Modi Launches Rs 1 Lakh Crore Job Scheme, Pioneers 'Made-in-India' Semiconductors

Prime Minister Narendra Modi announced the Pradhan Mantri Viksit Bharat Rojgar Yojana, a Rs 1 lakh crore employment scheme, from the Red Fort on Independence Day. Aimed at creating 3.5 crore jobs, the initiative also supports India's semiconductor drive, positioning the nation as a tech manufacturing leader.

In a landmark announcement on the 79th Independence Day, Prime Minister Narendra Modi launched the Pradhan Mantri Viksit Bharat Rojgar Yojana (PM-VBRY) from the Red Fort. With a staggering allocation of Rs 1 lakh crore, this scheme is designed to offer 3.5 crore employment opportunities for the youth and monetary incentives for first-time job seekers.

The program aims to create 1.92 crore new employment positions for young men and women in the private sector by July 2027. Companies are further incentivized to bolster job creation, with substantial benefits tied to meeting employment targets. The initiative was welcomed with enthusiastic applause at the Independence Day celebration.

Moreover, PM Modi announced an initiative to boost the semiconductor industry, revealing that 'Made-in-India' semiconductor chips would be available by year-end. Modi reflected on India's delayed entry into semiconductor manufacturing due to past governance and asserted the current government's commitment to establishing India as a key player in the global semiconductor market.

(With inputs from agencies.)