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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,
www.HemenParekh.ai / 14 Dec 2924
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