A 2026 wish for criticism that improves policy, protects reform, Pg9

Key Highlights:

• Public debate should welcome scrutiny but with responsibility, as cynicism cannot reform a republic of over 1.4 billion people.
• NITI Aayog’s National Multidimensional Poverty Index indicates that nearly 24 crore Indians moved out of multidimensional poverty between 2013-14 and 2022-23.
• Direct Benefit Transfer (DBT) has seen cumulative transfers exceeding Rs 45 lakh crore in 2025, with savings of over Rs 3.5 lakh crore through leakage reduction.
• The gross non-performing asset (NPA) ratio of scheduled commercial banks fell to 2.1 per cent in 2025, a significant decrease from 11.2 per cent in 2018.
• Total exports of goods and services reached an all-time high of over $825 billion in 2024-25.
• Jal Jeevan Mission has provided tap water connections to more than 12.5 crore rural households.

Detailed Insights:

• A genre of commentary has emerged that markets doubt as sophistication which weakens trust in statistics and markets, encourages fatalism among entrepreneurs and investors.
• The Goods and Services Tax (GST) has created a national invoice trail and compliance culture, while digital payments have established an audit footprint, enhancing measurement and course correction.
• Financial inclusion has expanded significantly, with over 56 crore Jan Dhan accounts facilitating mass infrastructure for banking access.
• The Production Linked Incentive (PLI) schemes have attracted realized investment of over Rs 2 lakh crore across 14 sectors, generating over 12 lakh jobs.
• Electronics manufacturing has seen substantial growth, with production crossing Rs 11 lakh crore in 2024-25, including mobile phone production of Rs 5.5 lakh crore and mobile exports of about Rs 2 lakh crore.
• Ayushman Bharat has issued more than 42 crore cards under PM-JAY, while almost three crore houses have been completed under PM Awas Yojana.
• The PM Ujjwala Yojana has provided more than 10 crore LPG connections, offering cleaner cooking energy to numerous households.
• Several states have demonstrated that improved law and order, faster clearances, and sustained infrastructure delivery can attract investment and formal jobs.

Key Concepts Involved:

• Direct Benefit Transfer (DBT): A mechanism to transfer subsidies directly to beneficiaries' bank accounts, reducing leakages and improving efficiency.
• Non-Performing Asset (NPA): A loan or advance for which the principal or interest payment remained overdue for a period of time.
• Production Linked Incentive (PLI) Scheme: A scheme that gives companies incentives for enhancing their domestic manufacturing and to reduce reliance on imports.