New Delhi, July 1 -- Indian industry leaders have hailed the government's approval of the Employment Linked Incentive (ELI) Scheme as a bold and timely move to tackle India's pressing job creation challenge.

The business executives and policy experts believe that the scheme will transform the employment landscape, as it focuses on formalising the workforce, empowering first-time job seekers, and reducing hiring costs for employers--especially in labour-intensive and capital-constrained sectors.

Many have compared its potential impact to that of the Production Linked Incentive (PLI) scheme, calling it a "game-changer" for youth employment, regional development, and growth of MSMEs.

The Union Cabinet on Tuesday approved the much-anticipa...