What are key government efforts towards jobs creation?
The key government initiatives can be discussed under various heads as follows:
Guaranteed Wage Employment – MGNREGA
Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) was enacted in 2005, with the aim to enhance livelihood security of the households in rural areas of the country by providing at least 100 days of wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work.
Measures for Self Employment
Government measures for self employment are as follows:
Startup India Program- An Initiative for Innovation and Inclusiveness
- To promote entrepreneurship, innovation and inclusive development at all the levels of economic growth and social development process.
- Startup India mission will ease the transition from education to employment for
a youngster while nurturing innovative mindset.
- This is the platform where creative and innovative youth will get a forum to translate their dream into reality.
Promoting indigenous handicraft industries
- Providing Skill Development Training for Carpets weaving.
- Setting up of Indian Institute of Carpet Technology (IICT) at Bhadohi.
- Interest subvention and grant of MUDRA loan schemes to the handicrafts artisans so as to compete with machine-made products.
- Organizing Indian Handicrafts & Gifts Fair twice a year
Stand up India Scheme
- Stand Up India Scheme promotes entrepreneurship among Scheduled Castes/Schedule Tribes and Women.
- The schemes provides for composite loans by banks between Rs. 10 lakh and upto Rs.100 lakh for setting up a new enterprise in the non-farm sector.
- These loans would be eligible for refinance and credit guarantee cover.
- There will be a credit guarantee fund of Rs. 5,000 crore for providing guarantee cover for loans under Stand Up India in first five years.
Creating Employment through Skill Development
MUDRA Bank Micro Units Development Refinance Agency (MUDRA) Bank
- To encourage entrepreneurs to set up micro units.
- The Bank will refinance Micro-Finance Institutions through a Pradhan Mantri Mudra Yojana and will have a corpus of Rs 20,000 crore, and credit guarantee corpus of Rs 3,000 crore.
- Priority to be given to SC/ST enterprises while lending.
- These bottom-of-the-pyramid, hard-working entrepreneurs (SC/ST) find it difficult, if not impossible, to access formal systems of credit.
- These measures will greatly increase the confidence of young, educated or skilled workers who will now be able to aspire to become first generation entrepreneurs.
- Existing small businesses, too, will be able to expand their activities.
Deen Dayal Upadhyay Gramin Kaushal Yojana
Launched to cater to rural youth employment opportunities.
Disbursement will be through a digital voucher directly into qualified student’s bank account
SETU (Self Employment and Talent Utilisation)
SETU is be a TechnoFinancial, Incubation and Facilitation Programme to support all aspects of start-up businesses, and other self-employment activities, particularly in technology-driven areas.
Atal Innovation Mission (AIM)
- AIM will be an Innovation Promotion Platform involving academics, entrepreneurs, and researchers and draw upon national and international experiences to foster a culture of innovation, R&D and scientific research in India.
- The platform will also promote a network of world-class innovation hubs and Grand Challenges for India.
Self Employment in Horticulture
- One can start the Agriculture Clinic and Government provides money (up to 10.00 Lac) for this venture.
- An educated horticulturist expert can raise commercial nursery of fruit plants, flower and ornamental plants, Seed producer of vegetables and flower crops, Fruit/ Vegetable / Flower grower, Floral decorator/ florist shop, Horticulture Services Contractor, Mushroom grower, Seed dealer/ Merchant, Proprietor cold storage, Processing work of horticulture production and one can start establishing an institute for vocational education (Horticulture / Landscape) etc.
National Rural Livelihood Mission (NLRM) / Aajeevika
- It is designed as a special programme for rural development .
- For basic skill development of the BPL rural youths, the Rural Self Employment Institutes (RSETIs) under NRLM have been set up, which enables them to undertake micro enterprises and wage employment.
Foreign Direct Investment and Employment
Make in India Programme
- Through Make in India programme, the government intends to create 100 million new jobs by 2022 providing manufacturing sector a stronger role in domestic job creation.
- It has a goal of transforming the country into a global manufacturing hub.
Ease Of Doing Business
- The corporate tax rate for companies registered in India to go down from 30% to 25% of net profits in a phased manner.
- Goods and Services Tax has been implemented.
- Operationalsing the e-BIZ portal.