Pradhan Mantri Viksit Bharat Rojgar Yojana (PM-VBRY)

Why in news

The Pradhan Mantri Viksit Bharat Rojgar Yojana (PM-VBRY) is a scheme aimed at encouraging first-time employment and incentivising employers to create new formal jobs, thereby supporting India's vision of Viksit Bharat 2047 and promoting workforce formalisation and social security.

Exam relevance

GS1, GS2, GS3 · Society, Economy, Governance · Prelims · Mains

Key facts

1. The Pradhan Mantri Viksit Bharat Rojgar Yojana (PM-VBRY) aims to encourage first-time employment.
2. The scheme incentivises employers to create new formal jobs.
3. PM-VBRY supports the vision of Viksit Bharat 2047.
4. It promotes workforce formalisation.
5. The scheme expands social security coverage and strengthens financial security for workers.
6. PM-VBRY operates through an EPFO-linked, technology-driven framework.
7. It combines employment generation, financial inclusion, and transparent implementation.

Prelims pointers

• PM-VBRY stands for Pradhan Mantri Viksit Bharat Rojgar Yojana.
• The scheme aims to encourage first-time employment.
• It incentivises employers to create new formal jobs.
• The scheme is linked to the EPFO framework.
• PM-VBRY supports the vision of Viksit Bharat 2047.

Mains practice question

Discuss the significance of the Pradhan Mantri Viksit Bharat Rojgar Yojana (PM-VBRY) in the context of India's demographic dividend and its goals for achieving a developed nation by 2047. What are the potential challenges and benefits associated with its implementation?

Static linkage

The scheme is linked to the national vision of 'Viksit Bharat 2047', which signifies a developed India by that year. It also relates to the broader goals of employment generation, formalisation of the economy, and social security, which are key components of India's socio-economic development policies and are often discussed in the context of economic surveys and budget allocations.

Significance

The PM-VBRY is significant for its potential to address the challenge of unemployment and underemployment among India's large young population. By encouraging formal employment, it aims to improve the quality of jobs, enhance social security benefits like provident fund and pension, and contribute to financial inclusion. This, in turn, can lead to more sustained and inclusive economic growth, leveraging India's demographic dividend. The technology-driven and EPFO-linked framework suggests a focus on transparency and efficient delivery of benefits.