Sikkim Government’s New Scheme: Rs 10,800 Fixed Deposit for Newborns

Sikkim Chief Minister Prem Singh Tamang unveiled an innovative initiative during the ‘Jan Bharosa Sammelan’ in Soreng district, announcing the ‘Sikkim Sishu Samriddhi Yojana.’ Under this scheme, the state government will initiate a fixed deposit of Rs 10,800 in the name of each newborn.

Understanding Fixed Deposits

A Fixed Deposit (FD) is a financial instrument offered by banks and non-banking financial institutions (NBFIs). It allows individuals to deposit a lump sum amount for a fixed duration at a predetermined interest rate.

Details of the Scheme

The fixed deposit made under the Sikkim Sishu Samriddhi Yojana will mature when the child reaches 18 years of age, allowing them to access the funds. This initiative is part of the government’s efforts to address concerns over the state’s declining population.

Population Challenges in Sikkim

Sikkim, nestled in the Himalayas, faces demographic challenges with its population recorded at 6.10 lakh as per the 2011 census, making it the state with the lowest population in India. Chief Minister Tamang expressed concerns over the declining fertility rate among the local indigenous population and emphasized the need to reverse this trend.

Government Initiatives to Encourage Childbirth

In addition to the Sikkim Sishu Samriddhi Yojana, the government has implemented various measures to encourage childbirth. These include:

• Additional increments for government employees with two or three children
• Maternity leave of one year for female government employees
• Financial grants for non-working mothers

Further Developments and Investments

Chief Minister Tamang announced several other initiatives aimed at boosting the state’s economy and infrastructure:

• Regularization of temporary government employees who have completed four years of service
• Restoration of the old pension scheme
• Allocation of Rs 48 lakh for the construction of homestays to promote tourism and create employment opportunities

These efforts signify the government’s commitment to fostering growth and development in Sikkim. By investing in the well-being of newborns and implementing supportive policies, the state aims to secure a prosperous future for its citizens.

(With inputs from PTI)