PM-VBRY creates over 70 lakh jobs since launch; PM Modi releases ₹2,400 crore to support 15 lakh hires

Over 70 lakh people got employment across the country under Pradhan Mantri Viksit Bharat Rozgar Yojana (PM-VBRY) so far, said Prime Minister Narendra Modi on Friday as he disbursed incentives worth ₹2,400 crore to support 15 lakh new jobs.

The government's flagship employment-linked incentive scheme, aimed at helping first-time job seekers and expanding social security coverage across sectors, was launched in August last year.

At an event here, Modi transferred ₹2,400 crore to eligible beneficiaries' bank accounts through the direct benefit transfer mode as incentives to support the creation of 15 lakh employment opportunities.

Sharing the achievements of the scheme, Modi said that nearly 70 lakh new jobs have been created so far, and an equal number of first-time employees have been brought under the ambit of social security.

He further noted that close to 20 lakh young people have completed six months in their first jobs, while around 10 lakh beneficiaries have already received incentives under the scheme upon completing this milestone.

According to Modi, the support is more than financial assistance; it reflects the nation's recognition of the hard work of its youth and its confidence in their future.

"Employment generation gains momentum when the government, industry, and youth work together. The initiative is a reflection of a new India where young people receive opportunities, industries receive encouragement, and employment generation becomes a national mission," Modi said.

"Prime Minister Viksit Bharat Rozgar Yojana is much more than an employment scheme. It is an initiative designed to strengthen the aspirations of young people entering their first jobs while creating a robust bridge between industry and the workforce", Modi remarked.

He observed that while many schemes are typically focused either on employees or employers, this programme simultaneously supports both.

The government stands with young people beginning their professional journeys and encourages institutions that create new employment opportunities, he added.

Modi emphasised that over the past twelve years, the government has worked to strengthen every pathway to employment.

"Significant efforts have been made across sectors ranging from infrastructure and innovation to manufacturing, the digital economy, space technology, and startups. Initiatives such as 'Make in India', 'Vocal for Local', efforts to take local products to global markets, and 'Mission Manufacturing' have expanded avenues for both employment and self-employment," Modi said.

The government is focused on linking employment with security, dignity, and social protection, the prime minister said, adding that the technology is being leveraged to modernise the Employees' Provident Fund Organisation (EPFO), simplify pension systems, and expand access to health insurance and affordable healthcare for millions of workers. "The same philosophy guides labour reforms undertaken by the government."

The prime minister also highlighted the growing contribution of women to India's economic and social development.

"Reforms relating to night-shift employment, the promotion of work-from-home opportunities, and the strengthening of workplace safety mechanisms are intended to enhance women's participation in the workforce further," Modi underscored.

He also emphasised the importance of skilled talent, innovation, and quality in determining economic success in the twenty-first century.

According to him, countries possessing these strengths will attract the greatest opportunities, and India has unprecedented potential in all three areas.

In the 21st century, opportunities will belong to nations that nurture skilled talent, foster innovation and uphold the highest standards of quality, he said, adding that India has unprecedented capability in these three areas.

On this occasion, Union Minister for Labour & Employment, Mansukh Mandaviya, highlighted that nearly 17 crore jobs were generated between 2014 and 2024, as against 2.9 crore jobs created during the preceding ten years until 2014.

Mandaviya stated that between 2017 and 2023, India's employment elasticity stood at 1.11, indicating that every 1% increase in Gross Value Added was accompanied by a 1.11% increase in employment, compared to the employment elasticity of 0.008 recorded under earlier governments.

He also drew attention to the decline in India's unemployment rate, which now stands at around 3.1%, and is below the global average of 4.8%.

PM-VBRY came into effect on August 1, 2025, and is designed to promote formal employment and incentivise job creation.

Under Part A of the scheme, first-time employees registered with EPFO and earning wages up to ₹1 lakh per month are eligible for an incentive equivalent to one month's wage, up to ₹15,000, in two installments.

Under Part B of the scheme, employers generating additional employment are eligible for incentives of up to ₹3,000 per month per additional employee for a period of two years.

Employers in the manufacturing sector are eligible to receive incentives for an additional two years.

With a total outlay of ₹99,446 crore, PM-VBRY aims to facilitate the creation of more than 3.5 crore jobs over a two-year period.

Of these, around 1.92 crore beneficiaries are expected to be first-time entrants into the workforce.

Since August 2025, more than 70 lakh first-time employees have been brought into the formal workforce under PM-VBRY, with women accounting for nearly 30% of the beneficiaries.

Employees who remain in continuous employment for more than six months become eligible to receive benefits under the scheme.

(Except for the headline, Fortune India has not edited the content of this PTI report.)