(MENAFN- Live Mint) Montek Singh Ahluwalia, the former Deputy Chairman of the Planning Commission, on Thursday said that going back to the Old Pension Scheme was a bad idea, and said that a New Pension Scheme can always be modified to address concerns.
Speaking to ANI, Ahluwalia said,“The fact that we moved away from the Old Pension Scheme to the New Pension Scheme is good. It happened during the Vajpayee govt. During the UPA it continued. As far as the central govt is concerned, it still continues."
He further said that some states going back to the Old Pension Scheme is a mistake.
“We will see how well they do...You can always modify the New Pension Scheme to take care of the concerns raised,” Ahluwalia added.
Also Read | Starting today, EPS pensioners can withdraw pension from any bank across India Ahluwalia on fiscal deficit
Raising concerns about India's high fiscal deficit, Ahluwalai emphasized the urgent need for the government to make a clear roadmap for reducing the fiscal deficit of both central and state governments to enable the economy to achieve its growth ambitions.
"India's fiscal deficit is significantly higher than other developing nations, which squeezes resources away from private investment," Ahluwalia told ANI.
He also pointed out that the state governments often disguise their deficits by borrowing under the guise of public sector enterprises, which adds to the fiscal burden.
Also Read | Montek on Manmohan Singh: A wise and persuasive leader who made a big difference India needs 'second generation reforms'
Ahluwalia highlighted the need for a 'second generation of reforms,' saying without which the country would not be able to reach the target of 'Viksit Bharat'.
"I think we're now at a stage where the economy has become much more complex, and you need a new set of reforms to deal with the more complex challenges that we face. I think somebody should outline them, and unless we get this done, I don't think we will reach Vikasit Bharat," he stated.
Also Read | The understated leadership of Manmohan Singh was rare and inspirational
The former Deputy Chairman of the Planning Commission Talking also spoke about the role of late former Prime Minister Manmohan Singh 's contribution, and stated that "what he did as a finance minister was historic" because he turned around the policies that we were following for the last 30 years.
MENAFN03012025007365015876ID1109052085
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.