Government Unveils Rs 1-Lakh Crore Job Creation Initiative

The government has introduced an ambitious initiative, the Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY), aimed at catalyzing job creation across India. Announced by Union Minister Mansukh L Mandaviya, this Rs 1-lakh crore initiative targets the creation of over 3.5 crore jobs over the next two years.

This substantial scheme is structured into two parts. Part A offers first-time employees an incentive equating to an average month's wage, up to Rs 15,000, in two instalments. Employers stand to benefit through Part B, with financial rewards based on employee salary brackets, promoting new hirings and job retention.

The manufacturing sector receives a particular focus, with incentives extended to a four-year period, as highlighted by the ministry. By supporting both employees and employers, the scheme promises not only to provide immediate financial benefits but also to foster long-term employment growth across various sectors.

(With inputs from agencies.)