Budget Session 2022 Live Updates: Assets under management- AUM, under the management of National Pension System (NPS) and Atal Pension Yojana (APY), according to the Economic Survey 2021-22 tabled in Parliament by Union Finance Minister Nirmala Sitharaman on Monday. Till September 30, it grew 35 per cent year-on-year to Rs 6.67 lakh crore. The combined AUM on the same day last year was Rs 4.94 lakh crore.
The total number of subscribers under the National Pension System and Atal Pension Yojana increased from 3.74 crore as of September 2020 to 46.3 crore by September 2021, registering a year-on-year growth of 23.7 per cent. The Economic Survey said that the overall contribution under NPS increased by over 29 per cent during the period from September 2020 to September 2021.
The maximum increase in this contribution was registered under the all-citizen model (51.29%), followed by the corporate sector (42.13%), while APY (38.78%) was followed. The AUM of NPS and APY is Rs 6.67 lakh crore at the end of September 2021 as compared to Rs 4.95 lakh crore at the end of September 2020. Thus an annual growth of 34.8% has been registered.
A contribution of Rs 16,109 crore to the Atal Pension Yojana (APY) scheme was collected from over 3.45 crore enrollments till 12 October 2021. The APY scheme is being distributed through more than 250 active APY service providers including all banks and post offices.
More people are now opting for the pension amount of Rs 1000 per month. As of September 2021, about 78 per cent users have opted for a pension amount of Rs 1000 per month as compared to 38 per cent as of March 2016. Further, the share of subscribers opting for Rs 2000/3000/4000 pension per month as of September 2021 is 8%, while 14% opting for Rs 5000 per month pension.
The limit for total holding of equity shares by a foreign company in a pension fund has been increased from 49 per cent to 74 per cent. In order to enable its employees to create an adequate pension fund, the central government has increased the government contribution for its employees from 10 per cent to 14 per cent. The government has also provided the central government employees the option to change their investment pattern along with choosing a pension fund other than the current default scheme, as per the Economic Survey.
Finance Minister Nirmala Sitharaman presented the Economic Survey in Parliament on Monday, detailing the state of the economy ahead of the government’s budget for the fiscal year 2022-23. The Economic Survey has projected the Indian economy to grow at a rate of 8-8.5 percent during the fiscal year 2022-23 (April 2022 to March 2023). On the other hand, according to the estimates of the National Statistical Office (NSO), the economic growth rate can be 9.2%.
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