New Delhi, Jul 23 (IANS): Finance Minister Nirmala Sitharaman on Tuesday announced that a New Pension Scheme (NPS) 'Vatsalya', a plan for contribution by parents and guardians for minors, will soon be launched by the government.

The plan can be seamlessly converted into a normal NPS account on minors becoming an adult, the Finance Minister stated during her budget speech.

"The launch of NPS-Vatsalya, allowing parents and guardians to contribute towards minors' future, is a transformative step. This plan seamlessly converts into a regular NPS account once the minor becomes an adult. Thank you, PM Modi, for your visionary approach in securing the financial future of our young citizens, paving the way for a Viksit Bharat," said Arunachal Pradesh Chief Minister Pema Khandu.

The Finance Minister also announced that the committee to review the NPS has made considerable progress in its work.

She expressed satisfaction that the staff side of the National Council of the Joint Consultative Machinery for Central government employees have taken a constructive approach.

“A solution will be evolved which addresses the relevant issues while maintaining fiscal prudence to protect the common citizens,” said FM Sitharaman.