimed that despite Manmohan Singh's prestigious academic background and his roles as Finance Minister and Prime Minister, "he was unaware that a zero-balance bank account could be opened at no cost."

This remark, pointed yet lighthearted, directly contributed to the ongoing discussion about the gap between policy and its implementation.

CM Yadav highlighted the irony of a person hailed as a "financial genius" not championing what he termed a "simple yet transformative" concept. He seized the moment to draw a comparison with the current Prime Minister Narendra Modi, whom he referred to as "the chaiwalah (tea vendor) who accomplished what economists could not."

According to CM Yadav, it was Prime Minister Modi who transformed India’s banking system through the launch of the Jan Dhan Yojana. He asserted that the establishment of zero-balance accounts paved the way for Direct Benefit Transfers that circumvented bureaucratic hurdles and ensured that funds reached the impoverished directly.

Citing former Prime Minister Rajiv Gandhi's notable comment that only 15 paise of every rupee reached the intended recipients, CM Yadav confidently stated that PM Modi had repaired that "leaky pipeline with genuine intent, not just policies."

Supporting his assertion with concrete examples, he elaborated, "Now each of you has received ₹25,000 in your bank accounts. This is the advantage of DBT."

He pointed out the state's laptop assistance initiative, mentioning that those who did not receive physical devices were credited directly, giving them the opportunity to purchase laptops on their own.

"If blaming were an Olympic event, I would owe my Congress friends a debt of gratitude for keeping me in peak form," he joked.

"Whenever I raise an issue, they sigh and question, 'Why involve us?' But if they remain silent, how else can I bring their blind spots to light?" CM Yadav commented.

Transitioning to infrastructure, CM Yadav commended former Prime Minister Atal Bihari Vajpayee for launching the Pradhan Mantri Gram Sadak Yojana (rural road scheme). “For the first time, the notion of 'Prime Minister’s rural roads' transcended dusty files and reached Gandhi’s India - the true villages," he remarked.

He then took another jab at Manmohan Singh, alleging that the former finance minister once questioned the necessity of roads in villages, suggesting that bullock carts sufficed. "Fortunately, we've progressed from bullock carts to bitumen," CM Yadav concluded.

"From golden expressways to serene village paths, connectivity has evolved beyond mere metaphor. And under Prime Minister Modi, that flame is not merely flickering - it's ablaze. Therefore, degree holders should remember that when the ground beneath you shifts, it's wise to look up from the textbooks," CM Yadav stated.