Latest news with #PradhanMantriViksitBharatRojgarYojana
Business Standard
2 days ago
- Business
- Business Standard
India set for next generation GST reforms aimed at making everyday items very cheap
Prime Minister Narendra Modi talked about a large tax overhaul in his Independence Day speech on 15th August 2025. PM noted that we are coming with the next generation of GST reforms, this will be a gift for you this Diwali, taxes needed by the common man will be reduced substantially, a lot of facilities will be increased. Our MSMEs, our small entrepreneurs, will get a huge benefit. Everyday items will become very cheap and that will also give a new boost to the economy. In other key initiatives, PM announced a Rs 1-lakh-crore youth employment scheme launched: The Pradhan Mantri Viksit Bharat Rojgar Yojana will provide a one-time incentive of Rs 15,000 to first-time private-sector job seekers, targeting approximately 3.5 crore beneficiaries. He noted that indigenous semiconductor chips by year-end: Domestically manufactured chips are expected to enter the market before the end of 2025, supporting India's electronics manufacturing and reducing its dependence on imports. PM said that a decade-long programme using indigenous technology to protect strategic, civilian, and religious sites nationwide, with a targeted completion year of 2035. The government will also reassess the treaty to ensure India's water rights are protected, citing concerns over its impact on agriculture. PM noted that India has met its goal of generating 50% of electricity capacity from non-fossil fuel sources ahead of the 2030 deadline.
Indian Express
2 days ago
- Business
- Indian Express
Knowledge Nugget: Top highlights of PM's Independence Day speech you can't miss for the UPSC Exam
Take a look at the essential events, concepts, terms, quotes, or phenomena every day and brush up your knowledge. Here's your UPSC Current Affairs knowledge nugget for today on the key highlights of PM's Independence Day speech. Prime Minister Narendra Modi's 103-minute address on the 79th Independence Day celebrations was the longest I-Day speech by any Indian PM till date. As PM Modi went on to detail India's standing 88 years after Independence, he also made a few key announcements in various sectors — technology, economic, job and security sectors. These announcements hold relevance for your UPSC exam; thus, let's know about them. 1. Pradhan Mantri Viksit Bharat Rojgar Yojana (PM-VBRY): PM Modi launched Pradhan Mantri Viksit Bharat Rojgar Yojana for the youths of India. Under this Rs 1 lakh-crore scheme, the government will provide Rs 15,000 to the youths securing jobs in private companies. — PM-VBRY incentivises the creation of new jobs across various sectors, with a special focus on manufacturing, and provides financial benefits to registered employers. 2. Sudarshan Chakra Mission: PM Modi announced the launch of Sudarshan Chakra Mission — a major defence initiative aimed at protecting India's strategic, civilian, and religious sites from enemy threats. — 'India is set to launch Mission Sudarshan Chakra to build powerful weapon system to thwart any attempt by enemies to attack us,' he said. He added the government aims to integrate the latest technological tools so that all the public places are covered by the nationwide security shield by 2035. 3. Next generation GST reforms: PM Modi promised next generation reforms in Goods and Services Tax (GST) by Diwali. These reforms, he said, will provide 'substantial' tax relief to common man and benefit small and medium enterprises, by reducing tax on daily-use items. — In his address, Modi said the time has come to undertake reforms in GST as the indirect tax regime has completed 8 years. PM Modi signalled that the much-awaited rationalisation of GST may be rolled out soon, linking it to cutting the tax burden impacting people. 4. Tenfold rise in nuclear energy by 2047: PM Modi said India is rapidly working on 10 new nuclear reactors and has pledged to increase its nuclear energy capacity tenfold by 2047. — The government has set a target of 100 GW nuclear power capacity by 2047, a massive increase from the current 8.18 GW. To achieve this, the Nuclear Energy Mission for Viksit Bharat has been launched, focusing on enhancing domestic capabilities. It is also important for realising the Panchamrit climate action plan (Five Nectar) set by India at COP 21. — Notably, unlike renewables like solar or wind, nuclear energy offers a reliable source of on demand electricity generation, and is not susceptible to weather-related interruptions. 5. Bedrock of a Viksit Bharat is also a self-reliant Bharat: Amid the shadow of the US-imposed tariffs which could impact the economy, Modi put a lot of stress on self-reliance in all spheres – from defence, space sector, critical minerals, energy, semiconductors to fertiliser, pharmaceutical production and from operating systems to cyber security, deep tech to artificial intelligence – saying 'the bedrock of a Viksit Bharat is also a self-reliant Bharat' and 'the greater a nation's reliance on others, the more its freedom comes into question'. 