PLI Schemes Have Potential To Generate 60 Lakh New Jobs In Next 5 Years

During 2017-18, the Ministry of Statistics and Programme Implementation (MoSPI) collected employment and unemployment statistics through the Periodic Labour Force Survey (PLFS). According to the most recent Annual PLFS Reports, the predicted Unemployment Rate (UR) for those aged 15 and above has declined from 6% to 4.1% from 2017-18 to 2021-22. The Indian government has taken several steps to increase employment in the country.

The Indian government has taken a number of steps to increase employment in the country. The budget for 2023-24 proposed a 33% increase in capital investment outlay to US$ 121.60 billion (Rs. 10 lakh crore). This recent large rise has been essential to the government's attempts to expand economic potential and job creation. The Indian government has announced the Aatmanirbhar Bharat package, which would give a fiscal boost of more than US$ 328.32 billion (Rs 27 lakh crore) to offset the negative impact of Covid 19.

On October 1, 2020, the Aatmanirbhar Bharat Rojgar Yojana (ABRY) was launched to encourage companies to generate new employment and restore jobs lost during the Covid-19 pandemic. The scheme has provided benefits to 60.3 lakh beneficiaries since its inception and will continue to do so till March 2023.

The government has been executing the Prime Minister Street Vendor's Atma Nirbhar Nidhi (PM SVANidhi Program) from June 1, 2020, to grant collateral-free working capital loans to street vendors in order to enable them to relaunch their operations. The program had disbursed 42.21 lakh loans as of March 13, 2023.

The government is implementing the Production Linked Incentive (PLI) programmes over a five-year period beginning in 2021-22, with an outlay of US$ 23.95 billion (Rs. 1.97 lakh crore), with the potential to create 60 lakh new jobs.

Other flagship government programs include Make in India, Start-up India, Stand-up India, Digital India, the Prime Minister's Employment Generation Programme (PMEGP), the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), Pt. Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY), and the Deen Dayal Antodaya Yojana-National Urban Livelihoods Mission (DAY-NULM).