The Ministry of Finance recently announced a significant milestone for the Atal Pension Yojana (APY), with over 7.15 crore subscribers enrolled under the scheme as of December 2, 2024.

Highlighting the program’s success, the Ministry posted on X, “With more than seven crore subscribers under Atal Pension Yojana #APY, offers secure retirement with guaranteed #PensionBenefits, ensuring peace of mind after retirement for its beneficiaries. #FinMinYearReview2024 #BankingInitiatives #ViksitBharat”  

Launched to provide financial security to India’s working population in their post-retirement years, APY guarantees a minimum monthly pension ranging from Rs 1,000 to Rs 5,000 from the age of 60, depending on the contributions made by the subscriber.

The scheme has witnessed significant participation from women, who constitute around 47 per cent of the total subscribers.A standout feature of APY is its comprehensive pension structure. 

Upon the demise of the subscriber, the spouse continues to receive the same pension.Following the death of both the subscriber and the spouse, the pension corpus accumulated until the age of 60 is returned to the nominee, ensuring long-term financial stability for the family.

Subscribers can contribute monthly, quarterly, or half-yearly, offering them flexibility in managing their finances.The APY addresses critical needs in an era of rising longevity, nuclear families, and increased living costs. 

A pension provides a steady monthly income, ensuring a dignified life post-retirement.The Government guarantees the minimum pension, making up any shortfall if the returns on contributions fall below expectations.

Conversely, if the returns exceed expectations, the surplus is credited to the subscriber’s account, enhancing the scheme’s benefits.APY’s growing subscriber base underscores its vital role in fostering financial inclusion and addressing India’s need for a robust pension system. With its government-backed assurance and flexibility, the scheme remains a cornerstone in providing retirement security to millions of Indians. 

NEW DELHI: Charting the path towards accelerating India’s goal of becoming a “Viksit Bharat” (Developed India) by 2047, the Indo Latin American Chamber of Commerce (ILACC) and VPVV Techno Construction Pvt. Ltd. have signed a $10 billion agreement at the Constitution Club of India.
The collaboration aims to drive large-scale investments across various sectors in India, including infrastructure, defence, industrial development, and technological advancements, ILACC said.
The agreement covers several key initiatives, such as the Industrial Corridor Development Program, Semiconductor Mission, National Logistics Policy, Production Linked Incentive (PLI) Scheme, and “Make in India” and “Made from India” projects.
President of ILACC, Raj Kumar Sharma told news agency ANI, “Today’s agreement is not just a financial commitment; it’s a strategic alignment reinforcing our dedication to India’s development goals.”
“We are incredibly proud to partner with VPVV Techno Construction Pvt. Ltd. to make substantial contributions to India’s defence and infrastructure sectors. Our joint efforts will significantly accelerate the country’s progress towards becoming a Viksit Bharat by 2047,” he added.
This agreement is expected to strengthen economic relations between India and Latin America while also serving as a platform for economic collaboration with global economies.
The participation of ambassadors and US officials at the event underscored the international community’s endorsement of India’s ambitious development objectives and its increasing global influence.
Both ILACC and VPVV Techno Construction have joined forces, united by a shared vision to contribute significantly to India’s transformation into a global economic powerhouse.
The partnership is poised to create numerous employment opportunities, drive technological advancements, and attract international investments, all of which are crucial elements in propelling India to become the world’s third-largest economy.
Chairman of VPVV Techno Construction Pvt. Ltd., Venkita Venkat said, “This partnership represents a major leap forward for both organizations. VPVV Techno Construction Pvt. Ltd. is deeply invested in India’s future, and through this agreement, we aim to support the nation’s infrastructural and defence capabilities to ensure sustainable growth. We are confident that our combined efforts will contribute significantly to making India a global leader.”
The signing ceremony was attended by minister of state Tokhan Sahu from the Ministry of Housing and Urban Affairs, along with distinguished international guests.
Among them were Lalatiana Accouche, High Commissioner of Seychelles to India; Morille Nsilu, High Commissioner of the Democratic Republic of Congo; Zakaria Traore, First Counselor of the Guinea Embassy; Sekou Conde, Economic Counselor of the Guinea Embassy; and H.E. Juan Angulo, Ambassador of Chile.