Defined pain or undefined gain? - Business Line

Defined pain or undefined gain? - Business Line

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No one can dispute that we need large long term sustainable foreign investments and in this context discussion with pension fund and sovereign wealth fund managers as also other large fund endowments abroad is a right initiative coming from the finance minister. But, any prudent pension fund manager toying with the idea of investing in India would be naturally curious to know what is happening to domestic pension funds in this country. From the management of government pension to the New Pension Scheme thrown open to the public, our style of handling will invite many embarrassing questions from those who are interested in the safety and a reasonable rate of return on their investment. GOI or state governments have no pension funds. They believe in a principle called ‘Pay as You Go’. To circumvent a suggestion from the experts that GOI should make a beginning in providing against an estimated ‘present liability’ of around Rs4 lakh crore on pension, GOI invented New Pension Scheme, which in effect is ‘No Pension Scheme’.
M G Warrier

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