Centre asks states to link their employment-oriented schemes with the objectives of ELI
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
Labour and employment minister Mansukh Mandaviya nudged states to consider linking their respective employment-oriented schemes with the objectives of the Employment Linked Incentive (ELI) scheme while urging them to actively promote the ELI scheme which comes into effect from August 1.Chairing a high-level virtual meeting with labour and industry ministers of state, minister Mandaviya on Monday deliberated with states on the implementation modalities and explored collaborative strategies needed for the effective rollout of the Employment Linked Incentive (ELI) scheme.'The ELI scheme represents the second step after the production linked incentive (PLI) scheme in the direction of building an Atmanirbhar Bharat,' he said.'The ELI scheme will provide financial support to employers, enabling them to generate additional employment, particularly for the youth,' he said, adding the initiative is a win-win for both employers and job seekers.Citing the KLEMS data, published by the Reserve Bank of India (RBI), which shows over 170 million employment opportunities were generated in India during the last decade, Mandaviya said it is a reflection of the significant economic progress made by the country, particularly driven by robust growth in sectors such as construction, manufacturing, and services.'This momentum must be sustained and further accelerated through schemes like ELI, which are designed to create quality jobs , deepen formalization, and support inclusive development,' he added.Addressing states, Mandaviya said that labour and industry are two sides of the same coin and that all stakeholders must work in close coordination for the greater good of the nation's workforce and economy.'The procedural formalities under the scheme have been kept simple to ensure ease of access and encourage wide participation,' Mandaviya said, urging states to actively promote the scheme through media briefings, television and radio interviews, and other outreach platforms.Emphasizing the importance of comprehensive planning and awareness-building at the grassroots level, Mandaviya emphasized that states may consider linking their respective employment-oriented schemes with the objectives of the ELI Scheme.The union cabinet had recently approved the Rs 99,446 crore ELI Scheme, to be implemented through the Employees' Provident Fund Organisation (EPFO). The aim of the scheme is to create over 35 million jobs across the country over a two-year period.A statement issued by the ministry of labour and employment said labour and industry ministers from Gujarat, Assam, Bihar, Chhattisgarh, Arunachal Pradesh, Madhya Pradesh, Jharkhand and several other states appreciated the initiative and assured their full cooperation in ensuring its successful implementation across their respective regions.'The state ministers proposed that dedicated events, awareness programmes, and conferences may be organized at the district level in collaboration with state governments to help disseminate comprehensive information about the scheme, promote its adoption, and ensure that its benefits reach the grassroots level and last-mile beneficiaries,' it said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
3 hours ago
- Time of India
List steps you plan against betting apps, SC asks government
. NEW DELHI: Expressing serious concern over the deleterious impact of addictive betting applications on youth, the Supreme Court on Friday asked the Centre to respond in two weeks what steps it is contemplating to save youngsters from getting financially ruined, often forcing them to commit suicide. A bench of Justices Surya Kant and Joymalya Bagchi asked the counsel for Centre to specify in its affidavit "what remedial measures it is contemplating after applying mind to the gravity of the issue". The counsel said another bench is examining whether these apps are akin to gambling, requiring them to be banned, and the decision in that case would have a direct bearing on reliefs sought in a PIL filed by K A Paul. But the bench said, "You (the Centre) do not appear to take the problem seriously". The judges also issued notices to some states, RBI, ED, TRAI, Google India, Apple India, Dream11 and other gaming companies to file responses in two weeks. The petitioner had sought a complete ban on illegal betting apps and strict regulation of online gaming and fantasy sports, alleging these are being popularised by film stars, famous cricketers and other celebrities and end up drawing youth to the apps like moths to a flame. He said the more than 150-year-old Public Gambling Act, 1867, is unable to deal with the menace. Over 24 incidents of suicide have been reported from Telangana alone in the last one and a half years and are directly linked to debt traps created by gambling/betting platforms.
