The electoral battle in Jharkhand is intensifying as alliances evolve ahead of the Assembly elections. Currently, the coalition of Jharkhand Mukti Morcha (JMM) and Congress governs the state, with Hemant Soren back in the chief minister's seat. The Bharatiya Janata Party (BJP), the principal opposition in the state, aims to improve its performance after losing to the JMM-Congress combine in 2019, following a five-year rule from 2014 to 2019. This year, the BJP has allied with the All Jharkhand Students Union (AJSU).
To attract voters, purse strings are being loosened. The JMM-led government has launched the Mukhyamantri Maiya Samman Yojana (MMSY), providing ₹1,000 per month to eligible women aged 21 to 50. Last month, the state Cabinet lowered the minimum age limit to 18. Currently, 4,815,048 women are registered, with 4,536,597 receiving benefits.
The government plans to increase payouts to ₹2,500 per month in December to further enhance this initiative. This increase, aimed at countering the BJP's proposed 'Gogo Didi Yojana' which promises ₹2,100 per month to women, is expected to hit the state exchequer by ₹9,000 crore a year.
However, financing these initiatives poses challenges, as Jharkhand generates only about 30.8 per cent of its revenue receipts from its own tax collections. Additionally, the state's finances are strained by a comprehensive pension scheme that provides universal coverage, lowering the qualifying age for old-age pensions from 60 to 50 years for marginalized groups, including Dalits, Adivasis, and women. The state government supplements central pension amounts, contributing an additional ₹240.4 crore to ensure all eligible individuals receive ₹1,000 a month.
This story is from the October 28, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 28, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Pioneer of parallel cinema dies at 90
Veteran filmmaker Shyam Benegal, who heralded the Indian parallel cinema movement in the 1970s and 1980s with films such as Ankur, Nishant and Manthan, died on Monday, his daughter Pia said. He was 90.
How tech is changing the landscape of elder care
The concluding part of the silver economy series looks at innovative apps and wearables that are empowering seniors and their families
ALGO RHYTHM AND BLUES
Can Sebi's draft rules on algorithm-based trading level the playing field between institutional and non-institutional investors?
AVOIDING MIS-SELLING BY MF DISTRIBUTORS Say no to NFOs, buy direct plans and seek advice from Sebi RIAs
The Securities and Exchange Board of India (Sebi) has implemented a new rule to curb unnecessary portfolio churn by distributors, usually done during the launch of new fund offers (NFOs) to pocket higher commissions.
Amber Enterprises posts sharpest rise in 2 mths
13% gains driven by block deal in which 1% equity changed hands
NEW LISTINGS ADD 3% TO INDIA'S MCAP IN 2024
New listings through initial public offerings (IPOs) in 2024 contributed nearly 3 per cent (₹14 trillion) to India's market capitalisation, surpassing last year's contribution of 1.4 per cent (₹5 trillion).
Weak management commentary weighs on Siemens stock
Siemens's share price has lost ground in the past few sessions following weak management commentary.
Mkts stage sharp recovery after five days of fall
Equity benchmark indices Sensex and Nifty rebounded sharply on Monday after five days of steep decline amid value buying at lower levels and a rally in global markets.
Public offers see investor rush
The five initial public offerings (IPOs) that closed on Monday attracted cumulative bids worth ₹1.4 trillion against ₹2,909 crore they were looking to raise. These offerings were subscribed between 11 and 195 times.
Zomato pips Maruti, HUL in Sensex weight
Becomes first new-age firm to join 30-share benchmark