(MENAFN- KNN India)
New Delhi, Dec 12 (KNN) Labour and Employment Secretary Sumita Dawra called on India Inc. to take full advantage of the Employment Linked Incentive (ELI) scheme, introduced in the Union Budget 2024-25, to spur job creation in the manufacturing sector.
Speaking at the Global Economic Policy Forum 2024, organized by the Confederation of Indian industry (CII), Dawra emphasised that the scheme is designed to incentivise the hiring of additional workers, particularly in the manufacturing sector, by offsetting the cost of employing new staff.
“The ELI scheme aims to boost labour formalisation, enhance worker employability, and support job creation in critical manufacturing industries,” Dawra explained.
She also urged the industry to collaborate with the government in maximising the scheme's potential, highlighting that India's growing working-age population, expected to represent 65 per cent of the total population by 2030, places the country in a strategic position to address global labour shortages.
Dawra further stressed the importance of embracing new technologies, policies, and practices to make India a global manufacturing powerhouse.
Citing the example of India's rise as a hub for Global Capability Centres (GCCs), she noted that sectors like engineering, technology, and AI are already contributing significantly to global innovation while supporting domestic manufacturing capabilities.
India's growing role in the global workforce was also underlined, with Dawra forecasting that 24 per cent of the world's incremental workforce will come from India over the next decade.
She also spoke about India's strengthened manufacturing sector, bolstered by initiatives like 'Make in India' and the Production Linked Incentive (PLI) scheme, which have propelled the country to a leadership position in industries such as automobiles, pharmaceuticals, textiles, renewable energy, and electronics.
With ongoing labour reforms, including the codification of 29 labour laws into four Labour Codes, Dawra concluded by asserting that India's manufacturing sector is well-positioned for future growth, citing the combination of cost efficiency, a skilled workforce, and strong government support.
(KNN Bureau)
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