Latest news with #EmploymentLinkedIncentiveScheme
India.com
16 hours ago
- Business
- India.com
TCS Layoffs: Modi government issues BIG Statement, says 'Keeping close eye on…', TCS CEO says Reason for this decision…
Indian technology giant Tata Consultancy Services has decided to lay off around 2 percent of its total workforce, impacting the jobs of around 12000 employees. According to a Moneycontrol report quoting government sources, the Ministry of Electronics and Information Technology (MeitY) is reportedly keeping a close eye on the developments surrounding this big decision. In the coming future, the government expects the industry and academia to address issues related to skilling and re-skilling. The report further states that approximately 12,000 employees—about 2 percent of TCS's total workforce—were laid off on July 27 as part of the company's efforts to become more agile and future-ready. 'Industry and academia will also have to address skilling and re-skilling related issues. We are keeping a close eye on all of this,' the source told Moneycontrol. TCS CEO Krithivasan on Layoffs In an exclusive interview to Moneycontrol, the TCS CEO Krithivasan said that the move by the company is not a reaction to AI adoption but a step toward future-proofing workforce skills. 'No, this is not because of AI giving some 20 percent productivity gains. We are not doing that. This is driven by where there is a skill mismatch, or, where we think that we have not been able to deploy someone,' Krithivasan also told Moneycontrol This decision will majorly impact some of the entry level associates who have been on the bench for a long time along with middle and senior level employees for the most apart. Employment Linked Incentive Scheme Additionally, the Union Cabinet approved a Rs 99,446 crore Employment Linked Incentive (ELI) Scheme on July 1. This aims to accelerate job creation with a special emphasis on manufacturing and also seeks to create over 3.5 crore new jobs over a period of two-years. Under this initiative, first-time workers can receive a one-time wage support of up to Rs. 15,000, and employers will be rewarded for job creation over the next two years.
Time of India
15-07-2025
- Business
- Time of India
Labour, industry must work in close coordination for nation's workforce, economy: Mandaviya, ETHRWorld
Advt Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. All about ETHRWorld industry right on your smartphone! Download the ETHRWorld App and get the Realtime updates and Save your favourite articles. New Delhi, Labour and industry must work in close coordination for the greater good of the nation's workforce and economy, Union Minister Mansukh Mandaviya said on Minister for Labour & Employment made the remarks while chairing a high-level meeting of state labour and industry ministers on the Employment Linked Incentive Scheme (ELI).The objective of the meeting was to deliberate on the implementation modalities and explore collaborative strategies for the effective rollout of the ELI Scheme, the ministry said in a statement."Labour and industry are two sides of the same must work in close coordination for the greater good of the nation's workforce and economy," he assured participants that procedural formalities under the scheme have been kept simple to ensure ease of access and encourage wide ELI scheme represents the second step after the PLI plan in the direction of building an Atmanirbhar Bharat, the minister said, adding that the ELI scheme will provide financial support to employers, enabling them to generate additional employment, particularly for the cited KLEMS data published by the Reserve Bank of India (RBI), highlighting that over 17 crore employment opportunities were generated during the last he noted, is a reflection of the significant economic progress made by the country, particularly driven by robust growth in sectors like construction, manufacturing, and emphasised that this momentum must be sustained and further accelerated through schemes like ELI, which are designed to create quality jobs, deepen formalisation, and support inclusive development.
Indian Express
12-07-2025
- Business
- Indian Express
World recognises 2 infinite powers of India — demography and democracy: PM
Prime Minister Narendra Modi on Saturday said India's two strengths are its demography and democracy, with the country being the most populous and the largest democracy in the world. In a virtual address during Rozgar Mela, after distributing over 51,000 appointment letters to youths, the PM said his government's welfare schemes, be it building over four crore houses for the poor, distributing over 10 crore new LPG connections or the rooftop solar programme, have created lakhs of new employment opportunities, and so have a host of other initiatives that led to growth in manufacturing sector. Exhorting the youth to work hard for the nation, he said the motto should be 'citizens first', and underlined that their careers would be the most important phase of 'Amrit Kaal' for the country. 'The world acknowledges today that India possesses two infinite powers. One is demography, the other is democracy. In other words, the largest youth population and the largest democracy,' he said. Asserting that the country has progressed in every field in the past 11 years, PM Modi said electronic manufacturing had risen over five times and mobile manufacturing units have increased to nearly 300 from two to four earlier. Noting that over 25 crore people were lifted out of poverty in the past 10 years, the PM said it would not have happened but for the employment and sources of income generated for them. Citing an International Labour Organization report, Modi said over 90 crore people were covered under the ambit of welfare schemes in the last decade. The worth of defence production has gone beyond `1.25 lakh crore, he said, adding that India is now on the way to becoming the third-largest economy. Defence manufacturing is being discussed proudly after Operation Sindoor, he said in an apparent reference to the display of India's indigenous military capability during the conflict with Pakistan. The government, he said, was focusing on creating new employment opportunities through the Employment Linked Incentive Scheme, under which people in their first job in the private sector would be given `15,000 by the government. He added that this is expected to help create about 3.5 crore new jobs.
