With reference to the given image, analyse the steps taken toward establishing a welfare state in economic terms. Also, examine the significance of the Directive Principles.

The 'Pradhan Mantri Jan Dhan Yojana' was announced by the Prime Minister, Narendra Modi on August 15, 2014. Under this scheme, bank accounts have been opened for the poor. Each account has a life insurance cover of adding to the one lakh accidental insurance benefit already available under the account. The account is accompanied with a Rupay enabled debit card. This scheme is aimed at improving the lives of millions of India's poor by bringing them into the financial mainstream and freeing them from the clutches of moneylenders, while giving them the benefit of insurance cover.