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You all would please recall that decision on many matters concerning pensioners rested with the DFS for theirdecision. Following up our earlier representations in the matter of main grievances of LIC Pensioners, submitted to the Finance Ministry, Shri A V Tyagi ji met the officials concerned in the DFS on 18th Sept. 2026 who advised to submit a reminder to the Additional Secretary, particularly on the issues which were recommended by LIC earlierand are pending consideration in DFS.
Shri MP Agnihotri prepared a gentle and emphatic reminder to be submitted in the DFS. Shri Tyagi ji sought for an
appointment with the Additional Secretary, Dr. Debashish Prusty. Shri A V Tyagi ji got the appointment to meet the
Addl Secretary at 12:30 PM on 24th Sep 2026.
Shri Tyagi ji reached DFS before the given time slot and first met Mr. Abdul Gufran, Under Secretary – Insurance,
who accompanied Shri Tyagi ji to the chamber of Dr. Debashish Prusty. The meeting started at the given time. Dr. Prusty discussed the issues one by one and made certain queries which were clarified by Shri Tyagi ji. He alsomade a reference of the VIII CPC, when Shri Tyagi stated that our issues are pending for a long time, and similar grievances of the Central Civil Service Pensioners and others are resolved much earlier, so the recommendations of VIII CPC are not relevant to address our issues.
Dr. Debashish also made a reference of PSU bank employees Industrial Action and informed that higherauthorities in the Ministry are engaged in dealing with the situation currently prevailing. Shri Tyagi ji insisted onresolving the issues which were recommended by LIC of India and are pending in DFS without further delay. Dr. Debashish appreciated the concern and expressed sympathy. He also appreciated the performance of LIC andcontribution made by the pensioners.
The Additional Secretary indicated that the Government is contemplating to enhance the basic family pension to 40%. He directed the Under Secretary to get the representation processed and put up for further action. The meeting lasted for 30 minutes. Discussions were brief but succinct.
After the meeting with the Additional Secretary, Shri Tyagi ji handed over the representations to the office of the Secretary (DFS) & Dy Secretary Shri Vikrant Singh also. Shri Abdul Gufran (Under Secretary) instructed the dealing official to prepare a note to the Secretary to process the matter expeditiously.
Page 2
Friends, despite our sincere efforts, pace of resolution of our grievances is very slow. However, we will continueour efforts until we succeed. We are highly thankful to Shri Tyagi ji who is sincerely playing the role of our liaison officer at Delhi in taking the matters to reach a logical end.
Yours faithfully,
Ranjan Dey Sarkar
General Secretary
Date: 25th Sept. 2026.
6 comments:
https://www.youtube.com/watch?v=REV1xzLbB8o
(CONTD) The Indian Economy: Myths vs. Reality • Prof. R. Vaidyanathan Streamed live 104 minutes ago #IndianEconomy #IndiaGrowthStory #Economics people wrote letters to deter one fellow told I have kept some 10 lakh with him which is meant for my
24:2624 minutes, 26 secondsdaughter's marriage and there is a you know tendency according to me among large amount of middle class they are
24:3524 minutes, 35 secondsvery very enthusiastic in losing their money see if you take a decision in the early morning while taking bath that I
24:4324 minutes, 43 secondswill lose 1,000 rupee today you tell me can anyone prevent you from doing
24:4924 minutes, 49 secondsthe Indian army, the president of India, the prime minister or even the cockroach
24:5824 minutes, 58 secondsparty fellows, anyone can they prevent you? Nothing. So my colleague asked me sir if the same
25:0525 minutes, 5 secondsvine comes back again again if they come back they will get enough amount of response. So that type of a thing it's
25:1325 minutes, 13 secondsnot in a orderly fashion organized orderly fashion the large number of for instance cheat fund you know we heard
25:2225 minutes, 22 secondsabout the cheat fund scam in kara in what is that called West Bengal every state has got their own enthusiastic
25:3125 minutes, 31 secondspeople okay let's now look at the other thing
25:3725 minutes, 37 secondsshare market saving Again everybody thinks that uh government and companies
25:4525 minutes, 45 secondsare the largest savers which is totally wrong. We save roughly 30 to 35%. The
25:5225 minutes, 52 secondsrange you know differs every year. Some years 32% some years 30% some years 28% only the household saving is 20 to 22%.
26:0426 minutes, 4 secondsHighest saving among the categories are household followed by private corporate and then government. Private corporate
26:1226 minutes, 12 secondsis all our companies which we were talking about. Household saving constitute 70 to 75% of the savings in
26:2126 minutes, 21 secondsin other words if you ask me housewives are primary reason for our economic growth. Let's you know take a red pen
26:3026 minutes, 30 secondsunderline it 100 times. Indian housewives are primary reason for our economic growth.
