Rolling out the much anticipated economic revival plan, the Union government has announced to pump over Rs 27 lakh crore for its flagship initiatives including Digital India, Make in India, Swachh Bharat Mission, Smart City Mission, Atal Mission for Rejuvenation and Urban Transformation, Housing for All, Infrastructure development and Industrial corridors to not just bring the economy back in order but also to generate ‘productive employment opportunities.
Reiterating the Union government's intention in Rajya Sabha, minister of state for labour and employment Santosh Kumar Gangwar said that the government has increased public expenditure on various schemes run by the ministry of micro, small and medium enterprises, ministry of rural development and ministry of housing and urban affairs.
In his written submission in Rajya Sabha Gangwar said that the Aatmanirbhar Bharat Rozgar Yojna (ABRY) Scheme has been launched to incentivise employers for the creation of new employment along with social security benefits and restoration of loss of employment during the Covid-19 pandemic.
According to Gangwar, under ABRY, the Government of India is bearing for a period of two years, both the employees' share (12% of wages) and employers' share (12% of wages) of contribution payable or only the employees' share, depending on employment strength of the Employees' Provident Fund Organisation (EPFO) registered establishments.
Under Pradhan Mantri Rojgar Protsahan Yojana (PMRPY), the Centre is incentivising employers for the creation of new employment with social security benefits by paying the employer's full contribution that is 12% towards EPF and EPS both (as admissible from time to time) for a period of three years to the new employees through EPFO.
Gangwar further informed that the Pradhan Mantri Mudra Yojana (PMMY) has been initiated by the Centre inter alia, for facilitating self-employment. Under the PMMY, collateral-free loans upto Rs 10 lakh, are extended to micro/small business enterprises and to individuals to enable them to support or expand their business activities.