Important Schemes and Government Policies in India

Schemes and Government Policies in India

 

 1. Pradhan Mantri Jan Dhan Yojna (PMJDY)

• This yojna was launched in the year 2014 on 28^th of August
•  The objective of this yojna was to make financial services accessible and affordable.
• It mostly targets people who are below poverty line and people who don’t have a bank account.
• This yojna proved to be huge success as more than 21 crore bank accounts got opened in just one and a half year of its initiation.

2. Pradhan Mantri Fasal Bima Yojana (PMFBY).

• This Yojna was undertaken in 2014 on 11^th of October;
• It provides insurance cover to rabi and kharif crops and also financial support to farmers in case there is any damage of crops.
• Under this scheme, farmers will have to pay a uniform premium of 2% for all kharif crops and 1.5% for all rabi crops.

3.   Make in India

• Make in India was an initiative started in 2014 on 27th September.
• The scheme focuses on job creation and skill enhancement in 25 sectors of the economy.
• The initiative hopes to attract capital and technological investment in India.

4. Pradhan Mantri Sukanya Samridhi Yojna (PMSSY)

• This initiative was taken in the year 2015 on 22 of January;
• It aimed at opening bank accounts for a girl child. Till she turns 14, money is to be deposited, minimum deposit can be of Rs.1000 per year and maximum can be 1.5 lakh per year.
• After which she can withdraw 50% of the deposited amount for her future endeavours.
• When a girl becomes 21, maturity amount can also be withdrawn with interest rates decided by the government.

5. Pradhan Mantri mudra yojna (PMMY)

• Launched in the year 2015 on 8^th of April;
• This Yojna was started to provide funds to the non-corporate small business sector.
•  Loans of 50 thousand to 10 lakh can be availed under Sishu, Kishore and Tarun categories.
• Under this Yojna till now approximately Rs. 1 lakh crore loans are sanctioned.

6. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

• This initiative was taken in the year 2015 on 9^th of May;
• PMJJBY provides life insurance cover to citizens.
• This Yojana is a government backed life insurance scheme. The scheme is open and available to all citizens between the ages of 18 to 50 years.
• Policy holders can get life insurance cover of Rs. 2 Lakh with an annual premium of Rs. 330 excluding service tax.

7. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

•  Launched in the year 2015 on 9^th Of May
• Its main Objective was to provide accidental insurance cover.
• It is a government backed accident insurance scheme, aimed at increasing the penetration of accidental insurance cover in India.
• The scheme is open and available to all citizens between the ages of 18 to 70 years.
• The policy holder gets a life insurance cover of Rs. 2 Lakh with an annual premium of just Rs. 12 excluding service tax. 

8. Atal Pension Yojana (APY)

•  Atal Pension Yojna was launched in the year 2015 on 9^th of May;
• This scheme aimed at increasing the number of people covered under any kind of pension scheme. It is one of the three Jan Suraksha schemes.
• It especially targeted the private unorganized sector and citizens between the ages of 18 to 40 years.
• The scheme also provides a monthly pension of Rs 1000 to Rs. 5000 per month based on the contributions made by the beneficiary.

9. Kisan Vikas Patra

• KVP was relaunched in the year 2015 on 3^rd of March;
• Its main objective was to provide safe and secure investment avenues to budding investors.
• It is an investment scheme that promises that the invested money will get doubled in 8 years and 4 months. However, investors would not get any tax benefit for their investment in KVP.
• The Kisan Vikas Patra certificates will be available in the denominations of Rs 1,000, 5,000, 10,000 and 50,000 and there is no upper limit.

10. One Rank One Pension (OROP) Scheme

•  This ambitious scheme was not initiated by the Modi government, however the government is working to implement this pending scheme.
• Its objective will be to provide same pension for same rank, for same length of service, irrespective of the date of retirement.

11.  Gold Monetisation Schemes

•  This scheme was launched in the year of 2015 on 04 of November;
• To reduce the reliance on gold imports over time and to lure tonnes of gold from households into the banking system were its main objectives.
• Under the scheme, people can deposit gold into the banks and earn interest based on the value of the gold.

