In ancient times, when Humans were still lived in the forest, the social structure was not fragmented in the class system… But, the emergence of settlements led to the formation of class structure. Society has been largely divided into three classes: Rich and Affluent Upper Class, the middle-income group, and the lower-income group, which again have segments among them. The middle class is a class of people in the middle of an eco-social hierarchy. They generally fall between the menial working class and the upper class. The Middle class is understood to be largely the result of the industrialization of the world and it plays a crucial role in a developing country.
Dr.Misra, in his book of a first full-length study of the Bharatiya middle class on the pan-Bharat basis, traces the growth of the Bharatiya middle class, from about the middle of the eighteenth century to the modern times.
Dr.Misra defines it as “the class of people which arose as a result of changes in the British social policy and with the introduction of the new economic system and industry and with the subsequent growth of new professionals.” The middle class of all countries has been the key driver of the global economy in the last century. During the past several decades, world economic growth has occurred mostly because of the increased consumption in the middle classes of the USA, Europe, and the other advanced countries. This class has been considered a thriving and vibrant catalyst for economic growth. Moreover, quoting eminent political economist of USA, Lester Thuringia, “A healthy middle class is necessary to have a healthy democracy. A society made up of rich and poor has no mediating group either politically or economically.”
After the independence, the new Government of independent Bharat of Indian National Congress, adopted to Socialist pattern for the economy. Most of the industries that are sources of generating employment and income were state-owned. Till the 1980s under Nehru-Gandhi family rule, the Socialist policy-induced extensive public ownership, regulation, Red Tape, heavy import tariffs, and trade barriers. As a result, the majority of the population remained in the working class.
Post-1990, after an economic downturn in the markets, the economic liberalization program was launched. This resulted in a larger Middle class. The typical characteristics defining Middle Class in Bharat attribute to their consumption power. By 2019, they constitute 600 million of the population. They act as the churning wheel of the economy with their ability to boost the number of secondary and tertiary industries such as hospitality, tourism, Electronics, Automobile, etc.
At the same time, the middle class is the worst hit at the time of any calamity as they do not have the option of Free-bees sponsored by the Government as well as the many voluntary organizations. Moreover, their standard of living has certain compulsive expenditures.
With the liberalization of the economy in 1990, the new middle class emerged, in the form of small and medium entrepreneurs and professionals but the then Government that introduced the Liberalisation in the economy did not design any plan to support this class in case of a calamity.
In 2014 Narendra Modiji led Government at the Centre initiated an inclusive strategy to promote entrepreneurship as well as provide a support system to small entrepreneurs in their retirement age.
On 23rd July 2019, the NDA Government launched PradhanMantri Karma Yogi Mandhan Yojna (PMKYM) to provide assured monthly pension to retail traders and very small shopkeepers. It is also known as PradhanMantri Laghu Vyapari Mandhan Yojna (PMLVMY).
PMKYM /PMLVMY is a universal social security scheme to provide Rs 3000/- per month to traders and very small shop owners. This pension amount would be provided to the beneficiary on attaining the age of 60 years. Around 3 Crore retail traders and shopkeepers would be benefitted from the PM Karma Yogi Mandhan Yojna.
The eligibility for receiving the benefit of this scheme is as underline:
A) The age of the PradhanMantri Karmayogi Mandhan Yojna requires to be between 18 to 40 years and the pension benefit would start on attaining the age of 60.
B)Thus scheme would cover 3 Crore small shopkeepers and retail traders with turnover below Rs 1.5 Crore.
C) The applicant must not be an existing beneficiary of EPFO, ESIC, NPS, PM-SYM scheme, or an Income tax payee.
D) Beneficiary will attain the old-age pension amount in their bank account once every month.
E)The primary pension holder can nominate his/her spouse or any other person as a nominee, who would receive Rs.1500/ as a family pension.
PMKYM or PMLVMY require the following documents :
A) Residence Proof highlighting that the applicant is a legal resident of a particular state or Union Territory.
B) Age proof to ensure the applicant’s age.
C) Aadhar Card
D) Business Registration Documents and Annual Turnover Documents.
D) Trade License, if applicable
E) GST Documents: The applicant has to submit GST registration documents and GST return files
F) Bank Account details for smooth transfer of money.
The online registration process for PMKYM has been started at https://maandhan.in/Vyapari.
The pension scheme has a 50:50 partnership scheme. The central government would match the premium amount that the beneficiary pays. Ex. If the applicant pays Rs 55/- then the central government would also contribute the same amount to the pension fund.
As the offline registration would be done through the Common Service Centres, the central government has already passed the project to establish as many as 3.25 Lakh CSCs in the country. It is the responsibility of the public assistant at the CSC to calculate the payable premium.
The public assistant at the CSC would check the documents ensuring the necessary background checks. The beneficiary must pay the CSC public assistant an amount that is equal to the monthly premium. Then the online pension scheme card would be generated and issued to the beneficiary. Additionally, the software that monitors the pension project would generate a code that would be mentioned on the card.
Once the details of this card are linked with the bank account, the premium amount would be deducted automatically each month. The beneficiaries would be informed through the SMS on a registered number. The amount would depend on the age at which the applicant enrolls.
The applicant should start early as then the premium amount would be lower.
If any beneficiary wishes to stop the monthly contribution towards the old age pension scheme, they can do so by applying. He/She can get the money back that has been accumulated in the account.
LIC has been appointed as the nodal agency to manage the scheme. PMKYM is a National Pension Scheme for retail traders, small shopkeepers, and self-employed persons. The primary objective of PM traders Pension is to ensure the robust architecture of universal social security.
Hon. Prime Minister’s cherished dream is strengthening not just the nation’s GDP but every Bharatiya citizen.
This Yojna is a step in the mission towards comprehensive progress.