New Delhi, Oct 2 (NationPress) As India progresses towards its vision of Viksit Bharat by 2047, financial independence and dignity should be at the heart of our growth narrative, asserted Finance Minister Nirmala Sitharaman. She emphasized that pension planning is essential for every citizen to ensure a secure old age.

During an event hosted by the Pension Fund Regulatory and Development Authority (PFRDA), she noted that the National Pension System has significantly reshaped India’s pension landscape, extending its coverage from just government employees to all citizens, and providing one of the lowest-cost schemes with returns that consistently outperform expectations.

“The NPS should evolve into a Jan Andolan, motivating individuals from various backgrounds to start their retirement planning early,” the Union Minister remarked.

She proposed training women as 'Pension Sakhis' and providing incentives for their role in promoting sustained enrollment, similar to the ‘Bima Sakhis’ initiative from LIC.

On the same occasion, M. Nagaraju, Secretary of the Department of Financial Services (DFS), highlighted the importance of establishing a robust pension framework as society and the economy evolve.

He underscored the necessity for financial literacy, collaboration among institutions, and a future-ready pension network. He also announced the formation of the Forum for Regulatory Coordination and Development of Pension Products to standardize regulatory practices and investment criteria across pension products.

Dr. V. Anantha Nageswaran, Chief Economic Advisor to the Government of India, addressed the audience by stating that India is experiencing rapid aging, with projections indicating that by 2050, the population aged 60 years and above will have doubled.

The primary drivers of pension and savings are economic growth, and the government is committed to fostering this through various initiatives. He noted that the government has implemented numerous measures to ensure citizens have adequate funds for savings, which can be invested in financial products such as pensions.

S. Ramann, Chairperson of PFRDA, articulated that, "The National Pension System is not merely a retirement strategy; it is a commitment to financial security for every Indian citizen."

With over 9 crore subscribers and an AUM of Rs 15.5 lakh crore as of August 31, the NPS has consistently delivered returns exceeding 9% CAGR over the past 14 years.

“Our objective is to broaden this coverage through initiatives like the Multiple Scheme Framework, which will provide inclusive access, enhanced flexibility, and tailored solutions,” he concluded.