How Pradhan Mantri Kaushal Vikas Yojana is Helpful for Youth?

Pradhan Mantri Vikas Kaushal Yojana or PMKVY is one of the flagships schemes introduced by the Ministry of Skill Development and Entrepreneurship and implemented by National Skill Development Corporation. Under this scheme, the country’s youth are imparted with industry-relevant skill development training to promote a better livelihood. The government has also declared various monetary awards and rewards for existing daily wage-earners to boost their work efficiency. This reward amount has been fixed at Rs. 8000 for each individual.

Key stats about the implementation of PM Kaushal Vikas Yojana

• 19.85 Lakh – Total number of individuals trained in the first phase of this programme, conducted between 2015 and 2016.
• 2.62 Lakh – Total number of individuals who have received the training and employed in various sectors across India.
• 52.12 Lakh – Number of individuals trained under the second phase of PMKVY which commenced in 2016 and is slated to continue till 2020. 
• 11% – Percentage of growth in implementation between the two phases of this programme.

From this data above, it is evident that this programme has facilitated the India’s youth to expand their employment prospect to quite an extent. Following is an elaboration on how the scheme works, its objectives, and how it is helping the country’s youth in increasing their employability.

Objectives of PMKVY courses

The Kaushal Vikas programme was undertaken by the government to fulfil the following objectives –

• To provide the country’s unemployed youth and school or college dropouts with various industry-related skills that can boost their prospect of employment in different sectors of our economy.
• To assist trained candidates financially and through job placements to improve the quality of their livelihood.

Moreover, armed with these skills, individuals can not only seek employment at various industries but also venture into setting up their own businesses. Their endeavours can be further supported by the easy availability of credits like a loan against property to start a business, from various financial lenders across the country.

How does the Kaushal Vikas Yojana work?

The National Skill Development Corporation undertaking implementation of this programme offers various central and state-affiliated training programmes to prospective candidates. The training programmes are also monitored by Sector Skill Councils to ensure that they meet the set standards.

Those imparted with the task of providing training are also required to register themselves with the Skill Management and Accreditation of Training Centre portal as proof of their eligibility to conduct the courses.

Following are the three components of the PMKVY scheme –

• Short term training –

Under this component of the scheme, participants are imparted with training complying with the National Skills Qualification Framework or NSQF. Further, there are training centres that offer Entrepreneurship, Financial and Digital Literacy under these courses.

This is one of the most crucial parts of the course because it allows individuals to gain the requisite knowledge required to start their own business ventures later. With this training and the necessary finances, any individual can work towards increasing their career prospects. But it is crucial to know how to apply for a loan against property before doing the same.

• Recognition of Prior Learning –

This is the second component of the scheme under which candidates with existing skills or learning experience are assessed and certified. Further, various Project Implementing Agencies (PIA) also offer various courses that can help individuals acquire the know-how of how to convert their knowledge into employable skills.

• Other special projects –

Under this module of the scheme, a platform to facilitate training for special job roles is created. These job roles pertain to the requirements of different corporate, government and industrial bodies. Under this platform, the scheme also offers training for job roles that are not defined under National Occupation Standards.

These three components of Pradhan Mantri Kaushal Vikas Yojana to boost employment aims at assisting the country’s youth to develop various soft skills, along with work ethics and behavioural grooming.  

Contribution of PMKVY

Apart from providing cost-free skill development training and certification to create a skilled workforce from the country’s youth, the scheme is pivotal in aiding individuals venture into their own business enterprises.

The easy availability of advances like Loans Against Property from financial institutions and NBFCs like Bajaj Finserv further aid in this endeavour. Such secure advances come with high loan amounts of up to Rs. 3.5 Crore and no end-usage restrictions. Thus, the credits availed from it can be utilised to fund any aspect of starting a business.

Related Article : Have a Look at the Complete PMAY Scheme Details

Additionally, the NBFC also brings pre-approved offers that can make availing the advance faster and easier. This offer is available on various financial products, including home loans, business loans, personal loans, etc. You can check your pre-approved offer by providing your name and phone number.

With such advances and the training from Kaushal Vikas Mission, the government’s efforts to curb youth employment have been successful to an extent. With the pace at which work is underway for better implementation of this programme, the government aims to realise its target of minimal unemployment by 2020.