7 Government schemes to aid economic development and financial stability that you can benefit from in 2022

From financial inclusion to better health care, these government-backed schemes are helping to improve the overall quality of life for society’s less fortunate population.

7 Government schemes to aid economic development and financial stability that you can benefit from

Over the years, the Indian government has introduced several govt schemes that have not only helped Indian citizens improve their financial situations, but have also contributed to the country’s economy. Listed below are seven initiatives and benefits of government schemes set up post-independence.

1. Pradhan Mantri Jan Dhan Yojna (PMJDY)

PMJDY is one of the popular government investment schemes for poor and needy with a National Mission for Financial Inclusion, particularly to provide access to financial services such as savings and deposit accounts, remittance, credit, insurance, pension, etc. at affordable rates. The scheme was announced on the eve of Independence Day, in 2014 by Prime Minister Narendra Modi.

What has changed?

  • 47.16 Crore beneficiaries banked so far
  • Rs175,365.28 crore balance in these accounts 
  • 6.55 lakh Bank Mitras delivering branchless banking services in Sub-Services Areas and counting
  • Nearly 44.23 crore Jan Dhan accounts in the country, of which nearly 5.8 crore are zero-balance accounts. 

Related: Initiatives by the Indian government to boost startups in India


  • The government plans to offer 1 lakh accident insurance cover, and Rs. 30,000 life insurance cover for those who opened bank accounts between 20 August 2014 and 31 January 2015
  • One basic savings bank account is opened for individuals without an account 
  • RuPay Debit card is provided to the PMJDY account holder 
  • 4% interest per annum on money deposit (subject to change)
  • No criteria for minimum balance
  • Money can be transferred to any account in India
  • You can get money of government schemes directly in your bank account
  • Overdraft facility upto Rs. 5,000 is available after operating bank account for 6 months

2. Sukanya Samriddhi Yojna (SSY)

Narendra Modi launched the Sukanya Samridhi scheme, under the ‘Beti Bacho, Beti Padhao’ campaign on 22nd January 2015. The aim of this scheme is to meet the education and marriage expenses of a girl child.

What are the features?

  • It permits opening of one account per girl child. A family can have a maximum of two accounts if there are 2 girl children. 
  • However, a third account can also be opened, provided the first or second delivery results in twins or triplets
  • Minimum Rs. 250 and maximum of Rs. 1.5 lakh can be deposited during one financial year
  • Deposits in the account can be made until the completion of 15 years, from the date of opening of the account.
  • The account can be closed only when the girl turns 21. If the account is not closed and the money is not withdrawn even after turning 21, interest can still be earned on the amount
  • Birth Certificate must be submitted at the time of opening the account

Related: Ayushman Bharat- Pradhan Mantri Jan Arogya Yojana: What you need to know


  • The account can be opened and operated by a parent or guardian as soon as a girl child turns 10
  • Up to 50% of the balance available in the previous year can be withdrawn to meet educational requirements of the girl after she turns 18. This can be withdrawn in a lump sum or in five instalments
  • Money can be transferred from one authorised bank to another or from post office to any authorised bank and vice versa
  • Offers an interest rate of 7.60% p.a. and provides income tax benefits

3. Rajiv Gandhi Jeevandayee Arogya Yojana (RGJAY) renamed as Mahatma Jyotirao Phule Jan Arogya Yojana (MJPJAY) from 1st April 2017

Launched as a pilot project in 2012, this scheme is one of the healthcare government schemes for the economically backward in Maharashtra. Anyone holding one of the four cards issued by the Maharashtra government- Antyodaya card, Annapurna card, yellow ration card or orange ration card is eligible for this.


  • The government plans to provide free access to medical care in 488 government hospitals
  • Free treatment for 971 types of diseases surgeries and therapies
  • Free treatment that costs up to Rs 1.5 Lakh, per year, per family (Rs 2.5 Lakhs only for renal transplants)
  • Free OPD consultation 
  • Free diagnostic tests and medical treatment required for beneficiary families irrespective of surgery 

What has changed?

