New Delhi, July 1 -- The Union cabinet on Tuesday approved Rs.1 trillion each for schemes to promote employment, as well as research, development, and innovation (RDI) in the country.

linked incentive (ELI) scheme, aimed at generating 35 million jobs in two years, will provide direct financial benefits up to Rs.15,000 to 19.2 million first-time employees, Union minister of information and broadcasting Ashwini Vaishnaw said.

"This overall encourages youth to look at formal wage-led jobs instead of part-time, gig or other informal means of livelihood. Coming at a time of reduced interest rates and income tax reduction at entry level, it should be both beneficial for youth to come into employment as well as have a lot more disposable incom...