26:3726 minutes, 37 secondsNot FII, not FDI, not your government, nothing. And this household saving goes
26:4426 minutes, 44 secondsinto banks, provident fund and v insurance and various other and then goes into corporates. So the household
26:5226 minutes, 52 secondssaving is extremely important. Somebody asked me in Delhi in a seminar in a meeting who should be appreciated for
27:0027 minutesthe growth of the economy. Everybody told you know the finance ministry the
27:0727 minutes, 7 secondsgovernment. I told no ordinary housewife of this country is to be appreciated.
27:1327 minutes, 13 secondsErect a statue of her from Kotam to Kohima. Every district you put a statue of a woman.
27:2127 minutes, 21 secondsBelow that you write the unknown woman who contributed to our growth. I'm serious about it. Our growth is not due
27:2927 minutes, 29 secondsto government. It is in spite of government. This is very very important to notice. And uh the household saving
27:3827 minutes, 38 secondsis the largest. Now recently this is getting affected because of the
27:4427 minutes, 44 secondsconsumption pattern being changed. All EMIs, everybody wants to go into EMI
27:5127 minutes, 51 secondsactivity. The real estate or fridge or TV, everything is on EMI. So the
28:0028 minutesconsumption is uh significantly increasing. Saving habit is reducing. We
28:0728 minutes, 7 secondswill have to be worrying about it in the future. Next one, sir.
And this is another thing bank credit is the biggest thing I know everybody there is a you know monetary policy committee
28:2228 minutes, 22 secondsof RBI and they are watching it and there is a shadow monetary policy all
28:3028 minutes, 30 secondsthis is bankam sir these RBI rates impact hardly something like 20 to 25%
28:3728 minutes, 37 secondsof the economy not more than that and it is not passed on by the banks or anything like that
28:4428 minutes, 44 secondseven those rates the primary rate which is obtained by this non-bank
28:5228 minutes, 52 secondsgroup or sorry for this uninorporate or organized group is from the money lenders money lenders cost associations
29:0129 minutes, 1 secondand extended families these are the primary sources and the interest rate is two to two and a half times more than
29:0929 minutes, 9 secondsbank if bank charge 10% these people's interest is 30%. Sometime the interest
29:1629 minutes, 16 secondsis much higher. My power vendor borrows 100 rupee in the morning and 1 rupee is the interest in the evening.
29:2529 minutes, 25 secondsSo that mean one% per day that is the interest. So all
29:3229 minutes, 32 secondsthis discussion in your economic papers and seminars in Delhi and other thing are totally irrelevant.
29:4229 minutes, 42 secondsWhat matters is this the level of wind and what is the uh collateral mostly it
29:5029 minutes, 50 secondsis gold that is how some people say purchasing gold is not good it is unproductive and they know not how the
29:5929 minutes, 59 secondseconomy is working all these borrowing can be
30:1230 minutes, 12 secondsSir, you have muted yourself. Can you unmute yourself? Professor Arvi, can you unmute yourself?
30:2030 minutes, 20 secondsOkay.
30:2230 minutes, 22 secondsNow, I always say there is a uh what one can call a simple economic model for India. My flower vendor measures her
30:3030 minutes, 30 secondsflowers in this fashion. If both the Bengals are there economy is doing well.
30:3530 minutes, 35 secondsIf one bangle is less that mean it is going down. If both the Bengals are missing that mean it is severe recession. That mean both the Bengals
30:4430 minutes, 44 secondsshe has given for mortgage in order to borrow money. That is the level of
30:5030 minutes, 50 secondscollateral and gold is and there you know the constant theme in all the
30:5730 minutes, 57 secondsseminars is unorganized or so-called they are not using capital efficiently.
31:0431 minutes, 4 secondsThese people have never ever interacted with any unorganized sector.
31:1031 minutes, 10 secondsOnce I was traveling to a place called Sindri in Bihar from uh I was uh in a sh
31:1731 minutes, 17 secondstaxi. Believe me sir to the right side of the driver there were two fellows and
31:2431 minutes, 24 secondsI was on this side. I wanted to ask I asked him how many people are there. He told chup you just come you have taken
31:3131 minutes, 31 secondsthe share taxi you have paid the 40 rupee amount you just travel. And one fellow was uh lifting himself up and
31:3831 minutes, 38 secondsdown in the front because that gear has to be put by the driver. And in the end you know the taxi stopped and sindri we
31:4731 minutes, 47 secondsall got. I counted it would have been around 11 12 people inside the car and you tell you tell that these people are not using their capital efficiently.
