Budget Allocations Aimed at Improving Child Welfare in 2024 – Sudarshan Suchi, CEO, Bal Raksha Bharat

Statement on Budget Allocations that Will Help Child Welfare in 2024 | Sudarshan Suchi, CEO, Bal Raksha Bharat

“The recently presented Budget 2024-2025 demonstrates a significant commitment to improving the lives of children through comprehensive allocations in education, health, and child welfare. Over ₹3 lakh crore allocated for schemes benefiting women and girls ensures that these crucial segments of the population receive support for education, healthcare, and economic participation.

Additionally, the launch of the Pradhan Mantri Janjatiya Unnat Gram Abhiyan is set to benefit 5 crore tribal people, which includes a significant number of children, by improving their socio-economic conditions. Additionally, the allocation of ₹1.48 lakh crore for education ensures significant investment in infrastructure, quality of education, and skill development.

The budget speech also mentioned a centrally sponsored scheme that aims to skill 20 lakh youth over five years by upgrading 1000 Industrial Training Institutes (ITIs). Upgrading ITIs and skilling initiatives prepare youth for employment, reducing unemployment and driving economic progress. This skilled workforce can attract global businesses and enhance India’s competitiveness.

Although specific child health allocations are not detailed, the focus on inclusive healthcare ensures that children and adults receive necessary medical services. Healthy children grow into productive adults, reducing future healthcare burdens and increasing societal productivity. The Budget 2024-2025 reflects a robust commitment to fostering the well-being and development of children through targeted investments. Strategic allocations in child welfare will lay a solid foundation for achieving a Viksit Bharat. These investments are not just expenditures but critical enablers of a developed, equitable, and prosperous India”

“Additionally, The introduction of the National Pension Scheme for Minors (NPS Vatsalya) in the Indian Budget 2024 represents a significant development in the domain of child welfare and financial security. NPS Vatsalya aims to provide a structured and secure financial instrument for the long-term welfare of children and is designed to cater to the needs of minors, offering a way for parents or guardians to plan for the future financial security of their children.

Unlike SSY or PPF, NPS Vatsalya is focused on creating a pension corpus rather than just savings, which aligns well with long-term financial security goals. The automatic transition from a minor’s scheme to an adult NPS plan offers a seamless process for continued savings and investment. This scheme integrates child welfare into broader financial and social security frameworks, reflecting a more holistic approach to child welfare beyond immediate needs.

It represents a shift towards future-oriented policy measures aimed at ensuring long-term benefits for children as they grow into adulthood.

By targeting minors, the scheme can be inclusive of a wide demographic, including those from economically weaker sections who might not otherwise consider long-term savings for their children.

However, the challenge lies in amplifying its awareness and Reach, ensuring that all parents, especially in remote or underprivileged areas, are aware of and can access NPS Vatsalya. Similarly, some parents might find pension schemes complex and might require additional support to understand the benefits and operation of the scheme. The effectiveness of the scheme will depend on the returns generated by the investments made under NPS Vatsalya. Parents will need assurance of adequate returns to meet future needs.

NPS Vatsalya is a forward-thinking initiative that aligns well with the goals of child welfare by promoting early financial planning and ensuring future stability for minors. Its focus on long-term pension benefits represents a significant step towards comprehensive child welfare, integrating financial security into the broader social safety net. However, its success will depend on effective implementation, accessibility, and the ability to address the challenges faced by different segments of the population. The scheme reflects a commitment to the future well-being of children and presents an opportunity to cultivate a culture of long-term financial responsibility among Indian families”