Union Budget 2024-25 Empowers Child Welfare with New Pension Scheme

Child rights organisations have lauded the Union Budget 2024-25 for its introduction of a pension scheme for minors, increased spending on child health, nutrition, and education, and highlighted its potential to foster early financial planning for children’s stable futures.

Child rights organisations have praised the Union Budget 2024-25 for introducing a pension scheme for minors and increasing allocations for child health, nutrition, and education, noting its potential to enhance early financial planning.

The National Pension Scheme for Minors (NPS Vatsalya) was specifically commended as a significant step toward long-term financial security for children across the country, said Sudarshan Suchi, CEO of Bal Raksha Bharat.

However, Suchi also pointed out challenges in raising awareness and making the scheme accessible, particularly in remote or underprivileged areas. The scheme's efficacy will depend on the returns from investments, with parents seeking assurances of adequate future returns.