In the Union Budget 2024-25, Finance Minister Nirmala Sitharaman announced the 'Employment-Linked Incentive (ELI) Scheme' to address the issue of rising unemployment in the country. But what exactly is the Employment-Linked Incentive Scheme? How is it tackling unemployment? And how effective is it?
In this video, I dive into these questions. Additionally, I explore Section 80JJAA of the Income Tax Act, which already offers a similar incentive for employers. Can this section be leveraged to solve the unemployment problem?
I also examine the credibility of unemployment data. Watch the video to gain a comprehensive understanding of these topics.
*******Correction from 14:15 to 14:26: By mistakenly said the company has to take the refund instead of the government. But the overall point is to say that there is more compliance and that will have some trouble for the payroll team.*******
#unemployment #india #indianeconomy #nirmalasitharaman #unionbudget2024 #employment #employmentnews #budget #indiabudget2024 #data #plfs #cmie #employmentdata #indianews #financenews #economics #vacancy #mumbaiairport #mumbainews #jobs #labour #indiajobs
-----------------------------------------------------------------------------------
⏱️ Time Stamps
01:08: Mumbai Airport Vacancy
02:00: Underemployment in India
02:34: Unemployment Data in India - Government vs. CMIE
06:18: Details of Employment Linked Incentive Scheme
07:17: Scheme A of ELI
09:19: Scheme B of ELI
10:25: Scheme C of ELI
11:49: Thoughts on ELI
*******Correction from 14:15 to 14:26: By mistakenly said the company has to take the refund instead of the government. But the overall point is to say that there is more compliance and that will have some trouble for the payroll team.*******
15:13: Section 80JJAA of Income Tax Act
17:25: ELI, a Recipe in Haste?
-----------------------------------------------------------------------------------
Sources:
Budget Speech Page 31 to 33: https://www.indiabudget.gov.in/doc/budget_speech.pdf
Section 80JJAA, Clear Tax: https://cleartax.in/s/section-80jja-income-tax-act
PLFS Data for Jan-Mar 2024: https://www.mospi.gov.in/sites/default/files/publication_reports/Quarterly_Bulletin_PLFS_Janaury-March2024.pdf
CMIE June 2024 Data: https://www.cmie.com/kommon/bin/sr.php?kall=warticle&dt=20240701180501&msec=110#:~:text=Unemployment%20rate%20in%20India%20rose,6.3%20per%20cent%20in%20May.
Bond Economist, YouTube - @thebondeconomist
Macro Sutra, The Print, YouTube - https://www.youtube.com/watch?v=10HQW_Jfy4Y&list=PLfa0eRI2uIaTKUwBPPnMEIGEriEsw__4I
-----------------------------------------------------------------------------------
👉🏼 Follow Me on -
LinkedIn - https://www.linkedin.com/in/swapkar
Twitter - https://twitter.com/Swap_Kar
Instagram - https://www.instagram.com/swap_kar/
Blog - https://econgullyblog.wordpress.com/
Support the channel - https://donate.stripe.com/3cs2aD26u4bB5UYeUUhttps://tinyurl.com/3bav4hks