Finance Minister Nirmala Sitharaman said that as India moves towards the vision of a “Developed India 2047,” economic independence and financial dignity must be fundamental to our development. She added that a pension plan is not an option but a necessity for every citizen to ensure a secure old age.
She was speaking at an event organized by the Pension Fund Regulatory and Development Authority (PFRDA). The Finance Minister said that the National Pension System (NPS) has transformed India’s pension structure. It is now available to all citizens, not just government employees, and is one of the lowest-cost schemes that has consistently delivered better-than-expected returns.
Sitharaman said, “NPS should become a mass movement and people from all sections should adopt early retirement planning.” She also called for training and encouraging women as ‘pension sakhis’, like LIC’s ‘insurance sakhi’.
Financial Services Secretary M. Nagaraju stated that building a robust pension infrastructure is crucial in the changing socio-economic landscape. He emphasized the importance of financial literacy, institutional support, and a forward-looking pension network. He informed that the Forum for Regulatory Coordination and Development of Pension Products has been established to promote harmonization and investment standards in pension products.
Dr. V. Anantha Nageswaran, Chief Economic Adviser to the Government of India, said that India is rapidly aging and the population above 60 years of age will double by 2050. He said that the mainstay of pensions and savings is economic growth and the government is taking several initiatives to achieve this.
PFRDA Chairman S. Ramanna said, “The National Pension System is not just a retirement plan; it is a promise of financial security to every Indian citizen.” He pointed out that as of August 31, the NPS had over 90 million subscribers and assets under management of over ₹15.5 lakh crore. Over the past 14 years, the NPS has delivered an average annual growth rate (CAGR) of over 9%.
He added that our focus is on expanding this coverage further, with initiatives such as a multiple scheme framework that provides more inclusive access, flexibility, and tailored solutions to individual needs