6. Made-in-India semiconductor chips: PM Modi announced that made-in-India semiconductor chips will hit the market by the end of this year, marking a major milestone in India's technological advancement. He said that the semiconductor initiative has been taken forward in mission mode. Six different units are being set up on the ground. — Most modern-day semiconductors are integrated circuits, also referred to as 'chips' — essentially a set of minute electronic circuits comprising transistors and diodes, as well as capacitors and resistors, and the myriad interconnections between them. — Semiconductors are majorly made up of silicon and consist of millions or billions of transistors that act like miniature electrical switches that flip on and off to process data such as images, radio waves, and sounds. — Semiconductors are an essential component of electronic devices, enabling advances in communications, computing, healthcare, military systems, transportation, clean energy, and countless other applications. 7. High-Powered Demography Mission: In his Independence Day address Prime Minister Narendra Modi highlighted the dangers of demographic imbalance caused by infiltration and illegal migration in border areas, PM Modi announced the launch of a high-powered demography mission. 8. Dedicated Reform Task Force: PM Modi also announced the creation of a dedicated Reform Task Force to take forward the next-generation reforms. The mandate of this task force would be to accelerate economic growth, cut red tape, modernise governance, and prepare Bharat for the demands of a $10 trillion economy by 2047. 1. The India Semiconductor Mission was launched in 2021. It is a strategic initiative undertaken by the government of India to promote the domestic semiconductor industry. Its goal is to improve semiconductor design and manufacturing capabilities domestically and to encourage innovation, employment, and economic growth. 2. The India Semiconductor Mission operates under the guidance of the Ministry of Electronics and Information Technology (MeitY) and other relevant government bodies. 1. The Goods and Services Tax (GST) is one of the biggest economic and taxation reforms undertaken in India. 2. It came into effect in 2017 and was billed as an attempt to simplify the existing tax structure in India, where both the Centre and states levied multiple taxes, and to make it uniform. 3. GST is essentially a consumption tax and is levied at the final consumption point. The principle used in GST taxation is Destination Principle. It is levied on the value addition and provides set offs. As a result, it avoids the cascading effect or tax on tax which increases the tax burden on the end consumer. What is/are the most likely advantages of implementing 'Goods and Services Tax (GST)'? (2017) 1. It will replace multiple taxes collected by multiple authorities and will thus create a single market in India. 2. It will drastically reduce the 'Current Account Deficit' of India and will enable it to increase its foreign exchange reserves. 3. It will enormously increase the growth and size of the economy of India and will enable it to overtake China in the near future. Select the correct answer using the code given below: (a) 1 only (b) 2 and 3 only (c) 1 and 3 only (d) 1, 2 and 3 (Sources: Knowledge Nugget: How is Nuclear Energy Mission relevant for UPSC Exam?, PM Independence Day speech: From GST reforms to Sudarshan Chakra Mission, here are Modi's key announcements) Subscribe to our UPSC newsletter. Stay updated with the latest UPSC articles by joining our Telegram channel – Indian Express UPSC Hub, and follow us on Instagram and X. 🚨 Click Here to read the UPSC Essentials magazine for July 2025. Share your views and suggestions in the comment box or at
NDTV
4 days ago
- Business
- NDTV
"Rs 1 Lakh Crore Rhetoric": Rahul Gandhi Takes Jibe At PM Over Job Scheme
New Delhi: Congress leader Rahul Gandhi on Friday took a jibe at Prime Minister Narendra Modi over announcement of Rs 1 Lakh Crore PM Viksit Bharat Rozgar Yojana, saying that he is resorting to "same old rhetoric, same rehearsed figures" and that the "youth will get not jobs, but only rhetoric from this government". "₹1 lakh crore rhetoric - Season 2! Even after 11 years, Modi ji's same old rhetoric, same rehearsed figures. Last year, a promise of 1 crore internships from ₹1 lakh crore - this year, again a ₹1 lakh crore job scheme! What's the truth? In response to my question in Parliament, the government admitted - less than 10,000 internships. The stipend so low that 90% of youth refused it. Modi ji has no new ideas left. From this government, the youth will get not jobs, but only rhetoric," Rahul Gandhi said in a post on X. He also attached a response given by the government to his question regarding the PM Internship Scheme. Addressing the nation from the ramparts of the Red Fort on Independence Day, PM Modi announced Rs one lakh crore PM Viksit Bharat Rozgar Yojana Under the scheme, newly