2 min read
25 May 2021

Government schemes are programmes launched by the government to improve the standard of living of all citizens. Government schemes are typically categorised into two main types, i.e. central sector and centrally sponsored schemes. From the nomenclature, you can deduce that central government 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. In centrally-sponsored schemes, the state bears a percentage of the scheme's cost, and the state government implements the particulars of the offering.

Objectives of government schemes

The main objective of state or the centre in implementing these schemes is the welfare of Indian citizens. However, the aim 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 initiative was 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 to create a clean India. 10 crore toilets were built across the nation under this scheme.
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 to prevent them from dropping out of school while nourishing them.
Pradhan Mantri Jan Dhan Yojana 28 August 2014 This initiative aims to ensure 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

Over its two terms of service, the current government has launched and approved several schemes that are beneficial to the Indian public. Amongst this list is a noteworthy housing scheme as well. Here's 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 and proper sewage and provide 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, those offering subsidies on significant expenses are most relevant to the average Indian. For example, the Pradhan Mantri Awas Yojana (PMAY) is ideal for working-class citizens looking to become homeowners. It allows you to affordably own 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 essential features to consider.

Notable PMAY Features

  • PMAY beneficiaries are classified 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 need 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 Finserv Housing Loan, you can get financing up to Rs. 15 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 Finserv 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 40 years*. Other notable features include access to a property dossier that contains guidance about 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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