Finance Minister Nirmala Sitharaman stressed the need for financial independence and dignity as India pushes toward its Viksit Bharat vision by 2047. Speaking at an event organized by the Pension Fund Regulatory and Development Authority (PFRDA) in New Delhi on October 2, she made it clear: pension planning isn’t optional—it’s essential for every Indian to secure their retirement.
Sitharaman highlighted how the National Pension System (NPS) has revolutionized retirement planning in India. What started for government employees now reaches all citizens, and it stands out as one of the world’s lowest-cost pension schemes with returns that beat expectations. “NPS must become a Jan Andolan,” she said, calling on people from every background to start retirement savings early.
She also pushed for training women as “Pension Sakhis” to boost enrollment, similar to the successful “Bima Sakhis” program run by the Life Insurance Corporation (LIC). This move, she noted, would create incentives and drive long-term growth in pension participation.
M. Nagaraju, Secretary of the Department of Financial Services (DFS), echoed the urgency during the event. As India’s socio-economic landscape shifts, he said, building a strong pension framework is key. Nagaraju called for better financial literacy, stronger partnerships between institutions, and a forward-looking pension network. He pointed to the new Forum for Regulatory Coordination and Development of Pension Products, which will harmonize rules and investment standards across various pension options.
Chief Economic Advisor Dr. V. Anantha Nageswaran addressed India’s rapidly aging population, warning that the number of people over 60 could double by 2050. He tied this to the importance of economic growth, which fuels savings and pensions. The government, he added, has launched multiple initiatives to help citizens build savings they can invest in financial products like NPS for a secure future.
PFRDA Chairperson S. Ramann wrapped up by calling NPS more than just a retirement plan—it’s a promise of financial security for every Indian. With over 9 crore subscribers and assets under management (AUM) hitting Rs 15.5 lakh crore as of August 31, NPS has delivered more than 9 percent compound annual growth rate (CAGR) over the past 14 years. Ramann shared plans to expand access through the Multiple Scheme Framework, offering more flexibility and tailored solutions to include even more people in retirement planning.
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