United News of India
12-07-2025
- Business
- United News of India
Youth power, country's greatest capital: PM Modi's message to new appointees
New Delhi, July 12 (UNI) Emphasising the unmatched strengths of "India's demographic and democratic foundations", Prime Minister Narendra Modi today said that youth power is country's greatest capital, and the government is steadfast in its efforts to convert this capital into a catalyst for long-term prosperity. "India, with the world's largest youth population and the largest democracy, holds unique potential to shape the future both domestically and on the global stage. This vast youth power is India's greatest capital, and the government is steadfast in its efforts to convert this capital into a catalyst for long-term prosperity," he said while addressing the Rozgar Mela and distributed more than 51,000 appointment letters to newly appointed youth in various Government departments and organisations via videoconferencing here. Addressing the gathering, he emphasised that today marks the beginning of new responsibilities for these youth in different departments of the Government of India. He congratulated the young individuals on beginning their service in various departments, saying that despite different roles, their common goal is national service, guided by the principle of 'Citizen First.' The Prime Minister also emphasised the "unmatched strengths of India's demographic and democratic foundations." 'Just two days ago, I returned from a visit to five countries. In every nation I visited, the strength of India's youth echoed strongly. The agreements signed during this tour will benefit Indian youth both within the country and abroad,' Modi said. He further said that various agreements signed during this tour on critical sectors such as defence, pharmaceuticals, digital technology, energy and rare earth minerals will create far-reaching benefits. 'These initiatives will not only strengthen India's global economic standing but also generate meaningful opportunities for young Indians in both manufacturing and services,' he said. Addressing the evolving landscape of employment, the Prime Minister highlighted that the nature of jobs is undergoing rapid transformation in the 21st century. Emphasising the importance of innovation, startups and research, he spoke of the growing ecosystem in India that empowers young people to dream big. He shared his personal pride and confidence in the new generation, expressing joy at seeing youth stepping forward with ambition, vision and a strong desire to create something new. Stating that his government is also focusing on creating new employment opportunities in the private sector, he said that the government has approved a new scheme called the "Employment Linked Incentive Scheme". Under this scheme, the government will provide Rs 15,000 to young individuals who get their first job in the private sector, he informed. 'In other words, the government will contribute to the first salary of their first job. For this, the government has allocated a budget of approximately Rs one lakh crore. This scheme is expected to help in the creation of about 3.5 crore new jobs,' Modi added. The Prime Minister stressed on the transformative power of India's manufacturing sector in driving national growth, generating employment and accelerating India's journey towards becoming the world's third-largest economy. The Prime Minister noted that in recent years, there has been significant strengthening of the 'Make in India' initiative. Through the PLI (Production Linked Incentive) scheme alone, more than 1.1 million jobs have been created across the country. 'Today, electronics manufacturing in India is worth nearly Rs 11 lakh crore, marking more than a fivefold increase over the past 11 years. Earlier, there were only two to four units manufacturing mobile phones in the country. Today, India is home to nearly 300 units related to mobile phone manufacturing, employing lakhs of young people,' he stated. The Prime Minister also spoke of India's rise as a global leader in defence manufacturing, with output exceeding Rs 1.25 lakh crore. Modi praised India's emergence as the largest locomotive producer in the world, and the country's strong export performance in locomotives, rail coaches and metro coaches. The automobile sector, he added, has attracted USD 40 billion in FDI in just five years, resulting in new factories, new job opportunities, and record vehicle sales. The Prime Minister underscored the far-reaching impact of India's welfare initiatives, citing a recent International Labour Organisation (ILO) report that confirms that over 90 crore Indian citizens have been covered under government welfare schemes over the past decade. These schemes, he noted, are not limited to welfare benefits alone but have played a crucial role in generating large-scale employment, particularly in rural India. The Prime Minister elaborated on flagship programmes such as the PM Awas Yojana, under which four crore permanent houses have been built and three crore more are under construction. 