On the occasion of India's 79th Independence Day, Prime Minister Narendra Modi announced the launch of the Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY), a ₹1 lakh crore scheme aimed at boosting employment for the country's youth. Speaking from the Red Fort, PM Modi highlighted that the government will provide ₹15,000 to first-time employees in the private sector who are registered with EPFO.
Key Highlights of PM-VBRY
- Target: Create employment opportunities for 3.5 crore youth over two years.
- Beneficiaries: 1.92 crore are expected to be first-time entrants into the workforce.
- Incentives:
- For First-Time Employees: One-month EPF wage up to ₹15,000 in two installments.
- For Employers: Incentives up to ₹3,000 per month for two years for each additional employee with sustained employment for at least six months.
- Duration: Applicable to jobs created between August 1, 2025, and July 31, 2027.
Other Announcements by PM Modi
- GST Reforms: Announced upcoming GST reforms this Diwali to reduce tax burdens.
- Government's Focus: Emphasized making government schemes more effective and accessible to citizens, highlighting successes like Pradhan Mantri Awas Yojana and Ayushman Bharat Yojana.
The PM-Viksit Bharat Rozgar Yojana aims to promote formal employment, financial literacy, and economic growth, aligning with India's vision of a developed nation by 2047.