31:5831 minutes, 58 secondsThey are using it much more efficiently than all your MNC sir. This is very very important to note.
32:0632 minutes, 6 secondsWhat we require is we need to integrate the financial market. We need to integrate it with the
starting with the money lenders up to the bankers who are providing credit.
32:2332 minutes, 23 secondsNext sir before we go to the next one I can imagine tomorrow morning's headlines.
32:2932 minutes, 29 secondsProfessor RV's Bangaloom beats RR's dosanomics.
32:3932 minutes, 39 secondsSo this is the Fi NFD. Look, this is something which I should have shown in
32:4632 minutes, 46 secondsthe beginning itself. Everyday morning I of course listen to this uh
32:5332 minutes, 53 secondsEmma Subakshmi's asking for Vishnu to get up but uh this newspaper and TV
33:0433 minutes, 4 secondsFI has gone back FFDI has gone out FDI is coming in they make it appear as if
33:1033 minutes, 10 secondsFIA and FDA are the basic factors for our which is totally ally
33:1733 minutes, 17 secondsrubbish it again proves for inconsequential and immaterial we spend lot of time FI and FDA put together has never exceeded 6 to 8%.
33:2933 minutes, 29 secondsFDI is direct investment in terms of plant, equipment, machinery. FIA is through the share market and domestic
33:3833 minutes, 38 secondssaving as I earlier told they constitute 92% of the investment.
33:4533 minutes, 45 secondsIndia's infrastructure investment require 1.4 trillion. This was in 2010.
33:5133 minutes, 51 secondsNow it has become more than 2 and a half trillion. But that time Goldman SH says the domestic saving generated by Indian
34:0034 minutesfamilies will suffice and India would need minimal FDI. This was not by me.
34:0734 minutes, 7 secondsThis is by Goldman Shares in 2010 paper number 187. I have to quote all these thing because otherwise people will say
34:1534 minutes, 15 secondsthis you are dubakur sir you solen purer. This fellow is telling something and so we are a domestic savings
34:2434 minutes, 24 secondsdomestic demanddriven economy. This is very very important to understand. We shouldn't get shaken by FIA and FDA are
34:3334 minutes, 33 secondsrequired. I'm not telling they are not required. They are pickled to curd. This is what as a south Indian vegetarian I would be giving that illustration.
34:4334 minutes, 43 secondsOtherwise I would be giving it as their gur to you know the gur the jaggery to
34:4934 minutes, 49 secondsyour paratas anyhow pickle to curd so we shouldn't we should think that pickle is
34:5634 minutes, 56 secondsthe predominant one no you can't have the 11 pickle and then curd r in the site no so this is something which fa
35:0535 minutes, 5 secondsand fdi role is limited to that only as a pickle to curd race next
35:1335 minutes, 13 secondsMaybe we should have had it as a two session perhaps. Anyhow, gold we told about you know lot of people are
35:2135 minutes, 21 secondsdiscussing in the social media and English newspaper that it is very unproductive. Women buy it and then keep
35:2935 minutes, 29 secondsit in the locker and they all think their wife is the representative of the entire country. Actually one uh seminar
35:3835 minutes, 38 secondsI remember in the beginning of the century experts from Delhi came including senior secretary from the government they all
35:4635 minutes, 46 secondsgave a bashan and how gold purchase should be reduced and all that and the lunch time I asked him about his spouse
35:5435 minutes, 54 secondshe has come with his spouse he told no she has gone in Bangalore to tanish she
36:0136 minutes, 1 secondhas gone to see some gold in morning you told so much about not buying gold which is unproductive that is different sir
36:0936 minutes, 9 secondsshe's home ministry and so we are not so this is the many of us may not know from
36:1736 minutes, 17 seconds1962 to 1992 we had a gold control order we are incidentally 90 95% of our gold
requirement is import so all the import were supposed to be
36:3536 minutes, 35 secondsbanned. This was the Maharaj's gold control order. But during that entire period people were buying gold because
36:4236 minutes, 42 secondsgold was coming from Middle East by all these boat and you know Davraims were
36:4836 minutes, 48 secondsflourishing. One uh uh French professor who is studying terrorism globally. He told me once very interesting professor
36:5736 minutes, 57 secondsNa they call me Nathan the root cause of terrorism is India.
