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An Overview of the Government Schemes in India

  • Highlights:

  • Government schemes are for the welfare of all citizens

  • Current government has launched several housing schemes

  • PMAY is a scheme facilitating affordable home ownership

  • You can get PMAY’s interest subsidy via BHFL’s Home Loan

Government schemes are programmes launched by the government in order to improve the standard of living of all citizens. Govt. schemes are typically categorised into 2 main types, i.e. central sector and centrally sponsored schemes. From the nomenclature, you can deduce that central govt. schemes are fully funded and implemented by the central government. These target the development of the country and are not limited to any one state. On the other hand, in case of centrally-sponsored schemes, the state bears a percentage of the cost for the scheme and the particulars of the offering are implemented by the state government.

Objectives of Govt. Schemes

Regardless of whether the state or the Centre is implementing the scheme, the main goal is always the welfare of Indian citizens. However, the objective of a specific scheme differs based on the governing body. Since centrally-sponsored schemes are generally put into effect by the respective state, the objectives will align with the state’s 5-year plan. Similarly, with central schemes, the nation’s goals are addressed, and they may give rise to multiple sub-schemes based on the scope.

To know the true objective of any given scheme, you’ll have to conduct your own research by visiting official government portals. The mission statement should give you a clear picture of what the scheme hopes to achieve.

List of Government Schemes

While there are many schemes in motion at present, take a look at the top 10 most prominent schemes and their objectives, so you can identify the Indian government schemes that you can benefit from.

Scheme Name Starting Date Objective
SKILL India Mission 28 August 2014 This is an initiative launched to foster growth amongst the unskilled youth in the country through skill training activities.
Make in India 28 September 2014 This initiative was launched to boost India’s development and manufacturing output. It fosters growth and encourages investments so that manufacturing hubs can flourish across the nation.
Swachh Bharat Mission 2 October 2014 This scheme was launched with the aim of creating a clean India. Staying true to its objective, it has been responsible for 10 crore toilets being built across the nation.
Digital India Mission 1 July 2015 This initiative was launched to promote a shift to the digital medium and advance digital literacy. It also aims to ensure that information about government services can be accessed easily by all.
Ujala Yojana 1 May 2015 This initiative aims to reduce energy consumption by streetlights. Respective governing bodies across the nation have received over 30 crore LEDs to make the switch to a more power-efficient alternative.
Midday meal scheme 15 August 1995 This initiative provides a meal to students during the school day, with the aim of curbing students from dropping out of school while providing them with nourishment.
Pradhan Mantri Jan Dhan Yojana 28 August 2014 This initiative is aimed at ensuring that every citizen has access to financial services such as banking, deposit accounts and more.
Atal Pension Yojana 9 May 2015 This is a social security scheme, especially for those in the unorganised sector. It works as a pension programme where individuals are encouraged to save through their working years to earn returns post retirement.
Smart Cities Mission 25 June 2015 This is an initiative launched to drive socio-economic growth in the urban cities of India

List of Top Schemes Supported by the Current Government

The current government, over its two terms of service, has launched and approved several schemes that are beneficial to the Indian public. Amongst this list is a noteworthy housing scheme as well. Take a look at what these schemes are and their key objectives.

Scheme Name Launch Date Objective
Pradhan Mantri Awas Yojana 25 June 2015 This is a noteworthy initiative that aims to provide housing for all by 2022 by ensuring affordable housing units, made with eco-friendly materials.
AMRUT Plan 24 June 2015 The mission of this initiative is to create infrastructure for water supply to every home as well as proper sewage, as well as providing green spaces and access to public transport.
MHADA Housing Scheme 2008 The mission of this initiative is to provide housing to residents of Maharashtra through a lottery scheme. Over 1,000 housing units are on offer every year, and the MHADA body handles everything from construction to allotment of these houses.

Among the many new government schemes available to you, you’ll find that those that offer subsidies on large expenses are among the most relevant to the average Indian. For example, the Pradhan Mantri Awas Yojana (PMAY) is ideal for working class citizens who are looking to become homeowners. It allows you to affordably own a home by giving you a subsidised home loan interest rate. As this is one of the most important government housing schemes, here are a few important features to keep in mind.

Notable PMAY Features

  • PMAY beneficiaries are classified into groups as per their annual household incomes. The categories are EWS, LIG, MIG I and MIG II.
  • As a beneficiary you stand to receive a maximum interest subsidy of up to 6.5% (amounting to Rs.2.67 lakh) on your housing loan.
  • All PMAY units mandatorily needs to be built using eco-friendly technologies and amenities.
  • An applicant can qualify for this scheme only if they or their family members do not own a pucca house anywhere in the country.
  • The differently-abled and senior citizen beneficiaries are mandatorily given preference for ground-floor accommodation under this scheme.

As you’ll notice, PMAY can make buying a home much more affordable for you. What’s more, when clubbed with a good housing finance solution, such as the Bajaj Housing Finance Limited Housing Loan, you can get financing up to Rs.3.5 crore at a competitive interest rate, as well as enjoy PMAY benefits. This ensures that the total cost of your home loan remains manageable. Additionally, Bajaj Housing Finance Limited also lets you make part-prepayments or foreclose the loan at nil extra charges, so that you can swiftly reduce your interest outgo whenever you have the funding. Moreover, you can opt to repay the loan over a flexible tenor of up to 20 years. Other notable features include access to a property dossier that contains guidance pertaining to legal and financial matters that you’re likely to encounter in the process of becoming a homeowner.

To get started, check your pre-approved offer online. Use a tailored deal to hasten and simplify the loan application process.

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