Question

In the context of Indian digital economy, what does 'JAM' stands for?
1. Join, Authenticate and Monetize
2. Jan Dhan, Aam Aadmi Bima and Mudra
3. Jan Ganana, Aadhar and Mudra
4. Jan Dhan, Aadhar and Mobile

Answer 1

Correct Answer - Option 4 : Jan Dhan, Aadhar and Mobile

The correct answer is Jan Dhan, Aadhar, and Mobile.

• An abbreviation for Jan Dhan Yojana, Aadhaar, and Mobile number. 
• The government is pinning its hopes on these three modes of identification to deliver direct benefits to India’s poor.
• Until now, the government has operated a multitude of subsidy schemes to ensure a minimum standard of living for the poor.
• These take convoluted routes to deliver affordable products or services to them. So, we have the MGNREGA, operated through the panchayats, which pays minimum wages to rural workers.
• The Centre and States supply rice, wheat, pulses, cooking oil, sugar, and kerosene at heavily subsidized prices through the PDS. Then, sectors such as power, fertilizers, and oil sell their products to people at below-market prices.

• Financial inclusion may be defined as the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low-income groups at an affordable cost.
• Jan Dhan-Aadhar-Mobile (JAM) Trinity
  • The combination of Aadhaar, PMJDY and a surge in mobile communication has reshaped the way citizens access government services.
  • As per the estimates in March 2020, the total number of beneficiaries under the Jan Dhan scheme has been more than 380 million.
  • By significantly changing the concept of individual identity, Aadhaar has not only brought about a secure and easily verifiable system but also easy to obtain as well to help in the financial inclusion process.
  • The government has also launched many flagship schemes to promote financial inclusion and provide financial security to empower the poor and unbanked in the country.
    • These include the Pradhan Mantri Mudra Yojana, Stand-Up India Scheme, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, and Atal Pension Yojana.