Union finance minister Nirmala Sitharaman on Tuesday said the Atal Pension Yojana (APY) – the old age income security scheme for unorganised workers -- has given 9.1% returns since its inception in 2015, benefiting 64 million beneficiaries.
“APY does give returns, and it has given 9.1% since inception, which is quite competitive even compared with other saving schemes. Any upside above assured pension is completely with the beneficiary,” she said in a post on social media platform X, rebutting Congress leader Jairam Ramesh’s allegations that APY was “a paper tiger that needs officials to hoodwink and coerce people into participating” in it. Currently, interest rates for small savings range between 4% and 8.2%.
Reacting to Ramesh’s post on X earlier in the day, she said: “Surprised that @Jairam_Ramesh plays a spin doctor here. You say: ‘Finance Minister has admitted that the Atal Pension Yojana (APY) is coercive and forces people to enrol without their consent.’ When there is no coercion or force at all, where have I admitted any such!”
Citing a report on APY, Ramesh on Tuesday morning said, “It’s a fitting representation of the Modi Government’s policymaking: headline management, with few benefits actually reaching the people!” The comment triggered a war of words on X between the two leaders.
{{/usCountry}}Citing a report on APY, Ramesh on Tuesday morning said, “It’s a fitting representation of the Modi Government’s policymaking: headline management, with few benefits actually reaching the people!” The comment triggered a war of words on X between the two leaders.
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