CONTENTS
- SAMARTH Scheme
- Senior Citizen Savings Scheme (SCSS)
SAMARTH Scheme
Focus: GS II: Government policies and interventions
Why in News?
Recently, the panel of SAMARTH scheme implementing partners has been broadened with empanelment of 43 new implementing partners and additional target of training around 75,000 beneficiaries has been allocated to the training partners.
About SAMARTH Scheme
- Samarth (Scheme for Capacity Building in the Textile Sector) is a flagship skill development programme that the Cabinet Committee on Economic Affairs approved as a continuation of the Integrated Skill Development Program for the 12th Five Year Plan (FYP).
- Under the National Handicrafts Development Program’s component “Skill Development in Handicrafts Sector,” the Office of the Development Commissioner (Handicrafts) is implementing the SAMARTH to offer skill training to handicraft artists.
- The implementation period of the scheme is up to March 2024.
- The scheme aims to provide incentives and support to the textile industry in generating employment opportunities within the organized textile and related sectors.
- The scheme covers the entire value chain of textiles, except for Spinning and Weaving.
- The focus is on promoting job creation by encouraging the industry to expand and diversify its workforce.
- Upskilling and Re-skilling: In addition to entry-level skilling, the scheme includes a special provision for upskilling and re-skilling programs. This initiative aims to enhance the productivity of existing workers in the Apparel & Garmenting segments.
- Productivity Improvement: The emphasis is on improving the skills and capabilities of the workforce to enhance productivity and competitiveness in the industry.
Objectives:
- To offer demand-driven, job-focused skill-upgrading programmes to encourage industry efforts to create jobs in organised textile and related sectors, as well as to promote skilling and skill upgradation in the traditional sectors through the relevant sectoral divisions/organizations of the Ministry of Textile.
- To give all societal groups in the nation a means of support.
Senior Citizen Savings Scheme (SCSS)
Focus: GS II: Government Policies and Interventions
Why in News?
The collections under the revamped Senior Citizen Savings Scheme (SCSS) jumped 176% on year to Rs 55,000 crore in the first quarter of the current financial year.
About Senior Citizen Savings Scheme (SCSS):
- The main aim of the SCSS is to provide senior citizens in India a regular income after they attain the age of 60 years old. The scheme offers eligible individuals the opportunity to make a lump sum deposit with a minimum of Rs. 1,000 and a maximum of Rs. 15 Lakh or the amount received on retirement, whichever is lower.
Eligibility:
- Indian citizens above the age of 60 years
- Retirees in the age bracket of 55-60 years who have opted for Voluntary Retirement Scheme (VRS) or Superannuation
- Retired defence personnel above 50 years and below 60 years of age
Deposit Limits:
- Minimum Deposit – Rs. 1,000 (and in multiples thereof)
- Maximum Deposit – Rs. 15 Lakh or the amount received on retirement, whichever is lower (Increased to Rs 30 lakh in Budget 2023)
- Individuals are allowed to operate more than one account by themselves or open a joint account with their spouse
Maturity & Interest Payment:
- Maturity period of five years
- Depositor can extend the maturity period for another three years
- Interest amount paid to the account holders quarterly
Other Details:
- Premature withdrawal is allowed after one year of opening the account
- Deposits in SCSS qualify for deduction u/s 80-C of Income Tax Act.
