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.

The employment-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 d...