Stimulus 3.0: Jobs in construction to get a boost, formal sector downbeat

The government increased the budget allocation towards the PMAY by over three times to Rs 26,000 crore, from the present Rs 8,000 crore in FY21

The government’s fresh stimulus package focuses on boosting jobs in the economy, with measures to incentivise private sector hiring and increased allocation towards government schemes.

The government announced the ‘Atmanirbhar Bharat Rozgar Yojana (ABRY)’ to subsidise Employees’ Provident Fund (EPF) contribution for jobs created between October 2020 and June 2021, with an allocation of Rs 36,000 crore (of which Rs 6,000 crore will be spent in this fiscal year, or FY21).

The government increased the budget allocation towards the Pradhan Mantri Awas Yojana (PMAY) by over three times to Rs 26,000 crore, from the present Rs 8,000 crore in FY21.