37:0437 minutes, 4 secondsyou encouraged it. I was shocked actually because to the best of my knowledge we were never you know sending
37:1137 minutes, 11 secondsany. He told no, you had the gold control order and all the gold smugglers
37:1737 minutes, 17 secondswere creating enough amount of cash and they were the primary terrorist
37:2437 minutes, 24 secondsfinancing globally and he gave lot of examples you know this Dawudi and so
37:3137 minutes, 31 secondsmany others from Gujarat coast and south coast and the point is people were buying gold not that they were not
37:4037 minutes, 40 secondsbuying and uh it used to be used for marriages and various other the popularity is due
37:4837 minutes, 48 secondsto holdage security for women. First point, most of the poorer segment women
37:5537 minutes, 55 secondsmay not know much about bank deposit or bonds or shares or anything.
38:0138 minutes, 1 secondthey understand gold and it is called women's asset and this will be very interesting for many the
38:0938 minutes, 9 secondswhole world India is the only country where category of asset is called women
38:1538 minutes, 15 secondsasset only women is expected to have old on that it's called three and it is
38:2538 minutes, 25 secondsdivisible you can buy 5 g you can buy 10 g it is portable you can wear it and then go to another city. Unlike real
38:3338 minutes, 33 secondsestate, if you buy a house, if somebody is interested in that location, then only you can sell it but not gold and easy to bequit. That is most important.
38:4538 minutes, 45 secondsYou can just pass it on to the next generation without any major paperwork and other thing. I remember my grandfather called all the ladies of the
38:5338 minutes, 53 secondshouse and told you take this bangle, you take this necklace, you take this anklet like that. Not that all women were happy
39:0039 minutesthat is a different issue but you could settle it in some way other with the importantly and it's a major collateral
39:0939 minutes, 9 secondsin small business I told you earlier gold is the single largest collateral in our business and you know something like
39:1839 minutes, 18 seconds60% of credit requirement of this non-corporate sector is met by money
39:2639 minutes, 26 secondslenders who want gold as the prim primary collateral. Next one,
39:3439 minutes, 34 secondstax rate. This is another thing. 1% of the fellows only pay tax. This some people start this in the social media
39:4239 minutes, 42 secondsand everybody says I belong to that 2% category and all of that is rubbish.
39:4839 minutes, 48 secondsWe have 300 billion families approximately 30 crores out of 140 uh we
39:5639 minutes, 56 secondsare talking about and 35% is agriculture related which is roughly 100 billion. So
40:0440 minutes, 4 secondsthe remaining 200 billion are the people who are eligible to be taxed and tax
40:1240 minutes, 12 secondsassesses last year was 120 million. So they are taxed at 30%. So except in
40:1940 minutes, 19 secondsurban areas tax families are mostly single earners only not both husband and wife are working or anything. So roughly
40:2740 minutes, 27 secondsout of 200 billion 120 million is covered which is a very large percentage actually if you take it on a global uh
comparison and of course our bribe rate is there which is 15 to 20%. Bribery is
40:4440 minutes, 44 secondswhat we give to the sakar on everything from birth to death, birth certificate to death certificate to you know uh this
40:5240 minutes, 52 secondsacquisition of uh uh land or house or everything. So total comes to 30% of
41:0141 minutes, 1 secondtaxes plus 15 to 20 45 to 50%. And our domestic black money is estimatedly 10%.
41:0941 minutes, 9 secondsWhich is 35 lakh cran.
41:1241 minutes, 12 secondsOh, I have written as five 35 350 lakh and 10% of that illicit money kept
41:1941 minutes, 19 secondsabroad is another 1.5 trillion. Actually we are extremely rich nation except our
41:2641 minutes, 26 secondswealth is not uh shown outside and like some of the new
41:3441 minutes, 34 secondsrich people they are the ones who show off you know they conduct marriages for something like 50 cr 60 cr otherwise the
41:4341 minutes, 43 secondstraditional rich will never show their wealth for instance the ganachamasi
41:5041 minutes, 50 secondsburla he lived in a simp simple singlestory house throughout his life.
