New Delhi | Jagran Business Desk: In order to boost employment opportunities across the country during the COVID-19 recovery phase, Finance Minister Nirmala Sitharaman on Thursday announced the "Atmanirbhar Bharat Rozgar Yojana".

Informing that this scheme will be effective from October 1, 2020, Sitharaman said that "this scheme will cover any new employee joining employment in EPFO-registered establishment on monthly wages less than Rs 15,000 crore".

"If new employees of requisite number are recruited from October 1, 2020 to June 30, 2021, the establishments will be covered for the next two years," Sitharaman was quoted as saying news agency ANI.

She further informed that employees contribution (12 per cent of wages) and employer's contribution (12 per cent of wages) totalling 24 per cent of wages would be given to establishments for two years.

According to the Finance Minister, the condition for this scheme would be "adding a minimum of two new employees for establishments with up to 50 employees". However, she said that this organisations with more than 50 employees will have to give a minimum of five new jobs.

Sitharaman also informed that the central government will provide Rs 10,000 crore PM Garib Kalyan Rozgar Yojana in the current financial year to boost rural employment.

Sitharaman cites PMI, FDI, stocks markets to show 'strong recovery'

Sitharaman on Thursday said the Indian economy was witnessing a strong recovery. Addressing the media, Sitharaman cited several data, including the growth in Composite Purchase Managers Index (PMI), GST collections, FDI inflow and the stock markets' recent surge to record highs to show a strong revival of the Indian economy.

She also said that bank credit has grown by 5.1 per cent on a year-on-year basis. FDI inflows in April-August stood at USD 35.37 billion, 13 per cent higher on a year-on-year basis.

The minister noted that prominent economists have suggested that the rebound has not come only due to pent-up demand but also because of "strong economic growth".

(With IANS inputs)

Posted By: Aalok Sensharma