Atmanirbhar 3.0: Is hiring headed for a subsidy-backed boost?

The Atmanirbhar Bharat Rozgar Yojana (ABRY), announced by Finance Minister Nirmala Sitharaman on November 12, has evoked a fairly positive sentiment in industry corridors. That the Government is willing to incentivise hiring, given the current pandemic, economic and jobs reality, has inspired most of the cheer. The new ABRY scheme aims to incentivise creation of jobs in the country by offering subsidy to establishments for new hiring. The Government offers to cover the provident fund contributions of both employees as well as employers for two years.