The number of PAN cards issued to individuals under 30 years old grew by 69%

Current Context: The number of PAN cards issued to individuals under 30 years old grew by 69% between FY19 and FY25, reflecting a shift in financial inclusion and awareness among young Indians.

Key Factors Behind the Growth:

• Increase in Digital Transactions: The rise of UPI, fintech services, and e-commerce has made PAN cards essential for financial activities.
• Government Initiatives: Programs like Pradhan Mantri Jan Dhan Yojana (PMJDY) encouraged more young people to enter the formal banking system.
• Mandatory PAN-Aadhaar Linking: Regulatory changes made PAN cards a necessity for tax filing, investments, and employment verification.
• Gender Inclusion: The male-to-female PAN allotment ratio improved from 1.96 in FY14 to 1.31 in FY25, reflecting higher financial participation by women.

Question:

Q.1 Which government initiative is cited as contributing to increased financial participation among young people?
a) Pradhan Mantri Jan Dhan Yojana
b) Startup India
c) Digital India Mission
d) Atal Pension Yojana

Answer: a) PMJDY is explicitly mentioned as a government initiative that encouraged more youth to enter the formal banking system, supporting the growth in PAN card adoption.