New Pension Scheme for Minors Launched to Boost Long-term Financial Security and Promote Early Savings in India.

The Union Finance Minister launched the National Pension System Vatsalya (NPS Vatsalya) scheme in New Delhi, aimed at minors, to promote long-term financial planning and security. This initiative aligns with the vision of creating a developed India by 2047. The scheme encourages early savings and investment, leveraging compound interest for wealth accumulation. It allows minors to have accounts managed by parents or guardians, with a minimum annual contribution of Rs 1000. The launch included an online subscription platform and distribution of PRAN cards to minors. The scheme is part of broader reforms to expand pension coverage and ensure social security for all.