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Why India Need " Parents Fund" Funded by Indian Citizens - Is it Logical ?

 We all may agree that it's our parents who spend sleepless nights, overtime work pressure, sacrifice on many front to ensure that we all get good education and achieve the growth. We all also know that one day we will go into that category of senior citizens. Indian government in the past did little to no effort to ensure
that our parents live peaceful, healthy & happy life. It's surprising  that Indian government still tax senior citizens in a scenario that they generate interest income more than 300K INR. Indian government failed to understand that senior citizen saved that money post paying income tax and taxing them again is nothing but double taxation.

Even more surprising that many senior citizens suffering from some health issue don't get health insurance. Some of them are fortunate if their kids gets a corporate cover in which parents are also covered. What about those senior citizens whose kids are not working in corporate or government sector.

We Indians live in current situation and rarely put ourselves in other's shoe to feel the circumstance they are in. Indian Medical system is extremely expensive and for Senior citizens without any medical cover it is next to impossible to afford.

Senior citizens to whom I termed as parents constitute around 35% of population and that is huge percentage. Few percentage of them are fortunate that they are well off or their kids are giving the health cover through their organization but majority of parents are suffering for survival anxiety. We all should realize that one day we will also be called parents and we all should think proactively to do something for parents community. We should not differentiate them as my parents or your parents but should think that they are our parents and its our responsibility to take care of them.

We generally spend thousands of bucks in unnecessary things then why can't we contribute some of that towards parents. I strongly believe that some of the readers must be thinking that I wrote crap but I am writing to 1.31 billion people of India living in India as well as abroad to come forward and take care of our parents.

I propose “Parents Fund" which government should open and every citizen must contribute INR 200 per annum. If i consider that around 300 millions earning people contribute to that fund then the fund will have around 38000 Cr or around $6Bn. Even the fixed deposit of that amount will be around $400 Mn. The fund should be used to help those parents who are alone, with no earning, no health cover etc. Government should not include those parents who are availing above mentioned facilities by their own or through their kids.

The initiative will help our parents to live peacefully during their retirement life without any worries about health, food and finance. We all know that worries bring health problem and the major contributor of worries is financial state of someone.

Parents Blessing

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About Devendra Prasad

20 years plus industry veteran of domestic and international ICT domain with the expertise in Business, Technology, Strategy and Analysis. Specializes in forecasting impact analysis, trends and recommendations for Investments, Technology and Regulations.
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