PM Modi Launches ₹1 Lakh Crore Scheme for Private Sector Job Seekers
In a landmark Independence Day address, Prime Minister Narendra Modi unveiled a massive ₹1 lakh crore scheme aimed at empowering India's youth. The Pradhan Mantri Viksit Bharat Rojgar Yojana is a game-changing initiative designed to boost employment and support first-time job seekers in the private sector.
Speaking from the ramparts of the Red Fort, the Prime Minister announced that this new scheme will provide a one-time incentive of ₹15,000 to every young person who secures their first job in the private sector.
This is a significant move that is expected to benefit approximately 35 million young Indians. It provides them with a financial cushion as they begin their professional careers.
A Big Boost for India's Youth
"Today, I bring good news for the youth of our country," the Prime Minister said. "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."
This initiative is a part of the government's broader vision to transform India’s demographic potential into real economic and social prosperity. By providing this direct financial benefit, the government aims to empower the youth to actively contribute to the nation’s progress and development.
This move is also seen as a crucial step in strengthening the bridge from "Swatantra Bharat to Samriddha Bharat," which translates to moving from a free India to a prosperous one.
How the Scheme Works: A Two-Part Approach
The Pradhan Mantri Viksit Bharat Rojgar Yojana is a comprehensive, employment-linked incentive (ELI) scheme that benefits both the new employees and the companies that hire them.
1. A One-Time Incentive for New Employees
The first component of the scheme is a direct, one-time payment of ₹15,000 to all first-time employees who enter the formal workforce in the private sector. This will be provided as a direct benefit transfer in two installments and is applicable to employees with a salary of up to ₹1 lakh per month. This is designed to help new recruits with their initial expenses as they start their careers.
2. Financial Incentives for Employers
The second component of the scheme is aimed at encouraging companies to create more jobs. It provides financial incentives to firms that hire new employees. To be eligible for these benefits, all new employees must be registered with the Employees' Provident Fund Organisation (EPFO), the country's state-backed retirement income manager.
The incentives for employers are tied to the provident fund base wage of the new employees: - For new employees with a base wage of up to ₹10,000, the incentive for the hirer will be ₹1,000. - For those with a base wage between ₹10,000 and ₹20,000, the incentive will be ₹2,000. - For salaries between ₹20,000 and ₹1 lakh, the benefit for the employer will be ₹3,000.
To ensure that the scheme leads to genuine job creation, companies will need to increase their total number of employees. - Firms with less than 50 employees will need to hire at least two additional staffers to be eligible. - Employers with more than 50 workers will need to add at least five new employees to their payrolls.
The Need for Job Creation in a Growing Economy
This massive scheme comes at a crucial time for the Indian economy. According to the government’s Economic Survey 2024, India needs to create approximately 7.85 million new non-farm jobs every year until 2030 to absorb its expanding labor force.
This is a significant challenge, and the Pradhan Mantri Viksit Bharat Rojgar Yojana is a direct and powerful step towards meeting this goal. The scheme is expected to create around 35 million new jobs over the next two years.
A Focus on Self-Reliance and Local Manufacturing
In his speech, Prime Minister Modi also placed a strong emphasis on the need for more self-reliance and local manufacturing. This is in response to the changing global economic landscape, which he described as having "rising economic selfishness."
He urged a boost to the domestic manufacturing of everything, from fertilizers and jets to electric vehicle batteries. This focus on "Make in India" is not just about economic growth. It is also about creating more high-quality jobs for the country's youth.
Other Key Announcements
Alongside the job scheme, the Prime Minister also outlined several other new economic and security initiatives in his 12th consecutive Independence Day address. These include: - A major overhaul of the Goods and Services Tax (GST). - A push for indigenous semiconductor production. - A new initiative called Mission Sudarshan Chakra, which is aimed at safeguarding the country's strategic and public sites.
These announcements, taken together, paint a picture of a government that is focused on strengthening the Indian economy, boosting domestic manufacturing, and creating a more prosperous future for its citizens.
Finding Your First Job with JobPe
This new government scheme is a fantastic opportunity for millions of freshers looking to enter the private sector. As companies get new incentives to hire, the number of entry-level job openings is expected to increase significantly.
To make the most of this opportunity, you need the right tools to find and apply for these jobs efficiently. This is where platforms like JobPe can make a huge difference.
JobPe is an AI-powered job search platform that helps you discover opportunities from across the web in one place. You can build a professional resume, practice for interviews, and even automate your application process to reach more employers.
As you begin your career journey, let JobPe be your partner in navigating the job market and landing that first great role.
Creative Content Writer
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