Economic Times
4 hours ago
- Economic Times
Auto companies to meet PLI goals a year earlier
New Delhi: The Central government expects beneficiaries of the production-linked incentive programme for automobiles and auto components (PLI-Auto) to achieve targets and exhaust the scheme funds in the fourth year government approved the scheme in September 2021 with a ₹25,938 crore budgetary outlay. Incentives are disbursed for meeting goals including incremental production, investment and domestic value addition 2023-24 onwards. A senior official aware of the scheme's progress said the goal will likely be met a year ahead of expectations. The Centre's goal has been to create global champions and that it is on track, the official said, brushing aside criticism that many small auto component makers are not meeting scheme goals, or are completely excluded from it. Tata Motors, Mahindra & Mahindra, Bajaj Auto, Ola Electric and TVS Motor Co are among the major companies that have raised claims under the scheme till now. "Budgetary fund allocation for current fiscal is expected to be exhausted in a few trend suggests there will be much higher disbursements in next two years," another senior official told ET. Budget 2025-26 earmarked ₹2,818.85 crore for disbursal under this automobile companies have raised claims totalling more than ₹2,000 crore for achieving the scheme's goals in FY25. Officials said ₹322 crore have been released so far for auto companies are faring well, there are concerns about component makers not meeting goals.
Time of India
4 hours ago
- Time of India
Central banks are building a haven of bullion assets
MUMBAI: Central bank gold appetite, although not as voracious as the 1,000-tonne-a-year purchases in the past three calendar years, remains largely undiminished globally as this group of institutional buyers diversifies its asset base beyond the customary dollar-denominated holdings in a world increasingly strewn with tariff snags. Central banks net bought 166 tonnes of gold in three months to June, 33% lower quarter-on-quarter, World Gold Council (WGC) data showed. While this is the lowest quarterly number since June 2022, it is 41% higher than the average quarterly level seen between 2010 and 2021, before buying ramped up sharply in more recent years, WGC data showed. Explore courses from Top Institutes in Please select course: Select a Course Category For the first half (H1) of 2025, the number stood at 415 tonnes compared to 525 tonnes in year ago. This is also the lowest first half since 2022. Elevated gold prices amid destabilising economic and geopolitical environment has likely contributed to the slowdown in central bank buying, WGC said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Puerto Plata: Bathroom Remodeling Trends in 2025 May Surprise You Bathroom Remodeling | Search Ads Search Now Undo According to Madhavankutty G , chief economist at Canara Bank, the central banks' gold purchases fit perfectly into the de-dollarisation theme, where countries want to diversify their foreign exchange reserves. Though the dollar is still dominant in FX reserves, its share is coming down drastically, with gold benefiting from this shift. "The added benefit of gold is also the safety aspect. The US tariffs have increased the geopolitical as well as global economic uncertainty, which in turn is expected to keep gold prices elevated. Historically, US Treasury yields and gold prices were inversely related. That relationship has broken now. So even as yields are expected to remain above 4.30%, gold demand prices may also remain high," he said. Live Events Although central banks typically are strategic buyers of gold, they are not completely insensitive to its price level. "But that they continue to add gold in the face of a higher price underscores their continuing favourable attitudes towards gold as a strategic asset amid such uncertainty," it said. According to WCG, the longer-term trend of central banks taking advantage of gold's diversification properties and reallocating from US assets to gold remains intact. The Reserve Bank of India (RBI) bought nearly half a tonne of gold in the last week of June after a relatively conservative spell of bullion shopping in the current fiscal year, ET reported earlier. The RBI 's outstanding stock of gold amounted to nearly 880 tonnes as of June 27. Its share in India's foreign exchange reserves climbed to 12.1% as of July 18, 2025, from 8.9% as of July 19, 2024. WGC's Central Bank Gold Reserves Survey 2025 revealed that 95% expect gold reserves to increase over the next 12 months. The results of the survey, which collected data from 73 of the world's central banks, were published in mid-June. The National Bank of Poland was the largest buyer of gold, adding 19 tonnes to its gold reserves in the June quarter, while China's reported purchases amounted to 6 tonnes, half of what it bought in the March quarter. China's gold reserves now stand at 2,299 tonnes, WCG data showed.
