Finance Minister Nirmala Sitharaman today said NPS transformed retirement planning from a government-sector privilege into a universal tool for financial security. Addressing the gathering during the NPS Diwas Conference in New Delhi, the Minister said the introduction of NPS in 2004 by the then NDA Government brought a crucial transition from a defined-benefit to a sustainable defined-contribution pension framework. Initially available to government employees in 2004, NPS has been progressively extended to the entire private sector and all citizens. Ms Sitharaman said NPS is one of the lowest-cost pension fund management schemes in the world. She pointed out that lower costs mean more money stays invested and grows. She higlighted that NPS offers flexibility and choice and the NPS architecture is safe, transparent, and regulated. The Finance Minister stated that every citizen can envision financial dignity in old age as India moves with purpose toward Viksit Bharat @ 2047. She highlighted that a strong pensioned society matters as it eases pressure on working-age children in cities and small towns, and channels long-term savings into national priorities.