The return to the Old Pension Scheme (OPS) by a few states would put a huge burden on their finances, restricting them from undertaking capital expenditure to drive the growth, a report released by the Reserve Bank of India said. Any reversion to OPS by the states will be a major step backwards, undermining the benefits of past reforms and compromising the interest of future generations, the RBI said in State Finances: A Study of Budgets of 2023-24, released on Monday.
“The return to the Old Pension Scheme (OPS) by a few states and reports of some other states moving in the same direction would exert a huge burden on state finances and restrict their capacity to undertake growth-enhancing capital expenditures,” the report said.
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