The Modi 2.0 government in its first Cabinet meeting on Friday approved a new scheme, which assures minimum monthly pension of Rs 3,000 to all shopkeepers, retail traders and self employed persons after attaining the age of 60 years, fulfilling its poll promise.
The decision taken at the Union Cabinet meeting chaired by Prime Minister Narendra Modi will benefit 3 crore retail traders and shopkeepers.
Five crore traders are expected to join the scheme in the next three years, Union Minister Prakash Javadekar said while briefing reporters at a press conference.
"All shopkeepers and self employed persons as well as retail traders with GST turnover below Rs 1.5 crore and aged between 18-40 years can enrol for the scheme," an official statement said.
Interested persons can enrol themselves through over 3.25 lakh common service centres spread across the country. The government will make matching contribution in the subscribers' account, the statement added.
"It is a landmark initiative of the Prime Minister for which traders across the country are really happy. It shows the concern of the Prime Minister towards the trading community of the country and we hope that in this tenure, small traders will be on the government's priority list," Confederation of All India Traders Secretary General Praveen Khandelwal told PTI.