employed youth will receive Rs 15,000. "Today, opportunities are being created for our youth in new sectors. A massive campaign is going on for skill development, self-employment, internships in big companies and hence, youth of the country. Today I have brought good news for you too, for the youth of my country. Today, on August 15th, we are launching and implementing a scheme worth Rs 1 lakh crore for the youth of my country," PM Modi said. "The Pradhan Mantri Viksit Bharat Rojgar Yojana is being implemented today on August 15th, this is very good news for you. Under this scheme, the government will give Rs. 15000 to the youth, to every son or daughter who gets a job in the private sector. Companies which generate more opportunities for providing new employment will also be given incentives. Pradhan Mantri Vikas Bharat Rojgar Yojana will create new employment opportunities for approximately 3.5 crore youth. I congratulate all the young people for this," he added.
Hindustan Times
4 days ago
- Business
- Hindustan Times
Modi launches ₹1L-cr scheme for private sector job seekers
Prime Minister Narendra Modi on Friday announced the roll-out of a ₹1 lakh-crore scheme for new job seekers in an Independence speech that focused squarely on the need for more self-reliance and local manufacturing to cope with 'rising economic selfishness' in the world. Prime Minister Narendra Modi salutes during address to the nation from the ramparts of Red Fort on 79th Independence Day. (ANI Grab) The Pradhan Mantri Viksit Bharat Rojgar Yojana will provide a one-time incentive of ₹15,000 to first-time private-sector job seekers, targeting approximately 35 million beneficiaries, Modi said. The stress on the economy comes against the backdrop of US President Donald Trump's decision to impose a 50% tariff rate on India, much higher than its neighbours and peers, which disadvantages exports and could hurt nearly one per cent of the nation's gross domestic product, according to some analysts. Local manufacturing will add jobs to the economy, he said, urging a boost to building everything, from fertilisers and jets to EV batteries. 'Today, I bring good news for the youth of our country. From today, under the PM Viksit Bharat Rozgar Yojana, our sons and daughters getting their first job in the private sector will be given ₹15,000,' he said. The PM stressed that this initiative would transform India's demographic potential into real economic and social prosperity, strengthening the bridge from 'Swatantra Bharat to Samriddha Bharat (free India to a prosperous one)' and empowering the youth to 'actively contribute to the nation's progress and development'. In his 12th consecutive Independence Day address from the Red Fort, Modi outlined new economic and security initiatives, including a GST overhaul, indigenous semiconductor production and Mission Sudarshan Chakra, which is aimed at safeguarding strategic and public sites. On July 1, the Union Cabinet chaired by Prime Minister Narendra Modi on Tuesday approved the much-awaited employment-linked incentive (ELI) scheme proposed in the 2024-25 Budget, which will offer fresh recruits in private-sector jobs a month's wages, while firms hiring them will get financial incentives -- steps aimed at boosting job opportunities and enhancing skills of working-age people. The sops, aimed at creating 35 million new jobs in two years, will provide direct financial benefits up to ₹15,000 in two instalments to 19.2 million first-time employees. According to the government's Economic Survey 2024, India needs to create 7.85 million non-farm jobs every year until 2030 to absorb its expanding labour force, way higher than the current rate of employment. While one part of the scheme deals with one-off payments of a month's wages as direct benefit transfer to all first-time employees entering the workforce in formal sectors, up to a salary ceiling of ₹1 lakh, the second component is aimed at contributing a share of salaries. The scheme has been designed to calculate a baseline of employee strength and firms with less than 50 employees will need to hire two additional staffers to be eligible for the incentives. Employers with more than 50 workers will need to add five new employees to the payrolls. All employees need to be registered with the Employees' Provident Fund Organisation, the state-backed retirement-income manager, according to the statement. According to the details of the scheme, for new employees with a provident-fund base wage of ₹10,000, the incentive for hirers will be ₹1000 and for those who fall in the base wage slab of between ₹10,000 and ₹20,000, the incentive will be ₹2000. For salaries of between ₹20,000 and ₹1 lakh, the benefit will be ₹3000. The scheme therefore will offer incentives tied to EPFO contributions to both employers and first-time employees in the manufacturing sector in the form of funds linked to a specified pay scale for the period during which the plan will be in force. The benefits would be applicable for jobs created between 1 August 2025 and 31 July 2027.
