Latest Government Schemes

Hey Readers, let’s go through some of the schemes launched by the Government of India in the year 2020. The main purpose of these schemes is to address the social and economic welfare of the society.

  1. Atmanirbhar Bharat Abhiyan 

The Atmanirbhar Bharat Abhiyan was announced in four tranches by the Union Finance Minister Nirmala Sitharaman in May 2020. It aims to take India in the position of becoming self-reliant. The economic stimulus relief package announced by the government is touted to be worth Rs.20 Lakh crores. This amount is almost 10% of India’s GDP. This includes the already announced Rs 1.70 lakh crore relief package, as the PMGKY, for the poor to overcome difficulties caused by the coronavirus pandemic and the lockdown imposed to check its spread.

This scheme was based on 5 pillars that included economy, infrastructure, demographics, technology and demand. The relief package emphasized on land, labour, laws and liquidity.

For more details about the relief package, you can go to: https://byjus.com/free-ias-prep/atmanirbhar-bharat-abhiyan/.

2. Pradhan Mantri Kisan Maan Dhan Yojana

This a Central Sector Scheme which is administered by the Cooperation & Farmers Welfare, Department of Agriculture, Ministry of Agriculture & Farmers’ Welfare and Government of India in partnership with Life Insurance Corporation of India (LIC).

LIC is the Pension Fund Manager for PM Kisan Maan-Dhan Yojana that provides an assured monthly pension of Rs. 3000/- to all the farmers after the age of 60 years. This scheme was introduced with an aim to secure the lives of around 3 crores small and marginal farmers in India.

3. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme is Rs. 2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability.

The premium of Rs.12 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one instalment. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose. As on 31st March, 2019, cumulative gross enrolment reported by Banks subject to verification of eligibility, etc. is over 15.47 crore under PMSBY. A total of 40,749 Claims were registered under PMSBY of which 32,176 have been disbursed.

For more information, refer to: https://financialservices.gov.in/new-initiatives/schemes

4. Atal Pension Yojana (APY)

APY was launched on 9th May, 2015 by the Prime Minister. APY is open to all saving bank/post office saving bank account holders in the age group of 18 to 40 years and the contributions differ, based on pension amount chosen.  Subscribers would receive the guaranteed minimum monthly pension of Rs. 1,000 or Rs. 2,000 or Rs. 3,000 or Rs. 4,000 or Rs. 5,000 at the age of 60 years. Under APY, the monthly pension would be available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber.