After successful effort to set up Employment and Insurance Development Corporation a new source of income would be available before the Central and State Governments, through which the Central and State Governments could increase the expenditure.

The brief description of the basic principles of increasing the income is as follows-

1 – Reduction in Payments Made Through Foreign Currency

Through the functioning of this corporation, efforts will be made to reduce the payment made on fertilizer import by foreign exchange and analysis of reduction in fertilizer import bill will also be done so that the balance of payment of the nation will be in the interest of the nation.

2 – Importance In Reducing Fiscal Expenditure

Through the working of this corporation, compulsory free life insurance and free accident insurance would be given to the people living below poverty line and poverty line. The subsidized assistance given by the government can also be reduced due to the option of financial assistance in the state. So that fiscal expenditure can be easily reduced.

3 – The Basis For Reducing The Expenditure On The Energy Requirement Of The Nation

It will be tried by this corporation that the subsidy amount which the Central Government is spending on the purchase and sale of fertilizers, that subsidy amount be allocated on power projects and power construction. In that case, the expenditure incurred by the State Government and the Central Government regarding energy requirements can be reduced.

Statutory Note: 

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