To generate jobs, India should consider a jobs-linked incentive scheme
Employees Provident Fund Organisation data shows that around 12-13 million formal jobs are added every year. The concept of having a stock of employees on the bench is outdated even in the information technology sector, where hiring now follows the tenet of ‘just in time.’ A policy response could be for the government to provide financial incentives to the private sector through a jobs-linked incentive scheme that mirrors its production-linked incentive scheme, which links subsidy payouts to the beneficiary firm’s incremental output, with the aim of encouraging it to invest and produce more. Either way, a JLI scheme may prove more effective than running a time-bound internship programme or making provident fund payments on behalf of employers, as announced in the Union budget this year. A JLI scheme would make the government’s money do a better job of generating jobs.
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