The Government of India rolled out the Atmanirbhar Bharat Rojgar Yojana to boost employment and revive the economy after the pandemic period. The scheme is a part of the Atmanirbhar Bharat package that deals with the revival of the economy by way of creating jobs and providing employment stimulus.
- The ABR Yojana primarily focuses on generating employment by encouraging businesses to make new hires.
- It offers subsidies to employers for new employees.
- It was initially announced in 2020 as part of the pandemic recovery efforts.
Why In News
The Atmanirbhar Bharat Rojgar Yojana has recently been in the spotlight due to its critical role in mitigating the unemployment crisis triggered by the COVID-19 pandemic. As businesses start to rebound, this scheme is pivotal in encouraging them to expand their workforce. Moreover, its extension and modifications have been widely covered, highlighting its ongoing relevance and impact.
What is Atmanirbhar Bharat Rojgar Yojana?
The Atmanirbhar Bharat Rojgar Yojana is one of the strategies used by the Indian government to stimulate employment in the formal sector. Moreover, the scheme involves an incentive given to all employers who create new jobs through subsidies against Provident Fund contributions made by them for newly recruited employees.
Achievements:
- Boost in Employment: Since its inception, the scheme has successfully facilitated the employment of thousands of individuals across various sectors.
- Support to SMEs: Small and medium-sized enterprises, which are the backbone of the economy, have particularly benefited from the payroll subsidies.
- Enhanced Formal Employment: Encourages employers to formalize their workforce, leading to better job security and benefits for employees.
- Significant Uptake: A large number of companies have registered under the scheme, leading to a substantial increase in formal employment.
- Fiscal Impact: The fiscal stimulus provided has not only aided businesses in their recovery process but also catalyzed the economic revival at a broader level.
Significance
The significance of the Aatm Nirbhar Bharat Rojgar Yojana extends beyond mere numbers; it represents a pivotal shift towards enhancing the structural capabilities of the Indian economy.
- Economic Stability: The scheme helps maintain economic stability and consumer spending by subsidizing employment.
- Reduction in Unemployment: Targets the reduction of unemployment, especially among the youth and those severely impacted by the pandemic layoffs.
Other Initiatives by Government for Employment
In addition to the Aatm Nirbhar Bharat Rojgar Yojana, the government has launched several other initiatives to bolster employment across the country.
- Pradhan Mantri Kaushal Vikas Yojana (PMKVY): This scheme is aimed at skill development and training, facilitating youth to take up industry-relevant skill training that helps them secure a better livelihood.
- MUDRA Yojana: Focuses on providing loans to the non-corporate, non-farm sector income-generating activities of micro and small enterprises whose credit needs are below ₹10 lakh.
- Digital India: Promotes digital literacy and creates digital infrastructure, fostering technology-driven jobs across various sectors.
Through these initiatives, the government of India reinforces its commitment to creating a resilient and inclusive job market that can sustain economic shocks and pave the way for long-term prosperity.
