India Unveils New Social Welfare Pension, Considers Raising Foreign Investment Cap in State Banks, and Advances Women's Empowerment Scheme

India has seen a flurry of activity in government schemes and policies over the past 24 hours, with major announcements impacting social welfare, financial regulations, and women's empowerment initiatives.

₹10,000 Monthly Pension for Vulnerable Sections

The Indian government has introduced a new social welfare scheme set to provide a monthly pension of ₹10,000 to eligible elderly citizens, widows, and persons with disabilities. Starting in 2025, this initiative aims to significantly uplift the lives of these vulnerable groups by offering crucial financial stability and fostering independence. The program is designed with a straightforward application process and transparent eligibility criteria, promising to bring lasting change and a more dignified future for its beneficiaries.

Proposed Hike in Foreign Investment Cap for State-Run Banks

In a move to attract greater capital and harmonize regulations with those governing private banks, India is reportedly considering a substantial increase in the foreign investment limit for its state-run banks. The proposal involves raising the cap to 49% from the current 20%. The Reserve Bank of India is actively engaged in these discussions, which, if approved, would mark a significant shift in the banking sector. Despite the proposed increase, the government intends to maintain a minimum shareholding of 51% in these state-owned institutions.

'Bima Sakhi Yojana' Gains Momentum in Goa

The 'Bima Sakhi Yojana', a scheme launched by Prime Minister Narendra Modi in December 2024 to empower women, is now seeing active implementation in Goa. The state government, in collaboration with the Life Insurance Corporation (LIC), recently rolled out its local initiative. The scheme aims to appoint two lakh women insurance agents over the next three years, targeting women aged 18-70 who have completed Class 10. Participants will receive a monthly stipend—₹7,000 in the first year, ₹6,000 in the second, and ₹5,000 in the third—along with a commission of ₹48,000 for completing 24 life insurance policies. This program is expected to not only provide financial support but also contribute significantly to the government's goal of 'insurance for all'.