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How to use India's best schemes & reach your goals

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How to use India's best schemes & reach your goals

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India has many financial schemes to help secure one’s future, start our own business, provide children with the finest education, and achieve good financial health. All of these are top priorities in everybody’s life! These government schemes boost our chances to attain these goals faster — than just with salaries from our regular jobs.

What is a Scheme?

Schemes are a form of financing introduced by the state or central governments to assist. The best schemes by the Indian government also offer financial help to those in need within different sectors. However, applicants must be eligible under the schemes if they want to utilise all the benefits available.

Schemes for Students

1. Bihar Free Laptop Yojana

Under this programme, students who pass their 10th and 12th grade exams are given free computers by the government. The purpose of this curriculum is to prepare students to use technology effectively.

2. Prime Minister’s Special Scholarship Scheme (PMSSS)

Since 2011, PMSSS has provided funding to 5,000 worthy students each year to attend private and public universities around the nation (up to Rs 3 lakh in scholarships + grants). This scheme aims to increase and expand work prospects for J&K students too.

3. Samriddhi Scheme for SC/ST Students

This programme offers Rs. 20 Lakhs credit aid support to SC/ST students who desire to launch their own companies or enterprises after finishing their formal education or during their last year of school.

4. Saksham Scholarship Scheme

This scheme financially supports impaired students in continuing technical education (up to Rs 50k/yr). Through this programme, individuals with disabilities may finish their education and prepare for future endeavours.

5. Post-Matric Scholarship Scheme for Minorities

The programme aims to provide scholarships to meritorious minority students from economically underprivileged regions to improve their access to higher education (from 11th grade to PhD level).

Schemes for Startups

1. Atal Innovation Mission (AIM) 

It seeks to enhance India's innovative and entrepreneurial culture. Under this programme, companies that reach its shortlist get a five-year loan worth Rs. 10 Crore.

2. Startup Indian Initiative 

The key pillars of this scheme are to support startups by simplifying set-up processes, providing funding, giving tax benefits, creating incubator labs, and receiving other grants. By 2021, over 50,000 startups have already flourished in India via this programme!

3. Micro Units Development and Refinance Agency loans (MUDRA)

The major purpose of introducing this scheme was to help small Indian businesses that want to expand with loans up to Rs. 10 lakh. MUDRA loans increased credit availability, provided loans to micro-businesses and fostered the growth of small companies in rural areas.

4. MSME Business Loans in 59 Minutes

The plan allows both new and current businesses to benefit from quick loans (within 59 mins) up to Rs. 1 Crore. However, completing the disbursal process may take up to 8 to 12 days.

5. eBiz Portal 

This is the first government-to-business (G2B) online forum established to modernise the country and create a friendly online environment for enterprises. The eBiz Portal, developed by Infosys, acts as a hub for communication for all Indian company owners and investors.

Schemes for Women Empowerment 

1. Mahila Shakti Kendras (MSK)

This scheme helps women in 115 districts with high poverty rates to develop their skills, obtain employment, and increase their digital literacy.

2. Rajiv Gandhi National Creche 

This project provides childcare services to working women and promises to improve their health and nutrition.


It is a comprehensive plan designed by the Indian government to combat human trafficking and to recover, rehabilitate, and reintegrate survivors of sexual exploitation.

Schemes for Senior Citizens 

 1. Atal Pension Yojana

This scheme intends to give pensions to members of the unorganised sector of society, including maids, gardeners, delivery boys, etc. On reaching the age of 60, this programme offers choices for receiving a fixed pension ranging from Rs. 1,000 to Rs. 5,000. Individuals who wish to participate must be between 18 and 40 and invest for a minimum of 20 years.

2. National Pension Scheme (NPS)

You can invest in this central government scheme to receive earnings after retirement. Employees of the public (non-military), private, and unorganised sectors are eligible for this pension plan. The scheme involves you investing a certain amount voluntarily. Once you reach retirement age, you can withdraw 60% of the corpus, and the balance is invested in an annuity scheme where you receive a pension for the remainder of your life.

3. Senior Citizen Savings Scheme (SCSS)

It offers stability and a steady return to its investors through interest payments. As of December 2022, the plan's interest rate is 7.4%. You may begin investing in this plan with a minimum value of Rs. 1,000 and a maximum of Rs. 15 Lakhs. The tenure of this scheme is for 5 years. 

4. SBI Monthly Income Scheme for Senior Citizens 

The government has launched this programme to provide senior citizens with the chance to receive a fixed monthly income after a defined time. Customers who participate in this plan must make a single lump-sum payment; in exchange, they will get the returns in EMIs. Starting deposit for this scheme is Rs. 1,000, and the maximum is Rs. 15 Lakhs. 7.4% is the interest rate as of December 2022.

5. Pradhan Mantri Vaya Vandana Yojana (PMVVY)  

It is an instant annuity plan that gives you a fixed monthly amount after you make a lump sum investment. You can start investing in this scheme with a minimum amount of Rs. 1.5 Lakhs and a maximum of Rs. 15 Lakhs.

Other beneficial schemes and initiatives

1. Ayushman Bharat Yojana

This scheme offers health insurance to Indian residents. The recipients of this programme receive annual family floater insurance coverage of up to Rs. 5 Lakh. 

2. Pradhan Mantri Gramin Awaas Yojana

This programme seeks to give a house with all required facilities to the homeless and households living in decrepit housing.

3. Deen Dayal Upadhyaya Antyodaya Yojana

The core idea of this scheme is to help improve underprivileged lives — their access to financial services, skill development opportunities & raising their household income through viable livelihood options.

4. Pradhan Mantri Kaushal Vikas Yojna

This initiative aims to provide industry-relevant skill training to Indian youngsters, so they earn a better living. Under this plan, anyone with valid IDs and bank accounts, be they school or college dropouts without jobs, can receive skill training/ employment prospects.

5. Pradhan Mantri Jan Dhan Yojana

This programme aims to ensure that everyone in India can have a bank account. It strives to give everyone inexpensive access to financial services. Any bank branch will allow a person to create a new account under this plan with no deposit.

6. Pradhan Mantri Ujjwala Yojana

It is a government-sponsored social assistance programme that provides LPG cylinders at a reduced rate to women living below the poverty line.


Schemes launched by the central/state governments aid those who require help but do not have the proper means of getting help. These schemes also help achieve your financial objectives and long-term goals. However, you must do your homework and meet the eligibility criteria before applying for such schemes.

Frequently Asked Questions

1. What is a scheme example?

Schemes are a form of financing introduced by the state or central governments. The main goal of launching different schemes is to encourage people to achieve their objectives if they lack the resources to do it. 

Several types of schemes are available: Women Empowerment Schemes, Senior Citizen Schemes, Post Office Savings Schemes, Student Schemes, Healthcare Schemes, etc.

2. What does a scheme mean in government terms?

Government schemes are established to give financial assistance to individuals to pursue their higher education, increase awareness about women's empowerment, secure the future of kids, establish a new organisation or expand the existing one, and many other things. However, to receive the benefit of any scheme, the applicant must be eligible.

3. What does a scheme mean in business terms?

In business, a scheme refers to policies or plans adopted by organisations in order to increase their profitability, production, manpower, etc. The government has also introduced several business schemes for individuals to start a new organisation or expand the existing one. 

4. What are the types of schemes?

Several types of schemes have been introduced by the government, including Atal Pension Yojana, Samriddhi Scheme for SC/ST Students, Pradhan Mantri Jan Dhan Yojana, MUDRA Loans, Prime Minister’s Special Scholarship Scheme (PMSSS), etc.

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