Budget 2024: Child rights orgs hail National Pension Scheme for minors

Child rights organisations hailed the Union Budget 2024-25 for introducing pension scheme for minors, increased allocations for child health, nutrition and education, and highlighted its potential to promote early financial planning for a stable future.

They said these developments, including the National Pension Scheme for Minors (NPS Vatsalya), were significant steps towards ensuring the long-term financial security and well-being of children across the nation.

Sudarshan Suchi, CEO of Bal Raksha Bharat, appluaded the forward-thinking nature of the initiative.

However, Suchi said there were challenges in amplifying awareness and accessibility of the scheme, particularly in remote or underprivileged areas. The scheme's effectiveness will depend on the returns generated by investments, and parents will need assurance of adequate returns to meet future needs, he added.

Puja Marwaha, CEO of Child Rights and You (CRY), provides a broader analysis of the Union Budget, which allocates Rs 1,09,920.95 cr for child welfare, a 5.5 per cent rise from Rs. 104,179.63 cr the previous year.

Marwaha pointed out notable increases in allocations for child health, nutrition, and education. For instance, the budget for the Flexible Pool for RCH & Health System Strengthening, National Health Programme, and National Urban Health Mission has increased to Rs 4,153.48 cr, while the allocation for Saksham Anganwadi and Poshan 2.0 has risen to Rs 18,020.00 cr.

In education, the Samagra Shiksha Abhiyan's budget has seen a slight increase, while the allocation for PM Schools for Rising India (PM-SHRI) has surged by 51.25 per cent to Rs 6,050 cr.

However, the budget for pre-matric scholarships for minorities has been cut from Rs 433 cr to Rs 326.16 cr, a 24 per cent drop.

Marwaha underscored the importance of placing children at the core of developmental discourse, hoping that the increased allocations and new initiatives like NPS Vatsalya will centre children in the country's growth story.

The flagship schemes under the Women and Child Development ministry, such as Saksham Anganwadi and POSHAN 2.0, Mission VATSALYA, and Mission Shakti, have been given substantial funds to continue their efforts in improving nutrition, child protection, and women's empowerment.

Specifically, Saksham Anganwadi and POSHAN 2.0 that aim to combat malnutrition and support early childhood care have been allocated Rs 21,200 cr.

Mission VATSALYA, which focuses on child protection services and welfare, will receive Rs 1,472 cr, matching its previous allocation while Mission Shakti, divided into SAMBAL and SAMARTHYA sub-schemes, has been allocated Rs 3,145 cr.

The SAMBAL sub-scheme, which includes initiatives like 'Beti Bachao Beti Padhao' and One Stop Centres for women's safety, is set to receive Rs 629 cr.