Question: My grandson was recently born in India. I want to send some funds to his account every month. Is there any scheme available to him to multiply funds in his life?
Answer: A new pension scheme is now available for the benefit of minors. A pension account is opened to all citizens below the age of 18 years in the name of a minor and managed by parents or guardians.
Account can be opened in banks, post offices, with pension funds and through online platform (e-NPS). The minimum contribution to this account is Rs1,000 per year and there is no limit on the maximum amount that can be contributed each year. After the child turns 18, the plan can be converted into a regular NPS account by the beneficiary.
In short, NPS Vatsalya is a pension scheme that can be started when the child reaches the age of 18 years. This scheme is an important step to promote long-term financial planning and security. It hopes to inculcate the habit of saving among young subscribers so that they can build capital for higher education, business investments and eventually retirement. Hence, the scheme is based on the principle of intergenerational equity by providing cover from the young to the middle-aged and elderly. Banks are advised to make this pension scheme effective and accessible. Small amounts invested from an early age can yield a substantial corpus over the years by harnessing the power of compounding.
Question: The GDP growth rate in India decreased during the April-June quarter. Can this trend be reversed considering the current global scenario and fragile geopolitical situation?
Answer: Industrial production growth of 4.8 percent and GDP growth rate of 6.7 percent in the April-June quarter of this financial year is a matter of concern. However, this decrease was due to lower government spending in the quarter due to parliamentary elections taking place at the time. This trend is expected to reverse and higher growth rates are expected in the next three quarters of this financial year.
But the global situation may affect India and other emerging markets. The Governor of the Reserve Bank of India recently highlighted the unprecedented levels of global debt in a speech in Singapore which has a spillover effect on other countries fueling financial instability. According to him, geopolitical risks increase volatility in asset prices and capital flows and disrupt economic integration. Risks related to supply chain stress, economic weaponisation, trade restrictions, economic sanctions, trade disputes, oil price volatility etc. The governor emphasized that the geopolitical pressures caused by the war could also affect countries that are not involved in it. quarrels Furthermore, there are potential risks associated with the expansion of non-banks with the rapid growth of private credit. Therefore, there is a need for regulators worldwide to monitor these developments closely and implement necessary safeguards.
HP Ranina is a practicing lawyer specializing in tax and exchange management laws in India.
Question: As an engineer I am involved in the implementation of various projects. With many infrastructure projects underway in India, I wanted to go back and use my experience to start a consultancy. Before I start my consultancy I want to know if there are advanced programs conducted by technical institutes in India to improve my skills.
Answer: The current business landscape is dynamically project-driven. Traditional project management certification courses are available in India that focus on standardized methods and tools. However, IITs have designed advanced programs in strategic project management for seasoned professionals like you who want to improve project management skills. These programs cover a wide range of topics including strategic alignment, project planning, risk management and stakeholder engagement. Participants in these programs are given an in-depth understanding of project management principles with valuable perspectives and practical guidelines to enable them to advise on complex projects. Evolving market dynamics, technological disruptions and regulatory requirements can delay project delivery, leading to cost overruns. Advanced project management courses help the professional to successfully implement strategies within fixed budgets and timelines. Participants will be taught how to leverage technology to drive project innovation, streamline processes, and improve project delivery efficiencies.
HP. Raina is a practicing lawyer, specializing in corporate and tax laws in India.
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