Latest news with #ViksitBharatRozgarYojana
Mint
3 days ago
- Business
- Mint
PM Modi's Viksit Bharat Rozgar Yojana for youth: ₹15,000 for 1st private job— eligibility, benefits and other details
Prime Minister Narendra Modi on Friday launched the PM Viksit Bharat Rozgar Yojana, which is expected to generate 3.5 crore jobs in the next two years. In July, the Union Cabinet had approved the scheme aimed at incentivising job creation in the country. "Today is August 15 and we are launching a ₹ 1 lakh crore scheme for the youth of this country. It is good news for you that PM Viksit Bharat Rozgar Yojana is being rolled out from today," Modi said in his Independence Day speech. He said that under this scheme, the youth getting their first job in the private sector will get ₹ 15,000 and the companies employing them will get incentives. * With an outlay of ₹ 99,446 crore, the PM Viksit Bharat Rozgar Yojana (PMVBRY) aims to incentivise the creation of more than 3.5 crore jobs over two years. Of these, 1.92 crore beneficiaries will be first timers, entering the workforce. * The benefits of the scheme would be applicable to jobs created between August 1, 2025, and July 31, 2027. * The scheme consists of two parts: Part A is focused on first-timers, and Part B is focused on employers. * Jobs created between August 1, 2025 and July 31, 2027 are eligible * Must be first-time private sector employees * Must be registered with the Employees' Provident Fund Organisation (EPFO) * Monthly earnings should be up to ₹ 1 lakh * Employees will receive one month's EPF wages up to ₹ 15,000 in two instalments. First instalment after 6 months of service and second instalment after 12 months and completion of a financial literacy programme. * Employees will get direct benefit transfer (DBT) via Aadhaar Bridge Payment System (ABPS) * Incentives for hiring employees earning up to ₹ 1 lakh * Up to ₹ 3,000 per month will be given for each new employee for two years * For manufacturing employers, incentives are extended to the third and fourth years * Employers must maintain new hires for at least six months * Employers must hire two extra staff if they have fewer than 50 employees, or five extra if they have more than or equal to 50
Hindustan Times
3 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
3 days ago
- Business
- Hindustan Times
Rahul Gandhi takes dig at PM Viksit Bharat Rozgar Yojana: ' ₹1 crore ka jumla'
Congress leader Rahul Gandhi on Friday took a swipe at Prime Minister Narendra Modi announcing the launch of PM Viksit Bharat Rozgar Yojana, calling it " ₹1 lakh crore jumla - Season 2". In a post in Hindi on X, Gandhi said, " ₹ 1 lakh crore jumla - Season 2! Even after 11 years, Modi ji's same old jumlas, same memorized figures."(ANI/AICC) Modi on Friday announced the launch of the scheme which is expected to create 3.5 crore jobs in the next two years. "Today is August 15 and we are launching ₹1 lakh crore scheme for the youth of this country. It is good news for you that PM Viksit Bharat Rozgar Yojana is being rolled out from Today," Modi said in his Independence Day speech. In a post in Hindi on X, Gandhi said, " ₹1 lakh crore jumla - Season 2! Even after 11 years, Modi ji's same old jumlas, same memorized figures." "Last year, ₹1 lakh crore to 1 crore internships promise, this year again ₹1 lakh crore job scheme! What is the truth? On my question in the Parliament, the government admitted - less than 10,000 internships. The stipend is so low that 90% of the youth refused," the Leader of Opposition in the Lok Sabha said. "Modi ji has no new idea left now. The youth will not get employment from this government, they will only get jumlas," Gandhi said. The former Congress president also shared the screenshot of his question in the Lok Sabha last month and the answer by the Minister of State in the Corporate Affairs Ministry Harsh Malhotra. On July 1, 2025, the Union Cabinet chaired by Prime Minister Modi had approved the scheme aimed at incentivising job creation in the country. In his address, Modi said that under this scheme the youth getting first job in the private sector will get ₹15,000 and the companies (employing them) will get incentive amounts. With an outlay of ₹99,446 crore, the PM Viksit Bharat Rozgar Yojana aims to incentivise the creation of more than 3.5 crore jobs over two years. Of these, 1.92 crore beneficiaries will be first timers, entering the workforce. The benefits of the scheme would be applicable to jobs created between August 1, 2025, and July 31, 2027.
