Professional Documents
Culture Documents
GST (Goods and Services Tax) is an indirect tax (sometimes known as a consumption tax)
imposed on the supply of goods and services in India. It is a destination-based, multistage,
comprehensive tax: comprehensive since it includes practically all indirect taxes, with the
exception of a few state levies. The GST, as a multi-staged tax, is imposed at each stage of
the production process, but it is intended to be refunded to all parties involved in the various
stages of production except the final consumer, and as a destination-based tax, it is collected
from the point of consumption rather than the point of origin, as previous taxes were.
For tax collection purposes, goods and services are separated into five tax slabs: 0%, 5%,
12%, 18%, and 28%. Petroleum items, alcoholic beverages, and electricity, on the other hand,
are not taxed under GST and are instead taxed separately by individual state governments, as
was the case under the old tax regime. Rough precious and semi-precious stones are taxed at
a special rate of 0.25 %, while gold is taxed at 3%. Furthermore, 22 % cess or other charges
on top of the 28 % A few things, such as aerated drinks, expensive autos, and tobacco
products, are subject to GST. Pre-GST, most commodities had a statutory tax rate of around
26.5 %; post-GST, most goods are likely to have a tax rate of around 18 %.
Central Taxes Replaced by GST State taxes have been replaced by GST-
PM SVANidhi
This scheme was initiated by the Ministry of Housing and Urban Affairs.
It focuses to provide affordable working capital loans to street vendors to resume their
livelihoods that were impacted during the Covid-19 lockdown.
The vendors can avail of a working capital loan of up to Rs. 10,000, which is repayable in
monthly instalments in the tenure of one year.
Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)
It was initiated in the 10th five-year plan in 2005 and works under the Ministry of Rural
Development.
It is a centrally sponsored scheme with the pattern 90:10.
It provides a legal guarantee of at least 100 days of unskilled manual work in rural areas.
Any member greater than 18 years of age of a rural household, willing to do unskilled
manual work can apply to the local Gram Panchayat (which will issue a Job Card).
National Career Service
It was envisioned for transforming the National Employment Service to provide various
employment-related services such as job matching, career counselling, vocational
guidance, information on skill development courses, apprenticeships, internships, etc
through an online portal.
National Career Service (NCS) focuses on a one-stop solution to provide various
services related to employment and career-related services to the citizens of India.
This program is implemented by the Directorate General of Employment, Ministry of
Labour & Employment.
National Rural Livelihood Mission (NRLM)
The scheme named Deendayal Antyodaya Yojana- NRLM (national rural livelihood
mission) was launched by the Ministry of rural development, govt.
In India in June 2011 a restructured form of the Swarna Jayanti gram Saroja Yojna
(SGSY).
This scheme is fully focused on promoting self-employment and the organization of the
people who live in rural areas.
In this program, the main idea is to organize the poor into a self-help group.
This scheme aims to create efficient and effective institutional platforms for the rural
poor, enabling them to make their livelihood and good standard of living.
It aims to cover 7 crore low households, 600 districts, 6000 blocks, 2.5 lakh gram
panchayats, and 6 lakh villages across the country through self-help groups and helps
them for livelihood in a period of 8 to 10 years.
National Urban Livelihood Mission (NULM), 2013
It is a scheme initiated by the Ministry of Housing and Urban Affairs.
A Centrally Sponsored Swarna Jayanti Shahari Rozgar Yojana (SJSRY) since 1997 has
been restructured as DAY - National Urban Livelihoods Mission since 2013.
It is for all cities with a population of more than 1 lakh or more.
It was brought in to decrease poverty, gain self-employment and skilled wage
employment, and build strong grassroots level institutions.
The mission would aim at providing shelter equipped with essential services to the urban
homeless
Unemployment affects FMCG, education, tourism etc sectors as most of the spending is done
by the youth and unemployment sucks the spending power of youth.
Youth Perspective:
Unemployment is one of the pain areas and prickly issues being faced by any economy.
Unemployment not just in uneducated but also has branched its roots in the educated sectors.
India being a young country constitutes a major chunk of its population be youth and to tap
their full potential we need to empower our youth with the right set of skills and
opportunities.
Many young people today recognise the significance of focusing on continuous business
growth, establishing the proper team, and empowering them to achieve that success. Because
metros and big towns are already saturated, entrepreneurs should focus on rural areas and tier
2-3 cities with superior products and services. According to industry analysts, any company
that improves the quality of life for children and teenagers will prosper. Start-ups have the
potential to develop and become large corporations. Continue to push yourself and set new
goals for yourself.
Entrepreneurship is our greatest weapon to counteract this issue and to empower our youth.
Youth by default are energized and empowered, they are willing to explore new territories
and take up new challenges and risks. While working as an entrepreneur, an individual gets to
work on multiple things, juggle different roles and turn them into better leaders and better
individuals. Put aside the fact that Entrepreneurship brings big money from investors and
even foreign clients, it also has a key role to play in building a character.
When battling unemployment, entrepreneurship is a solution, entrepreneurs open doors to
new ventures, new business, new alliances etc. When an investor puts money into a start-up
or a venture, the entrepreneur automatically gets to expand its team to scale the venture and
hence providing employment to more people.
These days entrepreneurs are willing to hire to even resources who do not have formal
education or a degree but have the right attitude, skillset and willingness to learn, which is a
big shift in the thought process in comparison to corporate or big companies who are adamant
on hiring from Ivy League colleges or shortlist candidates on the basis of qualifications not
capabilities.