PMKVY: Scheme Details, Budget, Key Components, Full Form

The PMKVY Scheme is a flagship initiative managed by the Ministry of Skill Development & Entrepreneurship. Get to know all about PMKVY scheme here!

30 Nov,2022 10:40 IST 2396
PMKVY: Scheme Details, Budget, Key Components, Full Form

In India, the youth between 15-29 years old comprise a staggering 27.2 per cent of the total population. They contribute favourably to the growth of India and create a positive social impact on the economy. However, a common problem in India is that the youth fail to find good jobs, which pulls down the employment rate rather than contributing to the GDP.

Therefore, the Indian government has been making numerous efforts to ensure that the Indian youth get ample job opportunities and transform the Indian economy. To offer youth job opportunities, the Indian government has introduced multiple schemes.

One such job-oriented scheme is the Pradhan Mantri Kaushal Vikas Yojana.

Scheme Details: What Is Pradhan Mantri Kaushal Vikas Yojana?

The PMKVY Scheme is a flagship initiative managed by the Ministry of Skill Development & Entrepreneurship. It provides industry-level skill training to Indian youths to ensure they have the required skills specific to a job.

Although the Ministry of Skill Development & Entrepreneurship manages the scheme, the National Skill Development Corporation executes the PMKVY scheme. The initiative aims to provide certifications for learning and acquiring skills under RPL- Recognition of Prior Learning.

Under the Kaushal Vikas Yojana, the Indian government strives to train and provide certificates to 400 plus youth workers by the end of 2022. The leading agencies that operate under the scheme include the following.

• NSDA:

The National Skill Development Authority aims to implement the National Skills Qualification Framework and strengthen the State Skill Development Missions.

• NSDC:

National Skill Development Corporation seeks to implement the PMKVY Scheme and provide loans to private sector training and upskilling companies. It also establishes and monitors sector skill councils.

• DGT:

Directorate General of Training establishes and monitors Industrial Training Institutes.

Key Components Of The Pradhan Mantri Kaushal Yojana

• Short-Term Training

The scheme is responsible for offering short-term courses through the PM Kaushal Vikas Yojana Courses. PMKVY trading centres are open to training youths who are either employed or have dropped out of school or college. Industry experts train students in entrepreneurship, financial literacy, soft skills, etc.

The training sessions are between 150-200 hours and are specific to the desired job role. Furthermore, the government provides placement assistance to the graduated candidates and the training for free.

• Recognition Of Prior Learning (RPL)

The Recognition of Prior Learning assesses the skills of the youth with prior job experience and provides them with a certificate under the same program. The main objective of the RPL is to ensure that the skills of such youth align with the other Indian workforce, which is unregulated by the NSQF.

Agencies under the MSDE, SSC and NSDC projects employ RPL projects through the Project Implementing Agencies-based Bridge Courses.

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• Kaushal and Rozgar Mela

The scheme organises Kaushal and Rozgar Melas to encourage accountability and transparency through social and community participation and mobilisation. The training centers hold the Kaushal and Rozgar Mela every six months to help the included members function better.

• Placement Guidelines

The PM Kaushal Vikas Yojana supports trained youth through a framework of placement guidelines. The PMKVY scheme links their skills, knowledge, aptitude, and aspiration with market opportunities and demands. The placement guidelines allow trained youth to find good jobs and earn a living.

• Monitoring Guidelines

The NSDC and inspection agencies conduct self-audit reporting and validations to ensure adequate training standards and successful placements. The inspection agencies and the NSDC hold surprise visits to ensure the effective implementation of the training and placement process.

Budget Of The PMKVY

Here are the budget, charges, and achievements of the PMKVY scheme:

• The Indian government allocated Rs 12,000 crores for training around 10 million Indian youth.

• The Indian government undertakes the training and assessment fee for the candidates training under the scheme.

• The NSDC included two hundred fifty-two job roles within the first two years of the Pradhan Mantri Kaushal Yojana.

• 15.4 lakh candidates were certified under the scheme in the first two-year.

• 5.8 lakh candidates received placement under short-term training through the PM Kaushal Vikas Yojana courses

Avail Of An Ideal Business Loan From IIFL Finance

Startups have created a revolution among the Indian youth, and you can start one, too, if you have a great business idea. However, you may need a business loan to fund and execute your vision.

Through IIFL Finance business loan, you can get instant funds up to Rs 30 lakh with a quick disbursal process online and minimal paperwork. The loan’s interest rate is attractive and affordable to ensure the repayment doesn’t create a financial burden. You can apply for the loan online or offline by visiting IIFL Finance nearest branch and verifying your KYC details.

FAQs:

Q.1: How can PMKVY help in starting a business?
Ans: PMKVY provides specialised training to instil the needed skills to be successful entrepreneurs. You can start your own business after getting the relevant certifications.

Q.2: How much time does it take to approve the IIFL Finance business loan?
Ans: IIFL Finance approves business loans within 30 minutes of application. Once approved, you will receive the loan amount in your bank account within 48 hours.

Q.3: What is the loan tenure for IIFL Finance business loan?
Ans: The loan tenure for an IIFL business loan up to Rs 30 lakh is five years.

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