  • As of 17 January 2016, 7.13 lakh beneficiary families
  • 11.81 lakh procedures amounting to Rs 1827 crores
  • 7.27 lakh surgeries and therapies

4. Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY)

Announced by Finance Minister Arun Jaitley during Budget 2015, the uniqueness of the PMJJBY is that it is a renewable insurance scheme, offering life insurance coverage of Rs. 2 lakhs on death. Two other govt schemes - Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojna were launched alongside it.

Who can avail this?

  • Any savings bank account holder, aged between 18 and 50 years can avail this scheme
  • Aadhar linking with the account is mandatory to obtain benefits offered in this scheme

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  • The death benefit will be received by the nominee
  • The cover is for one year. (From June 1 to May 31). It can be renewed every year
  • Life cover of Rs. 2 lakhs is available at just Rs. 330 per annum

What has changed?
As of Feb 23, 2022, nearly 9,27,78,284 people have applied for this scheme, and around 495797 claims were made. These Government schemes for middle-class families and economically challenged households can finally make insurance affordable for all.

5. Rashtriya Swasthya Bima Yojana (RSBY):

This scheme was introduced in 2008. Its main motto is to provide health insurance coverage to people belonging to the BPL (Below Poverty Line) category. 

It provides health insurance coverage to unorganised sectors, such as construction, that are registered under Welfare Boards, Street Vendors, Licensed Porters (railway, MNREGA workers, mine workers, auto or taxi drivers etc.

  • Covers up to Rs. 30,000 on a floater basis for a family consisting of 5 members
  • Provides cover for transportation charges of Rs. 100 per visit to the hospital with the maximum limit of Rs. 1,000.
  • The premium is paid by the government. However, there is a nominal fee of Rs.30 for registration or policy renewal, and BPL families can get an RSBY smart card, which allows holders to claim medical care expenses of up to Rs. 30,000 per annum.
  • Provides cashless attendance to all covered ailments 
  • Assures all pre-existing diseases are covered 
  • Covers hospitalisation expenses, taking care of most common illnesses with as few exclusions as possible 

6. National Social Assistance scheme (NSAP)

Launched in 1995, this is a centrally sponsored scheme aimed at providing financial assistance to the elderly, widows, and people with disabilities in the form of social pensions. Benefits of government schemes cut across socio-economic groups.

Who can avail?

  • Anyone above 60 years and below the poverty line (BPL)
  • BPL widows who fall in the age group of 40 to 64
  • BPL people with more than 80% disability and are above 18 years

What has changed?

  • Total 29925158 NSAP beneficiaries
  • 17041274 state funded scheme beneficiaries
  • 46966432 central and state scheme beneficiaries
  • 20151694 total Aadhaar in NSAP

7. Pradhan Mantri Mudra Yojana (PMMY)

Micro Units Development & Refinance Agency Ltd. (MUDRA) is a new initiative designed for non-corporate, non-form sector, micro and small enterprises whose credit needs are below Rs. 10 lakhs. This scheme was announced by the Finance Minister during the Union Budget 2016. Under PMMY there are three products available:

  • Shishu: Offers loans of up to Rs. 50,000
  • Kishore: Offers loans of up to Rs. 5,00,000
  • Tarun: Offers loans of up to Rs. 10,00,000


  • Mudra loans can be availed for vehicles (Commercial vehicle loan, car loan and two-wheeler loan 
  • Business Installment Loan (BIL): Loan for working capital requirement, buying plant and machinery, renovating offices etc.
  • Business Loans Group Loans (BLG) and Rural Business Credit (RBC): Drop line overdraft facility and working capital loans
  • Repayment of the loan is as high as 7 years 

What has changed?

  • As of Oct 14, 2022, 22679054 PMMY loans sanctioned
  • 164883.96 crore amount sanctioned
  • 159174.27 crore amount disbursed

Apart from these, there are several government investment schemes that the government is implementing at grassroot level. These government schemes are carefully strategised to ensure development takes evenly, at the same time, across the country. Find out about a government scheme in your area for businesses, agriculture, education, health, infrastructure, and other needs. Together, we can help empower the nation through our citizens. 


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