Kerala: Lottery winners to get training in financial management

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The lottery winners’ training program that was announced in the 2021–22 budget is set to commence soon. The Gulati Institute of Finance and Taxation (GIFT), according to reports, have completed the program design and structure.

The program will be a one-day orientation seminar emphasizing wise financial decisions and secure investment possibilities for the lottery winners.

An officer said, “The program is for people who win big prizes. Different investment options like mutual funds, insurance plans, pension schemes, and fixed deposits will be introduced to them. They will be educated on loan repayments as well. Basically, it will be an awareness program,” according to The New Indian Express.

“All the sessions will be handled by experts, including one faculty member of the GIFT and experts from different fields,” he added.

Individual sessions in the areas where they need more information will be made available to participants. The program will only be available to major prize winners, most likely those who win at least Rs. 10 lakh.

The lottery department is waiting for approvals from the finance and tax departments to launch the program. The lottery department cannot use its funds without receiving approval from the finance department.

Many people have lauded the budget statement made on the training program by Finance Minister K N Balagopal. The media frequently featured stories about people who lost money due to irresponsible spending.

The Onam Bumper first prize winner Anoop, who received Rs. 25 crore, the largest prize sum ever awarded on a single ticket in the nation, had also advocated for a similar program. Anoop also recently opened his own lottery ticket stall.