Israel's Prime Minister Benjamin Netanyahu smiles during a Likud party meeting at the Knesset, the Israeli parliament, in Jerusalem March 18, 2013. [Photo/Agencies]

JERUSALEM - Israel's 33rd government was inaugurated at the Knesset (parliament) Monday evening after its members were earlier introduced by the prime minister to lawmakers.

The Knesset members approved Benjamin Netanyahu's introduction of the new government's members and its outlines, with 68 lawmakers voting in favor and 48 against.

When speaking at the Knesset's plenum earlier in the day, Netanyahu said "We have a combination of a young and fresh team along with more experienced members and this collaboration can give great worth to the Israeli citizens."

"We will work to drastically increase the equalizing of the burden in the Israeli society and dramatically reduce the high costs of living for the Israeli people," he said when introducing the main topics of the new government's agenda.

While Israel works to secure the country's security interests, it is seeking peace and stability in the Middle East, specifically with the Palestinians, he said.

However, Shelly Yachimovich, Labor Party leader and head of the opposition, criticized the new government in a speech after Netanyahu's remarks, saying it would not offer Israeli anything different than the old one in terms of caring for the Israeli citizens' socioeconomic welfare.

She said that in case the government would make progress in the peace process, her party would reconsider its position and perhaps assist the reelected prime minister to pass bills in that area whether from outside or within the government.