Poor response of NDA govt’s Atal Pension Yojana in Telangana
There has been a huge difference in the number of applicants enrolling under the Prandhan Matri Atal Pension Yojana in the state of Telengana and compared to other states. The numbers are very low in Telengana. The number of people of the Telengana state who have invested in the Atal Pension Yojana is 41,000 only, whereas this number is quite higher in other states.
Reasons behind Atal Pension Yojana’s poor response in Telengana
According to experts, there are several factors which have resulted in the poor interest of people of Telengana in this pension scheme launched by the central govt. named Atal Pension Yojana. The main reason is that most people belonging to poor and middle class societies do not plan their retirement. They are only interested in investing money and getting returns. This retirement scheme was launched by the Modi govt. for those who do not have any financial security or job security. But many think that the amount that will be received as pension after the applicant becomes senior citizen i.e. he / she attains the age of 60 years, is quite low and will not have any value in the market.
More details about the Atal Pension Yojana
The Atal Pension scheme promises to deliver monthly pension of different slabs which starts from Rs. 1,000 and up to Rs. 5,000. Those who do not pay tax and have no job security can enroll in this scheme and make small investments. But in contrast to other social security schemes launched by the Modi government, this scheme has not been a big success so far after its implementation in the month of June, last year. As a whole, only 19.77 lakh beneficiaries have enrolled themselves under this scheme all over India, whereas the central govt. had estimated a participation of nearly 2 crore. The participation is very low in the new state of Telengana.
Some important data about the Atal Pension Yojana in Telengana
The participation ration of the population of the state to the number of beneficiaries under the Atal Pension scheme is very poor as compared to some other states. The scheme has so far managed to get 41,000 applicants in the state. Out of this number, nearly 4 thousand are private bank account holders and the rest are public bank account holders. So clearly, the state people are not interested in this pension scheme and the participation is going to decrease further as the central contribution on the investment amount will end after March, 2016.