New Delhi [India], July 2 (ANI): R Mukundan, President Designate CII and Managing Director & CEO, Tata Chemicals Limited, on Wednesday said that the Employment Linked Incentive (ELI) scheme can pave the way for a more resilient, competitive and equitable labour market in the country.

'We believe the ELI scheme can pave the way for a more resilient, competitive and equitable labour market in India. We also commend the government for the consultative approach in designing the scheme while reflecting a strong commitment to public-private partnership,' Mukundan said.

'On behalf of CII and Indian industry, I extend full support to the successful implementation of this important initiative, which will pave the way for Vixit Bharat,' he added.

In a video message, Mukundan said that the Indian industry views this decision as a transformative step that complements the ongoing national efforts, including PLI, National Manufacturing Mission and Make in India.

'At CII, we've long advocated this scheme, which focuses on job creation. We believe the ELI scheme can pave the way for a more resilient, competitive and equitable labour market in India,' he added.

Union Cabinet approved Employment Linked Incentive (ELI) Scheme to boost job creation, incentivise first-time employees and strengthen social security for the workforce in the country.

With an outlay of Rs. 99446 crore, the ELI Scheme will support the creation of over 3.5 crore jobs.

Mukundan further added, 'We also commend the government for the consultative approach in designing the scheme while reflecting a strong commitment to public-private partnership. On behalf of CII and Indian industry, I extend full support to the successful implementation of this important initiative, which will pave the way for Viksit Bharat.'

Under the Scheme, while the first-time employees will get one month's wage up to Rs 15,000, the employers will be given incentives for a period of two years for generating additional employment.

The ELI Scheme was announced in the Union Budget 2024-25 as part of the PM's package of five schemes to facilitate employment, skilling and other opportunities for 4.1 Crore youth with a total budget outlay of Rs 2 Lakh Crore. (ANI)