India is planning to create 35 million new formal jobs by 2027 through a new government scheme called the Employment Linked Incentive (ELI), announced in the FY25 Budget. The scheme has a big budget of ₹1 lakh crore and aims to give a boost to jobs in areas like manufacturing and services.

In the last two years, about 30 million young people (under 25) have already joined formal jobs. In FY25, around 14.7 million got jobs, and in FY24, 14.3 million did.

Registrations under EPF (Employees’ Provident Fund) which usually means higher-quality jobs went up by 5.1% in FY25. In comparison, registrations under ESIC (which often represents lower-paying jobs) increased by only 2.3%.

Experts say that if the ELI scheme is well-managed and companies fill existing job openings, it can really help improve employment. The fact that more and more young people are joining the workforce also supports this goal.