70 lakh jobs created under PM-VBRY: Narendra Modi
GS3Economy · S&T · Environment · Security· Employment & inclusive growth· Prelims + Mains·
Why in news
Prime Minister Narendra Modi announced the creation of over 70 lakh jobs under the Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY) to expand formal employment.
Background
The PM-VBRY provides incentives of up to Rs 15,000 for new entrants and up to Rs 3,000 per month for employers creating additional jobs. As of the announcement, approximately 20 lakh first-time employees have completed six months in their roles under the scheme.
Facts for Prelims
- SchemePM-VBRY: A central government initiative providing financial incentives to employers for creating new jobs and hiring first-time employees.
- FactPM-VBRY incentives: Up to Rs 15,000 for new entrants and up to Rs 3,000 per month for employers.
- FactJob creation milestone: Over 70 lakh jobs created under the scheme as of the recent announcement.
For Mains
Q. Discuss how incentive-based schemes like PM-VBRY can transition India's workforce from informal to formal employment and enhance social security coverage.
Dimensions to cover in your answer
- Incentive structure: Balancing fiscal expenditure on subsidies versus long-term private sector job creation
- Formalization gap: Challenges in integrating gig and informal workers into structured social security frameworks
- Demographic dividend: Leveraging youth employment to drive innovation and global economic competitiveness
Keywords: Formalization of labor · Social security coverage · Demographic dividend · Incentive-based policy · Employment generation
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