SeLFIES for India Times of India Feb 2018.jpg

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    The Indian government unveiled its budget and recognizes that the infrastructure sector needs investments of ₹50 lakh crores to boost GDP (allocating ₹5.9 lakh crores as a primary step). Simultaneously, certain provisions in the budget seek to improve the lives of retirees, and the Finance Minister specifically noted that, “A life with dignity is a right of every individual, in general, more so for the senior citizens.” One of the major challenges that India will face is ensuring the income security of its senior citizens, especially in a country where financial literacy is relatively low. The Indian government can easily fund infrastructure, especially since it has given permission to the National Highways Authority of India (NHIA) and other institutions to issue bonds, and have an immediate impact on the retirement challenge by issuing a new type of long-term bond, one we call SeLFIES—Standard of Living indexed, Forward-starting, Income-only Securities. SeLFIES address many of the challenges raised in the budget and are also advantageous to the Ministry of Finance, especially in light of the recent implementation of a Goods and Services Tax (GST).