Government of India launches Rs 2,400 crore job creation incentive scheme

The Government of India announced the Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY), an employment-linked incentive scheme valued at approximately Rs 2,400 crore. The scheme is designed to accelerate job creation, promote the formalization of employment, and expand social security coverage across sectors. Under the program, first-time employees may receive an incentive of up to Rs 15,000, while employers generating additional jobs are eligible for incentives of up to Rs 3,000 per month per employee.

The scheme is designed to encourage both workers and employers to participate in the formal economy. By providing financial support to new workers and sustained incentives to employers, the program aims to enhance employability and drive economic growth. The incentives are available for four years for employers in the manufacturing sector.