Prime Minister Narendra Modi made a grand announcement from the Red Fort on August 15, offering an incredible gift to the youth. He launched a monumental plan of one trillion rupees for the nation's young population, known as the Prime Minister's Developed India Employment Scheme (PM Vikasit Bhaarat Rojgar Yojana). This initiative aims to create new job opportunities for approximately 35 million youth, providing support to first-time job seekers in the private sector with a subsidy of 15,000 rupees.
What is the Prime Minister's Developed India Employment Scheme?
Under the PM Developed India Employment Scheme, the government will offer subsidies to businesses and companies that provide ample employment opportunities. Along with these subsidies, a one-time amount of 15,000 rupees will be granted to new employees entering the private sector.
The scheme paves the way for new jobs across the country, focusing on enhancing opportunities for young individuals, small and medium enterprises (MSMEs), and diverse sectors such as manufacturing, services, and technology.
Who is eligible for the 15,000 rupees and how to receive it?
Only first-time employees registered with the EPFO are eligible for benefits under this scheme. The amount of 15,000 rupees will be disbursed in two installments. Employees with salaries up to 1,00,000 rupees can benefit, but those with higher earnings do not qualify. The first installment will be released after six months of employment, and the second after completing one year of work and a financial literacy program.
Benefits for hiring companies
This scheme is also favorable for hiring companies, particularly prioritizing the manufacturing sector. The government plans to reward companies with a monthly subsidy of 3,000 rupees per employee for two years, provided employees stay for at least six months. For the manufacturing sector, this incentive could be extended to the third and fourth years.
Understanding poverty: PM Modi's Perspective
Prime Minister Narendra Modi emphasized that this scheme will offer diverse job opportunities for the youth. Addressing farmers, PM Modi acknowledged ongoing supportive schemes and mentioned the 'Lakhpati Didi Yojana,' aiding numerous women today.
During the Independence Day celebrations, PM Modi addressed the nation, expressing his insightful understanding of poverty. He emphasized that governance should actively engage in citizens' lives rather than just exist in files. With a positive approach, the government aims to bring about remarkable change.
New GST Reforms Announced for Diwali
PM Modi also discussed the PM Swanidhi Yojana for small vendors. During his address, he declared the introduction of new GST reforms for Diwali, aiming to simplify tax rates for people's convenience, a step towards making taxation easier and lower.
