City
Epaper

Launch of NPS Vatsalya: PM Modi hailed for securing financial future of young citizens

By IANS | Updated: July 23, 2024 13:45 IST

New Delhi, July 23 Finance Minister Nirmala Sitharaman on Tuesday announced that a New Pension Scheme (NPS) 'Vatsalya', ...

Open in App

New Delhi, July 23 Finance Minister Nirmala Sitharaman on Tuesday announced that a New Pension Scheme (NPS) 'Vatsalya', a plan for contribution by parents and guardians for minors, will soon be launched by the government.

The plan can be seamlessly converted into a normal NPS account on minors becoming an adult, the Finance Minister stated during her budget speech.

"The launch of NPS-Vatsalya, allowing parents and guardians to contribute towards minors' future, is a transformative step. This plan seamlessly converts into a regular NPS account once the minor becomes an adult. Thank you, PM Modi, for your visionary approach in securing the financial future of our young citizens, paving the way for a Viksit Bharat," said Arunachal Pradesh Chief Minister Pema Khandu.

The Finance Minister also announced that the committee to review the NPS has made considerable progress in its work.

She expressed satisfaction that the staff side of the National Council of the Joint Consultative Machinery for Central government employees have taken a constructive approach.

“A solution will be evolved which addresses the relevant issues while maintaining fiscal prudence to protect the common citizens,” said FM Sitharaman.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Open in App

Related Stories

MumbaiMumbai: Fire Breaks Out at Croma Showroom in Bandra; 15 Fire Engines Deployed (Watch Video)

NationalPakistan violates ceasefire on J&K LoC for 5th consecutive day, India responds strongly

BusinessRBI instructs all banks, financial companies, and other regulated entities to use PRAVAAH portal from 1st May

InternationalCanada elections: Liberal Party projected to form gov again

CricketMatter of extreme joy, proud of his performance: Record-shattering Suryavanshi's childhood coach Brajesh Jha

Business Realted Stories

BusinessPiyush Goyal meets business leaders in London to boost India-UK investment and trade ties

BusinessAdani Green surpasses USD 1 Billion in EBITDA; reports robust FY25 results

BusinessGovt targets 100 GW of nuclear power capacity by 2047 to boost energy security

BusinessAdani Green surpasses $1 bn in EBITDA in FY25, RE capacity up 30 pc to 14.2 GW

BusinessPM Modi to address YUGM innovation conclave tomorrow