Govt. spending as less as 0.04% of GDP to ensure income security of elderly
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The civil society organization pension Parishad has said that nearly 58 mn people in India are living without pension or any other form of financial assistance. Economist Prabhat Patnaik as per some reports said that the central govt is hardly spending 0.04% of GDP for IGNOAPS programme for ensuring income security of the old people. He said that it will only cost 1.6% of the present GDP to give 90% elderly people pension.