Incentivise Employment
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Labour Secretary Sumita Dawra emphasized the importance for Indian industries to capitalize on the employment-linked incentive (ELI) scheme. This scheme offers rewards for increasing the employment of manufacturing workers.
Given India's expanding working-age demographic, the country is poised to play a significant role in alleviating global labor shortages. By 2030, India is projected to constitute approximately 65% of its total population, positioning itself as a vital contributor to addressing the global labor deficit.
My Take:
A. Organizing the Unorganized
In my earlier blog post, I highlighted the importance of compliance with labor laws and tax regulations for businesses looking to outsource or manufacture in India.
The ELI scheme's focus on increasing employment aligns with the need to organize the unorganized workforce in sectors like manufacturing. Addressing the demographic shift from rural to urban areas is crucial, and schemes like ELI can potentially create opportunities for a diverse workforce.
B. A Government That Listens
The government's emphasis on employment generation and the manufacturing sector, as seen in the ELI scheme, reflects a commitment to listening to the needs of the workforce. By offering incentives for hiring and expanding the workforce, the government is actively supporting job creation initiatives.
The proposed tax deductions and workforce expansion thresholds echo the government's efforts towards boosting employment, aligning with the goal of attracting investments in manufacturing through initiatives like Make in India.
Call to Action:
To the Indian business community and policymakers, I urge you to heed the advice of Labour Secretary Sumita Dawra and leverage the ELI scheme to drive employment growth in the country. By actively participating in initiatives that aim to address labor shortages and support the workforce, we can collectively contribute to sustainable economic development and prosperity.
With regards,
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