Hindustan Times
5 days ago
- Business
- Hindustan Times
PM Modi announces ₹1 lakh-crore scheme to create 35 million private jobs
New Delhi: Prime Minister Narendra Modi on Friday announced a ₹1 lakh-crore scheme for new job seekers in an Independence Day speech that focused squarely on the need for more self-reliance and local manufacturing to cope with 'rising economic selfishness' in the world. From today, under the PM Viksit Bharat Rozgar Yojana, our sons and daughters getting their first job in the private sector will be given ₹ 15,000, Modi said. (PTI) The Pradhan Mantri Viksit Bharat Rojgar Yojana will provide a one-time incentive of ₹15,000 to first-time private-sector job seekers, targeting approximately 35 million beneficiaries, Modi said. The stress on the economy comes against the backdrop of the United States President Donald Trump's decision to impose a 50% tariff rate on India — much higher than on its neighbours and peers — which disadvantages exports and could hurt nearly one per cent of the nation's gross domestic product, according to some analysts. Local manufacturing will add jobs to the economy, he said, urging a boost to building everything from fertilisers and jets to Electric Vehicle (EV) batteries. 'Today, I bring good news for the youth of our country. From today, under the PM Viksit Bharat Rozgar Yojana, our sons and daughters getting their first job in the private sector will be given ₹15,000,' he said. The PM stressed that this initiative would transform India's demographic potential into real economic and social prosperity, strengthening the bridge from 'Swatantra Bharat to Samriddha Bharat (free India to a prosperous one)' and empowering the youth to 'actively contribute to the nation's progress and development'. In his 12th consecutive Independence Day address from the Red Fort, Modi outlined new economic and security initiatives, including a Goods and Services Tax (GST) overhaul, indigenous semiconductor production, and Mission Sudarshan Chakra, which is aimed at safeguarding strategic and public sites. On July 1, the union cabinet chaired by Modi approved the much-awaited Employment-Linked Incentive (ELI) scheme proposed in the 2024-25 Budget. It will offer fresh recruits in private-sector jobs a month's wages, while firms hiring them will get financial incentives — steps aimed at boosting job opportunities and enhancing skills of working-age people. The sops, aimed at creating 35 million new jobs in two years, will provide direct financial benefits of up to ₹15,000 in two instalments to 19.2 million first-time employees. According to the government's Economic Survey 2024, India needs to create 7.85 million non-farm jobs every year until 2030 to absorb its expanding labour force — a number far higher than the current rate of employment generation. While one part of the scheme deals with one-off payments of a month's wages as direct benefit transfer to all first-time employees entering the workforce in formal sectors (up to a salary ceiling of ₹1 lakh), the second component is aimed at contributing a share of salaries. The scheme has been designed to calculate a baseline of employee strength. Firms with fewer than 50 employees will need to hire two additional staffers to be eligible for the incentives. Employers with more than 50 workers will need to add five new employees to their payrolls. All employees must be registered with the Employees' Provident Fund Organisation (EPFO), the state-backed retirement-income manager, according to the statement. According to the scheme's details, for new employees with a provident-fund base wage of ₹10,000, the incentive for hirers will be ₹1,000. For those in the base wage slab between ₹10,000 and ₹20,000, the incentive will be ₹2,000. For salaries between ₹20,000 and ₹1 lakh, the benefit will be ₹3,000. The scheme will offer incentives tied to EPFO contributions to both employers and first-time employees in the manufacturing sector, in the form of funds linked to a specified pay scale for the period during which the plan will be in force. The benefits will apply to jobs created between 1 August 2025 and 31 July 2027.
