India's Ambitious ELI Scheme Aims to Revolutionize Job Market

The Union Cabinet, spearheaded by Prime Minister Narendra Modi, has greenlit the Employment Linked Incentive (ELI) Scheme, a bold initiative targeted at job creation and bolstering social security, as per Tuesday's announcement.

With a hefty budget of Rs 1 lakh crore, the scheme is expected to generate over 3.5 crore job opportunities within two years. Notably, it gives special attention to the manufacturing sector, aiming to benefit 1.92 crore newbies entering the workforce, who will receive an incentive equivalent to one month's wage, paid in two stages.

Employers stand to gain as well, with incentives up to Rs 3,000 per new hire monthly, and extending benefits for manufacturing up to four years. The scheme relies on Direct Benefit Transfer for efficient fund distribution, with expected employment creation for 2.60 crore individuals.

(With inputs from agencies.)