41:5541 minutes, 55 secondsHe never you know went into any other you know antila type of know 25 floors
42:0342 minutes, 3 secondsand other so but we have a huge amount of funds available here even in the form
42:1142 minutes, 11 secondsof gold for instance lot of kota data is given ka data is pulled out of thin air some expert will say 20,000 tons of gold
42:1942 minutes, 19 secondsare there in India all others will for why 20 you can as well say when you give a number you can as well
42:2842 minutes, 28 secondsand uh I asked somebody jokingly is it your mobile number divided by pin code
42:3642 minutes, 36 secondsthat comes very easily you know you can you know then they will nobody knows the exact amount of gold with us including
42:4542 minutes, 45 secondsin temples in mosque churches as well as in individual homes for generations it
42:5242 minutes, 52 secondshas been kept inside and once I had a talk with the Zurich banker, he told a
42:5842 minutes, 58 secondslarge amount of uh pearls, diamond uh and gold and other things is kept in
43:0743 minutes, 7 secondstheir lockers. He told me this Zurich banker and by various Indian princes and
43:1443 minutes, 14 secondsit goes to the 50s. He says those days onwards people were keeping anyhow. So this is the kindly do not go about
43:2443 minutes, 24 secondstalking only 1% of Indians are paying tax or 2% are paying tax like that it's
43:3143 minutes, 31 secondsall rubbish next where we need reform changes
43:3843 minutes, 38 secondsone is the state level all the state level regulations can be scrapped
43:4643 minutes, 46 secondsthis food and adulteration act this transport support then this what is this called
43:5543 minutes, 55 secondsshops and establishment act all of them can be scrapped because all of them are not implemented all of them th on
44:0244 minutes, 2 secondscorruption you should read that book fat book of 500 pages shops and establishment act every state has got it
44:1144 minutes, 11 secondssays the shop should be neat and clean surrounding I have never seen a shop surrounding
44:1944 minutes, 19 secondsAnd it says sunlight should come. Can you beat that? And it also says there should be no rat. I have yet to see a kirana shop without a rat.
44:3044 minutes, 30 secondsThere are the thriving there only. And sitting arrangement should be there.
Where do I sit on the rice bag or what or on gas cylinder or what? These are all and why all these are
44:4444 minutes, 44 secondsput in paper and then the inspector will come and collect the afta and then go.
44:4944 minutes, 49 secondsSo all the regulations at state level can be scrapped and credit to non-corporate should be increased
44:5744 minutes, 57 secondsintegrate the financial market and educational finance corporation we should start like
45:0445 minutes, 4 secondshousing finance very interesting college education many banks come forward to lend but not school education it's very
45:1345 minutes, 13 secondsfunny it's like telling for foundation I won't give you money but for first and second floor I will give you What is this? Why not school education?
45:2245 minutes, 22 secondsWe should because some of the schools are charging nowadays 8 lakh, 10 lakh and other thing best schools. I'm not talking about government schools which
45:3145 minutes, 31 secondsare supposedly free which are not any of so we require a finance corporation for
45:3945 minutes, 39 secondseducation. We should recognize cast as a social capital which we will cover in some other
45:4645 minutes, 46 secondsdiscussion and not more than 8 to 10 ministries at centers cut all of them
45:5345 minutes, 53 secondssend all of them back it's not required you know duplication education agriculture INB everything there is one
46:0146 minutes, 1 secondlayer at state level one layer at central level we require to have defense telecommunication
46:0846 minutes, 8 secondsfinance like at 8 to 10 ministries. Next one.
46:1646 minutes, 16 secondsThis is some which we should come out of this. One size doesn't fit.
46:2246 minutes, 22 secondsWe come think economic models are universal. So we bring people from Stanford, Oxford and uh other type of
46:3246 minutes, 32 secondsinstitution and they you and we want US models to fit here or rather we want the
46:3946 minutes, 39 secondsIndian citizens to behave as per US model but each society we have our own culture values. So being required to have models and our own solution.
46:5146 minutes, 51 secondsLet me repeat it. Imported models experts do not help us. Again and again let me tell and every time we bring the
47:0047 minutesimported experts and burn our fingers and later on they complain that you know this is happening. Recent example is the
47:0747 minutes, 7 secondsfamous Rauram Rajan and the Sasha Arvin Subramanyaman they all you know all air dropped and they are not even Rauram is
47:1647 minutes, 16 secondsnot an economist. He's primarily from the business school and he has done some studies in the area of corporate
47:2447 minutes, 24 secondsbusiness. Anyhow, so US models automatically fit is not to be
47:3147 minutes, 31 secondsaccepted or considered as a Veda working or as a talk of the Vedas. Last one perhaps I
47:4147 minutes, 41 secondsthink. No anymore. Yeah, that's it sir. Thank you
47:4947 minutes, 49 secondsso much sir. And uh that brings us to a close of today's program. U we don't have time for questions because I have a backto-back program coming up. Kabir,
47:5847 minutes, 58 secondsthank you so much for becoming YouTube member.
48:0048 minutesYou are you are in more busy than the FM of the country. Huh?
48:0748 minutes, 7 secondsSir, I have to work for a living sir. I have to earn for a living. Huh? I I have to earn for a living.
48:1648 minutes, 16 secondsYeah, there one question or something we can take perhaps. Um, sir, it's it's okay. Most of the questions that people are asking, you had already answered
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