Abstract
This article develops an empirical framework for the estimation of the economic effects and impacts of the Indira Gandhi National Old Age Pension Scheme (IGNOAPS) and other socio-economic variables related to poverty among elderly individuals in India. Based on an official data sample of 9,852 elderly individuals, it produces evidence of the poverty-reduction effects of IGNOAPS, suggesting that it could be justified to promote more active policy support for this scheme as an instrument of poverty alleviation among elderly individuals. Four areas of policy intervention are identified for reformulation: increased pension expenditure by adjusting for inflation, linking the pension expenditure to economic growth, correction of inclusion and exclusion errors and extension of coverage to all elderly individuals in below poverty line families. It is argued that a move towards full pension provisions for all eligible elderly individuals may reduce personal income inequalities among India’s elderly population. This could also be a constitutionally sound approach applied to other countries in South Asia.
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