'The PM Surya Ghar Muft Bijli Yojana, which offers over Rs 75,000 per household for rooftop solar installations, is reducing household electricity bills and creating job opportunities for technicians, engineers, and solar panel manufacturers. Namo Drone Didi has empowered rural women by training them as drone pilots,' Modi added. The Prime Minister pointed that the country is also progressing with its mission to create three crore Lakhpati Didis, and 1.5 crore women have already achieved this milestone. Listing out various schemes like Bank Sakhi, Bima Sakhi, Krishi Sakhi and Pashu Sakhi that have enabled women to find sustainable employment, he mentioned that the PM SVANidhi scheme has extended formal assistance to street vendors and hawkers, bringing millions into mainstream economic activity. The Prime Minister emphasised that it is the impact of these numerous schemes that, in just the past 10 years, 25 crore people have come out of poverty. 'Without employment opportunities, such a transformation would not have been possible. This is why today, major global institutions like the World Bank are praising India. India is now being counted among the top nations in the world with the highest levels of equality,' Modi stated. The Prime Minister described the current phase as a Mahayagya of development, a national mission dedicated to poverty eradication and employment generation and called on the country's youth and new government appointees to take this mission forward with renewed energy and dedication. The Prime Minister also invoked the guiding ethos of 'Nagrik Devo Bhava' of treating every citizen as divine and extended his heartfelt congratulations and best wishes to the new appointees for a bright and meaningful future in public service. UNI AAB ARN SS
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Business Standard
08-07-2025
- Business
- Business Standard
PM Modi raised Bihar's railway budget by 9 times to ₹10,000 cr: Vaishnaw
Vaishnaw noted that Bihar is among the top states with the highest number of Vande Bharat trains, underlining the government's focus on modernising rail travel in the region ANI Railway Minister Ashwini Vaishnaw announced on Monday that the rail budget for Bihar has been increased nine times since 2014 under the leadership of Prime Minister Narendra Modi, taking the total allocation to Rs 10,000 crore. Speaking during his visit to Patna, the Union Minister said, "Since 2014, PM Narendra Modi has increased Bihar's railway budget by 9 times and taken it to Rs 10000 crores." He shared multiple infrastructure and service developments aimed at enhancing connectivity across the state and linking it to key regions nationwide. He stated that the 111 km Araria-Ghagaria railway line had been completed, significantly improving local connectivity. Additionally, the doubling of the Samastipur-Darbhanga line has made good progress, helping to reduce travel time and increase rail capacity. In a major announcement for long-distance travellers, the minister said, "A decision has been taken to operate Amrit Bharat Express between Patna and Delhi every day." He also declared that a weekly Amrit Bharat Express train will soon begin service between Darbhanga and Lucknow. Meanwhile, to enhance southbound connectivity, Vaishnaw announced a new train, saying, "A train connecting Seemanchal to Erode in Tamil Nadu will soon be made operational." Vaishnaw noted that Bihar is among the top states with the highest number of Vande Bharat trains, underlining the government's focus on modernising rail travel in the region. Apart from railway projects, the minister also highlighted developments in the technology sector, especially in the state capital. He said, "Software Technology Park of India (STPI) is an outstanding facility that has been built in India to bring in industry to Patna." Furthermore, he also conducted a window-trailing inspection of the Digha Bridge Halt-Karpuri Gram rail section. During the visit, he encouraged the on-duty gangmen. Earlier, Vaishnaw stated that the Union Cabinet, meeting under the chairmanship of Prime Minister Narendra Modi, approved the Employment Linked Incentive (ELI) Scheme to boost job creation, incentivise first-time employees, and strengthen social security for the country's workforce. With an outlay of Rs. 99446 crore, the ELI Scheme will support the creation of over 3.5 crore jobs, Vaishnaw said. Gives details on the Employment Linked Incentive Scheme approved by the Union Cabinet, the Union Minister said, "The focus of the Employment Linked Incentive Scheme will be on the manufacturing sector. It has two parts; part one is for first-timers and part two is for support to sustained employment." Under the Scheme, while first-time employees will receive one month's wage (up to Rs 15,000), employers will be given incentives for a period of two years for generating additional employment, with extended benefits for another two years for the manufacturing sector. The ELI Scheme was announced in the Union Budget 2024-25 as part of 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.