12. Start-up India, Stand-up India

• This project was initiated in the year 2016 on 16^th of January,
• Its objective was to provide support to all start-up businesses. The start-ups can adopt self-certification to reduce the regulatory liabilities.
• An online portal, in the shape of a mobile application, was launched to help start-up founders to easily register.
• The app was launched on 1^st April.

13. Stand Up India Loan Scheme

•  The main objective of the scheme is to provide financial aid to SC/ST and women to promote entrepreneurship and employment in India.
• The financial aid will be provided to set up and grow businesses of SC/ST and women in need.
• The initiative will also encourage young minds to come up with innovative ideas and create job opportunities in the country.

 14. BHIM App

•  Indian government launched this app in the year of 2016 on 30^th December,
• Its aim was to enable citizens to send and receive payments using any of the three modes UPI (Unified Payment Interface), AEPS (Aadhaar Enabled Payment System) and USSD (Unstructured Supplementary Service Data) using the single BHIM app.

15. Vrishtha Pension Bima Yojana 2017 – The Old Age Pension Scheme

•  Indian government has initiated the idea of Old Age Pension Scheme so that senior citizens get more benefits under this pension scheme, at a minimum interest rate.

Here are some similar upcoming, implemented and proposed govt schemes that you should know about:

1. Universal Basic Income Scheme – (Being Considered)

• It is an Economic Survey done to weigh on cost benefits of India.
• Under this scheme our government will guarantee a minimum income level for citizens.
• Monthly income of Rs. 1000 will be insured to every poor person.

2. Insurance scheme for jan dhan account holders – (Proposed)

•  (PMJDY) account holders will be offered free Rs 2-lakh insurance cover for three years.
• There are about 27 crore account holders under the PMJDY scheme.

3. Start up India scheme for Women Entrepreneurs

• Our government is working on this initiative to give women entrepreneurs a chance to make it big.
• The scheme was unveiled on 1 April 2017 with an initial funding of Rs. 100 crore.
• Initially, the Start Up India scheme for women was be launched in 10 cities.

4. Power Tex India Scheme

• Power Tex India is a scheme for the Powerloom sector.
• It is an effective move to push the powerloom sector across the country and spread it globally.
• The ministry of textile has launched this Scheme in Bhiwandi, Maharashtra & Erode, Tamil Nadu.

5. Real Estate Bill 2016 to Bring Transparency to the Realty Sector

• The Real Estate Bill 2016 was passed by Rajya Sabha on March 10, 2016 and will soon become a Law.
• It aims at protecting the interests of  large number of aspiring house buyers.
• It will enhance credibility of construction industries.

6. Vidyalakshmi Loan Scheme

• Ministry of HRD has decided to launch a new scheme named as Vidyalakshmi to provide loans to IIT students after a recent fee hike in all IITs.
• This scheme will help students in getting interest free loans from the banks to pay their fee.
• Candidates whose family income is less than Rs. 9 Lakh per annum will be eligible for getting loans under this scheme.

Educational Schemes

1.    Shyama Prasad Mukherji Rurban Mission

• The Shyama Prasad Mukherji Rurban Mission (SPMRM) is a scheme launched by Government of India in 2016
• It aims to deliver integrated project based infrastructure in the rural areas, which will also include development of economic activities and skill development.

2.  Setu Bharatam Project

• Setu Bharatam programme for building bridges for safe and seamless travel on National Highways, in New Delhi

3.  Pradhan Mantri Ujjwala Yojana

• Launched in 2016 on 1^st May from Ballia in Uttar Pradesh.
• The scheme is aimed at replacing the unclean cooking fuels mostly used in the rural India with the clean and more efficient LPG (Liquefied Petroleum Gas).
• Under this scheme, the government aims to provide LPG connections to BPL households in the country.

Here are some more such schemes which are yet to be implemented:

4.  Pradhan Mantri Surakshit Sadak Yojana – Making Roads Safer (Upcoming)
5. Shala Ashmita Yojana (Upcoming)
6. Pradhan Mantri Gram Parivahan Yojana (Upcoming)
7. National Health Protection Scheme (NHPS) – Health Insurance Cover for Poor (upcoming)