Prime Minister Narendra Modi, in his Independence Day address from the Red Fort on Friday, announced the launch of the ‘PM Viksit Bharat Rozgar Yojana’, aimed at boosting youth employment in the country. The scheme is expected to benefit nearly 3.5 crore young Indians entering the job market.

According to the Prime Minister, the initiative has been allocated a budget of ₹1 lakh crore. Under its provisions, individuals securing their first jobs in the private sector will receive a one-time financial assistance of ₹15,000 from the government. The support is designed to help new employees meet initial expenses as they transition into professional life.

The scheme was launched on 15 August 2025 and is part of the government’s broader employment generation strategy. Officials have stated that the focus will be on ensuring that the financial benefit reaches eligible candidates promptly, with a streamlined application process expected to be outlined in the coming weeks.

Employment experts believe that the scheme could encourage companies to hire fresh talent while also providing young workers with a financial cushion. However, economists have noted that its long-term impact will depend on complementary policies to pl sustain job creation across various sectors.

The announcement comes at a time when the government is working to address youth unemployment challenges and enhance private sector participation in workforce development. More details on eligibility criteria and implementation procedures are anticipated soon from the Ministry of Labour and Employment.