Paid to hire, paid to work: Inside India’s Rs 99,446 cr plan to reshape the formal workforce
The government has launched the Pradhan Mantri Viksit Bharat Rozgar Yojana, known as PMVBRY, to boost formal‑sector jobs. The program provides monetary incentives to companies that hire workers under formal contracts. First‑time employees who join the formal workforce also receive a financial benefit under the scheme. Officials say the plan is designed to generate more than 3.5 crore jobs by 2027. Of those, roughly 1.92 crore positions are expected to be filled by people entering formal employment for the first time. A special set of incentives targets the manufacturing sector to raise its share of new jobs.
Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY) is introduced to enhance formal employment across various sectors. The scheme includes financial incentives for both employers and first-time employees entering the formal job market. PMVBRY aims to create more than 3.5 crore jobs including 1.92 crore first-time workers by 2027. It targets an increase in manufacturing employment with unique incentives for the sector.