In a strategic move to fortify national security and actively engage the youth in service, the Government of India has introduced the Agniveer Scheme as part of the broader Agnipath Scheme (2022). This visionary initiative not only aims to provide comprehensive financial support to Agniveers but also actively invites businesses to contribute, aligning with the government's larger vision of collaborative national development.
Monetary Benefits for Agniveers
Financial Security at its Core
Agniveers, integral to the success of the Agniveer Scheme, enjoy a robust financial support system throughout their 4-year engagement. The monthly package, inclusive of various allowances, stands as a testament to the government's commitment to their welfare. The one-time 'Seva Nidhi' package, totaling approximately Rs. 11.71 lakhs, becomes a crucial financial cornerstone, ensuring their stability beyond the engagement period. Non-contributory life insurance, ex gratia payments, and disability compensation further underline the government's dedication to the well-being of these servicemen.
| Year | Monthly Package | In-Hand (70%) | Contribution to Agniveer Corpus Fund (30%) | Govt. Contribution to Agniveer Corpus Fund |
|---|---|---|---|---|
| 1st | Rs. 30,000 | Rs. 21,000 | Rs. 9,000 | Rs. 9,000 |
| 2nd | Rs. 33,000 | Rs. 23,100 | Rs. 9,900 | Rs. 9,900 |
| 3rd | Rs. 36,500 | Rs. 25,580 | Rs. 10,950 | Rs. 10,950 |
| 4th | Rs. 40,000 | Rs. 28,000 | Rs. 12,000 | Rs. 12,000 |
Exemption for Agniveers: Tax Benefits
A Comprehensive Tax Framework
The Finance Act, 2023 introduces Section 10(12C), offering full tax exemption for any payment received from the Agniveer Corpus Fund, including the Seva Nidhi Package. This exemption remains unconditional, extending to Agniveers who may face premature exit due to unfortunate circumstances. The government ensures that insurance cover, ex gratia, and pay for the unserved period are exempt under Section 10(10D). Additionally, payments from the Agniveer Corpus Fund on death or disability are fully exempt under Section 10(12C).
Business Contributions and Tax Benefits
The Agniveer Scheme actively calls upon businesses to contribute, presenting a range of advantages:
- Corporate Social Responsibility (CSR) Advantages: Contributions align seamlessly with CSR initiatives, portraying businesses as socially responsible entities actively contributing to national security and youth empowerment.
- Tax Deductions: Businesses can claim tax deductions under Section 80CCH, providing a financial incentive for supporting a national cause.
- Positive Brand Image: Supporting the Agniveer Scheme enhances a business's public image, fostering goodwill and loyalty among customers appreciative of companies contributing to societal well-being.
Government's Intentions: A Collaborative Framework
The introduction of the Agniveer Scheme reflects the government's multifaceted intentions:
- National Security Strengthening: Beyond recruitment, the scheme aims to fortify national security, acknowledging the pivotal role Agniveers play in our defense mechanisms.
- Youth Empowerment: Targeting candidates aged 17 years and 6 months to 21 years, the scheme actively engages and empowers the youth, channeling their energy toward serving the nation.
- Collaboration with Businesses: By inviting contributions from businesses, the government strategically fosters collaboration between the public and private sectors. This collaboration not only enhances financial support for the scheme but also aligns with the government's broader vision of inclusive national development.
Conclusion
The Agniveer Scheme stands as a comprehensive model, intertwining financial security for Agniveers, tax benefits, and active collaboration with businesses. Beyond individual and corporate benefits, the scheme represents a strategic vision of shared responsibility, where the government, individuals, and businesses collectively contribute to the nation's defense and development. In essence, it is a testament to the government's commitment to fostering an environment where national security and economic progress are intertwined for the greater good. The Agniveer Scheme exemplifies a new era of collaborative efforts for a safer, more prosperous India
