Budget 2024: Child rights orgs hail National Pension Scheme for minors

Child rights organisations hailed the Union Budget 2024-25 for introducing pension scheme for minors, increased allocations for child health, nutrition and education, and highlighted its potential to promote early financial planning for a stable future.

They said these developments, including the National Pension Scheme for Minors (NPS Vatsalya), were significant steps towards ensuring the long-term financial security and well-being of children across the nation.

Sudarshan Suchi, CEO of Bal Raksha Bharat, appluaded the forward-thinking nature of the initiative.

However, Suchi said there were challenges in amplifying awareness and accessibility of the scheme, particularly in remote or underprivileged areas. The scheme's effectiveness will depend on the returns generated by investments, and parents will need assurance of adequate returns to meet future needs, he added.

Puja Marwaha, CEO of Child Rights and You (CRY), provides a broader analysis of the Union Budget, which allocates Rs