Government Unveils Rs 1.07 Lakh Crore Incentive Scheme for Job Creation

The Indian government has approved a Rs 1.07 lakh crore Employment Linked Incentive scheme to support job generation across various sectors, notably manufacturing. This initiative aims to create over 3.5 crore jobs in two years, offering incentives for first-time employees and extended benefits for the manufacturing sector.

The Indian government has taken a significant step in boosting employment by approving an Employment Linked Incentive scheme worth Rs 1.07 lakh crore. This initiative aims to generate job opportunities and enhance social security across various sectors, with a focus on manufacturing.

At a Union Cabinet meeting led by Prime Minister Narendra Modi, the decision was cleared. Information & Broadcasting Minister Ashwini Vaishnaw confirmed the plan, highlighting its goal to create over 3.5 crore jobs in the next two years, with special incentives for first-time employees.

The scheme will provide up to Rs 3,000 per month for two years for each additional first-time employee. Employers will receive incentives for employees earning up to Rs 1 lakh salary. Extension of incentives to the third and fourth years will be available for the manufacturing sector.

(With inputs from agencies.)