Atal Pension Yojana Extended Till 2031
The Government of India has decided to continue the Atal Pension Yojana (APY) till the financial year 2030–31. The scheme was launched in 2015 with the objective of providing pension benefits to workers in the unorganized sector.
This decision was approved in the Cabinet Committee meeting held on 21 January. As per the decision, the government will provide the required financial support to continue the scheme. To increase coverage among unorganized workers, the government will also carry out awareness and promotional activities.
Importance of Atal Pension Yojana
- Ensures old-age income security for low-income and unorganized sector workers
- Promotes financial inclusion in the country
- Contributes to the vision of Developed India by 2047
- Pension is provided from the age of 60 years
- Monthly pension ranges from ₹1,000 to ₹5,000
As of 14 January this year, more than 86.6 million (8.66 crore) subscribers have enrolled under the Atal Pension Yojana.
Cabinet Approves ₹5,000 Crore Equity Support to SIDBI
In another major decision, the Cabinet Committee chaired by Prime Minister Narendra Modi approved an equity support of ₹5,000 crore for the Small Industries Development Bank of India (SIDBI) on 21 January.
This equity capital will be invested by the Department of Financial Services in three phases:
- ₹3,000 crore in financial year 2025–26
- ₹1,000 crore in financial year 2026–27
- ₹1,000 crore in financial year 2027–28
Impact of SIDBI Equity Investment
- SIDBI will be able to provide loans to a larger number of MSMEs
- Over 25 lakh new MSMEs are expected to benefit in the next three years
- Strengthens credit flow to the small and medium enterprise sector
This decision is expected to significantly boost entrepreneurship, employment, and economic growth in India.