India saved $40 bn worth pilferages in last 8 years with DBT schemes: FM Sitharaman

India saved pilferages worth $40 billion in the last eight years with the Direct Benefit Transfer (DBT) schemes of the government, according to Union Finance Minister Nirmala Sitharaman.

Speaking at the Wharton Business School, University of Pennsylvania, during her US visit this week, the minister said over 51 ministries and departments in the central government now use various DBT schemes.

More than $450 billion have been transferred cumulatively in the last eight years via the unique government scheme to date, she informed.

"As finance minister, I need to stop the pilferage. I need to make sure every taxpayer's rupee is spent properly, accounted properly. I can't have pilferages taking over," she told the gathering.

Through Aadhaar-linked DBT, launched in 2013, cash benefits from various welfare schemes are directly transferred into beneficiaries' bank accounts, reducing the need for multiple documents and eliminating duplicate or fake beneficiaries.

As part of the , the world's largest DBT scheme, more than Rs 3.04 lakh crore has already been disbursed into accounts of more than 11 crore farmers across the nation and with the release of the 17th installment, the total amount transferred to the beneficiaries since the inception of the scheme will cross Rs 3.24 lakh crore.

This initiative is one of the world's largest DBT schemes which leverages digital platforms for transparent enrollment and transfer of welfare funds to farmers.

PM-KISAN has ended reliance on moneylenders and fostered sustainable farming practices.

By eliminating intermediaries, the scheme ensures equitable support reaches all farmers, marking a significant step towards agricultural empowerment and financial inclusion.

Also, the further promotes financial inclusion, opening over 523 million bank accounts, bringing marginalised sections into the formal financial system.

According to the government, this Aadhaar-driven approach has not only empowered people but also led to significant savings for the public exchequer by cleansing scheme databases, removing millions of fake, non-existent, and ineligible beneficiaries across multiple government ministries and departments.

For example, Aadhaar-driven DBT has led to the elimination of over 4.15 crore fake LPG connections and 5.03 crore duplicate ration cards, streamlining the distribution of essential services like cooking gas and food subsidies.

(With inputs from IANS)