The Government of India’s welfare programs is intended to protect citizens from the economic risks and insecurity of life. The most common programs benefit the elderly or retired, the sick or disabled, dependent survivors, mothers, the unemployed, the injured at work, and families. The methods of financing and administration and the scope of coverage and benefits vary greatly between countries. These programs will be extremely beneficial to our country. The Government of India has many welfare programs, such as Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Jan Dhan Yojana, Stand up India scheme, etc.
What Do You Understand By Welfare Programmes?
Welfare programs are government-funded assistance programs for low-income families and individuals. The main features of a welfare or security program are the risks to be protected against, the population covered, eligibility criteria, benefit levels, financing methods, and administrative procedures. In practice, all of these criteria are subject to wide variation. Eligibility criteria, in particular, frequently include a “time-lock,” which requires participation in or coverage by a program for a set period. Financing is typically accomplished through contributions from covered individuals, employers, or both, contributions from the government from general revenues, or a combination of the two. Social welfare systems may go by different names in each state, but they all serve the same purpose. When comparing one state’s program to another can lead to anomalies. Furthermore, the conditions for eligibility vary depending on the poverty line in a given state. The Indian government runs many social welfare programs like Pradhan Mantri Jan-Dhan Yojana, Stand Up India Scheme, The Pradhan Mantri Jeevan Jyoti Bima Yojana, and many more.
Pradhan Mantri Jan Dhan Yojana
Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a National Mission for Financial Inclusion that provides affordable access to financial services such as basic savings and deposit accounts, remittance, credit, insurance, and pensions. Persons who do not have other accounts can open a basic savings bank deposit (BSBD) account at any local bank or Business Correspondent (Bank Mitra) outlet under the Yojana. The scheme was launched in August 2014, and as of September 2014, the Ministry of Finance reported that over 4 crore bank accounts had been opened. Individuals can access financial services such as pensions, insurance, and banking through the PMJDY scheme. Individuals can open a zero balance account under PMJDY. Individuals who want to use the cheque facility, on the other hand, must keep a minimum balance. The individual will not be charged to open an account under the Pradhan Mantri Jan Dhan Yojana scheme.
Stand up India Scheme
The Stand-Up India scheme aims to provide bank loans ranging from one million to one crore to at least one SC or ST borrower and at least one woman borrower per bank branch to establish a greenfield enterprise. This business could be in manufacturing, services, agriculture, or trading.
Eligibility for the Standup India Scheme is mentioned below-
SC/ST and woman entrepreneurs over the age of 18.
Only greenfield projects are eligible for loans under the scheme. In this context, the green field refers to the beneficiary’s first venture in the manufacturing, services, agri-allied activities, or trading sectors.
In the case of non-individual enterprises, 51 per cent of the equity stake and ownership interest should be held by either SC/ST or Women Entrepreneur.
Borrowers should not be in default with any bank or financial institution.
The Goal of the Loan is to establish a new enterprise by an SC/ST/Women entrepreneur in manufacturing, services, agri-allied activities, or the trading sector.
Pradhan Mantri Jeevan Jyoti Bima Yojana
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), launched in 2015, is a one-year life insurance scheme renewable yearly and provides death coverage. Insurance companies administer the scheme from the public and private sectors, collaborating with scheduled commercial, rural, and cooperative banks. The government has placed a strong emphasis on the insurance sector, as previously, a large portion of the population lacked access to insurance coverage. This social security scheme was designed to foster the spirit of inclusive growth in tandem with the vision of ‘Sabke Saath Sab ka Vikas,’ to include the poor and underprivileged sections of society.
As of March 31, 2019, 59.2 million people had enrolled in this scheme. One hundred thirty-five thousand two hundred twelve claims have been paid out for $27,042.4 million. According to news reports from 2021, the scheme failed during the COVID-19 crisis, resulting in an unusually high number of deaths.
So, at last, we know that India’s rapid economic growth is accompanied by economic inequality, poverty, and various social issues; as a result, the government is launching public-benefit social welfare programs like Pradhan Mantri Jan-Dhan Yojana, Stand Up India Scheme, The Pradhan Mantri Jeevan Jyoti Bima Yojana, and many more. India’s social welfare scheme has benefited underprivileged people, small business owners, and empowered women in India. The Prime Minister has taken several initiatives to help the economically and socially disadvantaged members of society. The social welfare programs are designed to eliminate poverty and unemployment. It contributes to the spread of education, health benefits, and skill development programs.