Mint
3 days ago
- Business
- Mint
PM Modi's Viksit Bharat Rozgar Yojana for youth: ₹15,000 for 1st private job— eligibility, benefits and other details
Prime Minister Narendra Modi on Friday launched the PM Viksit Bharat Rozgar Yojana, which is expected to generate 3.5 crore jobs in the next two years. In July, the Union Cabinet had approved the scheme aimed at incentivising job creation in the country. "Today is August 15 and we are launching a ₹ 1 lakh crore scheme for the youth of this country. It is good news for you that PM Viksit Bharat Rozgar Yojana is being rolled out from today," Modi said in his Independence Day speech. He said that under this scheme, the youth getting their first job in the private sector will get ₹ 15,000 and the companies employing them will get incentives. * With an outlay of ₹ 99,446 crore, the PM Viksit Bharat Rozgar Yojana (PMVBRY) aims to incentivise the creation of more than 3.5 crore jobs over two years. Of these, 1.92 crore beneficiaries will be first timers, entering the workforce. * The benefits of the scheme would be applicable to jobs created between August 1, 2025, and July 31, 2027. * The scheme consists of two parts: Part A is focused on first-timers, and Part B is focused on employers. * Jobs created between August 1, 2025 and July 31, 2027 are eligible * Must be first-time private sector employees * Must be registered with the Employees' Provident Fund Organisation (EPFO) * Monthly earnings should be up to ₹ 1 lakh * Employees will receive one month's EPF wages up to ₹ 15,000 in two instalments. First instalment after 6 months of service and second instalment after 12 months and completion of a financial literacy programme. * Employees will get direct benefit transfer (DBT) via Aadhaar Bridge Payment System (ABPS) * Incentives for hiring employees earning up to ₹ 1 lakh * Up to ₹ 3,000 per month will be given for each new employee for two years * For manufacturing employers, incentives are extended to the third and fourth years * Employers must maintain new hires for at least six months * Employers must hire two extra staff if they have fewer than 50 employees, or five extra if they have more than or equal to 50 * Employers will get funds directly into PAN-linked bank accounts
Hindustan Times
3 days ago
- Business
- Hindustan Times
The making of Samriddha Bharat
Given the restive external environment, it was no surprise that the nation's pursuit of aatmanirbharta (self-reliance) took much of PM Narendra Modi's time as he delivered his 12th Independence Day speech. In a 103-minute speech, the PM presented a vision statement of what his government intends to do going ahead, to realise a developed Bharat by 2047. The PM offered policy and politics while appealing to the different constituencies, including the core base of his BJP. PM Modi presented self-reliance as a layered idea that had implications for national security, political economy, and India's outreach to the world. Just in case anyone thought that the talk on self-reliance, with the appeal to consumers and shopkeepers to go 'swadeshi', was a throwback to the past, the PM emphasised that the idea was for the country to turn self-reliant in defence equipment, jet engines, space exploration, clean and renewable energy, semiconductors, critical minerals, vaccines, medicines and drugs, and turn India into a production hub that can conquer world markets with products manufactured with 'daam kam' and 'dum zyada' (lower-priced but quality goods). This is to be realised by building capacities in mission mode and with major private sector participation, he elaborated. The focus on self-reliance has become an imperative with the US working to dismantle the old global order underwritten by free trade and multilateral fora and replace it with bilateralism driven by national self-interest. (ANI Grab) Towards this end, the PM announced a reform task force to drive next-generation reforms, among them reducing compliance costs for startups, MSMEs, and entrepreneurs. As if to buttress intent, the PM recalled how close to 40,000 compliances and 1,500 laws have been done away with to improve the ease of doing business. But the teaser in the piece was that big ticket reforms are due in the GST regime by Diwali, which will lighten the tax load and reduce the costs of daily-use items. The ₹1-lakh-crore PM Viksit Bharat Rozgar Yojana was a clear outreach to the youth: Under the scheme, expected to benefit 35 million Indians, young people beginning their first jobs will receive a one-time payment of ₹15,000, given in two instalments. The focus on self-reliance has become an imperative with the US working to dismantle the old global order underwritten by free trade and multilateral fora and replace it with bilateralism driven by national self-interest. Considering the hostile nature of India's neighbourhood, the shifts in global power relations call for considerable national efforts to build self-sufficiency in energy and defence. True to his style, Modi proposed Mission Sudarshan Chakra, a new security platform that can neutralise enemy missiles and improve India's offensive capabilities. A politically significant aspect of PM Modi's speech was his appreciation of the RSS. Considering that his political grooming happened under the Sangh's guidance, a mention of the RSS in its centenary year in the PM's speech was not surprising. The ideological imprint was visible in his comment on a 'well-thought-out conspiracy' to change India's demography and the announcement of a 'demographic mission' to prevent infiltrators from allegedly usurping jobs and land and targeting 'our sisters and daughters'. Any conversation on this polarising subject will need to engage with the complex historical, geographical and economic legacies that continue to shape life in the subcontinent. Infiltration constitutes a security concern, surely, but a new language of articulation is called for to build a political consensus on the ways to defuse the threat. The hard line on borders and immigrants reflects a global trend, but the Indian narrative is laced with communal overtones, which can potentially disrupt the journey towards what the PM termed samriddha (prosperous) Bharat.
