In an unprecedented move to combat rising unemployment and boost industrialization, the Union Cabinet has given its approval to the Rs 1 lakh crore Employment Linked Incentive (ELI) scheme under the employment stimulus package. The project, as unveiled through the Press Information Bureau, will generate more than 3.5 crore new jobs within two years and is structured in such a way that this project will directly impact a large number of young persons who form the huge population of India. First-time workers and manufacturing industries are of particular interest due to the opportunity for more job creation.
The scheme is a nationwide scheme in line with India’s mission of creating a self-reliant economy, expanding formal employment, and expanding social security. Through the ELI scheme, the government is trying to make employment more available, especially to the people at the lower strata of the market.
How the ELI Scheme Works: Benefits for First-Time Workers
One of the key features of the scheme is that it supports new entrants into the formal workforce. This incentive will be given to first-time workers in the form of one month’s salary or two instalments up to a maximum of Rs 15,000. This financial aid will facilitate the movement to formal employment and motivate more young people to assume employment opportunities that present long-run growth and stability.
The scheme also aims at promoting employment in the organized and semi-organized, even in manufacturing, where the absorption capacity is high.
India’s Next Leap in Employment Policy
With a vision to create 3.5 crore employment opportunities, the ELI Scheme is set to revolutionize the Indian employment capital industry. It not only wants to fill the gaps but also achieve a sustainable system of employment by promoting actual hiring, helping small and midsize companies, and rewarding job creation.
The plan is also a supplement to such national missions as Make in India by promoting growth in industries with the help of workforce development.
