As the Narendra Modi government 3.0 government completes 100 days on Tuesday, FE takes a look at the steps taken by it, and whether and how they signal policy priorities have shifted in the new coalition regime. Fiscal consolidation and infrastructure push remain the government’s top priorities, with a widening of social security cover. The period also saw a few policy rollbacks, showing underlying political pressures.
In the first 100 days of Modi 3.0 government, the Centre unveiled guaranteed pension for its staff recruited after 2003, Rs 5 lakh-a-year health insurance cover to senior citizens above 70 years irrespective of income status, and 30 million new houses under Pradhan Mantri Awas Yojana in the next few years.
These steps are in sync with the policy focus on priority groups like the poor, middle class and women. Modi was sworn in on June 9, 2024, for his third term, but with reduced majority and the need to rely on allies.The call for restoration of the unfunded old pension scheme (OPS) was resisted, the government’s new Unified Pension Scheme (UPS) is fully funded one. Under UPS, government staff would be entitled to 50% of average last 12 months’ basic pay and dearness allowance as pension, inflation-adjusted dearness relief, pension to the spouse upon death of the pensioner at 60% of last pension drawn and a minimum Rs 10,000 pension. All these benefits are nearly similar to OPS, without putting the exchequer to any major fiscal risk.