FM Announces Extension Of Atmanirbhar Bharat Rozgar Yojana

The Finance Minister today said that the Atmanirbhar Bharat Rozgar Yojana, a scheme to incentivise employers for job creation, will be extended till March 31, 2022.

The scheme was to expire on June 30, 2021. Under the scheme, the government provides subsidy for two years for new employees that draw monthly wages less than Rs 15,000.

The approved outlay would be for Rs 22,810 crores, for 58.50 lakh beneficiaries. A benefit of Rs 902 crores has been given to 21.42 lakh beneficiaries of 79,577 establishments till June 18, 2021.

Nish Bhatt, Founder & CEO, Millwood Kane International - an Investment consulting firm, following the announcements said, " The onslaught of the second wave and the impact of the lockdown was severe, particularly for the contact-oriented businesses like travel & tourism and small businesses. The travel & tourism sector is crucial to earning foreign currency in the case of international tourism.

The announcement by the government is well-timed and in the right direction. MSMEs, MFIs, and small and unorganized sectors are the biggest employment creators. The measures will help boost growth, given the increased pace of vaccination across the country. The announcement for the health infra sectors will help strengthen the fight against the pandemic."

The enhanced limit for the credit guarantee scheme will ensure funding for businesses and help the most affected

sectors. The economy needs the government's support especially post the lockdown in months of April and May."