Cabinet approves Atmanirbhar Bharat Rojgar Yojana (ABRY) - Pragnya IAS Academy - News Analysis.

Cabinet approves Atmanirbhar Bharat Rojgar Yojana (ABRY).

The Union Cabinet, chaired by the Prime Minister, Narendra Modi, has given its approval for Atmanirbhar Bharat Rojgar Yojana (ABRY) to boost employment in formal sector and incentivize creation of new employment opportunities during the Covid recovery phase under Atmanirbhar Bharat Package 3.0.

Cabinet has approved an expenditure of Rs. 1,584 crore for the current financial yearand Rs.22,810 crore for the entire Scheme period i.e. 2020-2023.

The salient features of the Scheme are as under:

1. Government of India will provide subsidy for two years in respect of new employees engaged on or after 1st October, 2020 and upto 30th June, 2021.

2. Government of India will pay both 12% employees' contribution and 12% employers' contribution i.e. 24% of wages towards EPF in respect of new employees in establishments employing upto 1000 employees for two years,

3. Government of India will pay only employees' share of EPF contribution i.e. 12% of wages in respect of new employees in establishments employing more than 1000 employee for two years.

4. An employee drawing monthly wage of less than Rs. 15000/- who was not working in any establishment registered with the Employees’ Provident Fund Organisation (EPFO) before 1st October, 2020 and did not have a Universal Account Number or EPF Member account number prior to 1stOctober 2020 will be eligible for the benefit,

5. Any EPF member possessing Universal Account Number (UAN) drawing monthly wage of less than Rs. 15000/- who made exit from employment during Covid pandemic from 01.03.2020 to 30.09.2020 and did not join employment in any EPF covered establishment up to 30.09.2020 will also be eligible to avail benefit,

6. EPFO will credit the contribution in Aadhaar seeded account of members in electronic manner, EPFO shall develop a software for the scheme and also develop a procedure which is transparent and accountable at their end. EPFO shall work out modality to ensure that there is no overlapping of benefits provided under ABRY with any other scheme implemented by EPFO.

The above Article can also be read uisng the link below:

Cabinet approves Atmanirbhar Bharat Rojgar Yojana (ABRY)

'Invest India' Bags UNCTAD's Investment Promotion Award 2020 - Pragnya IAS Academy- News Analysis.

'Invest India' Bags UNCTAD's Investment Promotion Award 2020.

'Invest India' bags UNCTAD's Investment Promotion Award 2020

The UNCTAD has declared 'Invest India' as winner of the 2020 United Nations Investment Promotion Award, according to a release by the Ministry of Commerce and Industry.

"Invest India" is the National Investment Promotion and Facilitation Agency of India and act as the first point of reference for investors in India. It is a non-profit venture set up in 2009 under the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India.

The award ceremony took place on Monday at UNCTAD Headquarters in Geneva. The award recognises and celebrates the outstanding achievements of the World's best-practice investment promotion agencies.

The evaluation was based on UNCTAD's assessment of work undertaken by 180 national Investment Promotion Agencies across the world.

The Union Commerce Ministry said that the COVID-19 pandemic had generated important challenges for investment promotion agencies (IPAs), forcing them to shift focus from routine investment promotion and facilitation towards crisis management, notification of government emergency and economic relief measures, provision of crisis support services, and contribution to national COVID-19 business response efforts.

"All this was being done while agencies had closed offices, moved functions online and asked staff to work from home. In March 2020, UNCTAD constituted a team to monitor IPAs response to the pandemic," read the release.

UNCTAD reported best practices from investment promotion agencies in the IPA Observer publications in April 2020 and July 2020. IPAs response to the pandemic became the basis for the evaluation of the 2020 United Nations Investment Promotion Award.

UNCTAD highlighted good practices followed by 'Invest India' such as the Business Immunity Platform, Exclusive Investment Forum webinar series, its social media engagement and focus COVID response teams (such as business reconstruction, stakeholder outreach and supplier outreach) created as a response to the pandemic in its publications.

Invest India has also shared long-term strategies and practices being followed for investment promotion, facilitation and retention at UNCTAD's high-level brainstorming sessions.

Deepak Bagla, MD and CEO, Invest India said that the award is testament to Prime Minister Narendra Modi's vision of making India a preferred investment destination with a focus on both ease of living and ease of doing business.

"It bears testimony to his focus on bringing excellence within the Government. This award also recognises the Indian Government's effective management of the COVID pandemic," he said. (ANI)

The above Article can also be read using the link below:

'Invest India' Bags UNCTAD's Investment Promotion Award 2020.