Pradhan Mantri Kaushal Vikas Yojana (PMKVY): All You Need to Know

The Centre for Monitoring Indian Economy (CMIE) appraised that more than 10 million jobs were lost in the year 2018 alone, thus leading the unemployment rate to peak up to 7.38%. National Sample Survey Office (NSSO) reported that the unemployment rate in India is presently at 6.1%, the highest in last 4 decades.

The Ministry of Skill Development & Entrepreneurship has therefore put forth Pradhan Mantri Kaushal Vikas Yojana to augment the Indian economy by furnishing employment skills and knowledge to the country’s youth. The MSDE bought the scheme into effect in the year 2009, which was later revised and made public in the year 2015 by NSDC, that is National Skill Development Corporation.

What is Pradhan Mantri Kaushal Vikas Yojana?

PMKVY is a scheme for skill training initiated to provide industry-related skills to more than 10 million youth before the year 2020. This certification will enable the Indian youth to get a better livelihood and in turn, will reduce the unemployability and boost the Indian economy.

Under the scheme, the government will be bearing all the costs of your training and thus, you will not be required to pay any money.

Eligible Beneficiaries of PMKVY

This scheme is befitting to only Indian citizens who are:

1. Unemployed
2. Minimum 18 years of age
3. Drop outs or pass outs from school or college

Additionally, the applicants should have Voter ID or Aadhar card as their identity proof and a bank account in their own name.

Main Components of Pradhan Mantri Kaushal Vikas Yojana

Under the PMKVY scheme, you will be offered various training programmes with certifications affiliated to either the State or Central government. Quality Control by observing and monitoring the skill training to ensure that the training meets the mark is done by the Sector Skill Council and the State Government. Moreover, it is mandatory for the trainers to enroll themselves on the SMART portal to be approved by the government.

The Kaushal Vikas Yojana scheme has the following components:

• Short-term training

In line with the National Skills Qualification Framework (NSQF), training is provided to unemployed school or college dropouts in various training centres all across India. The time span of the course may vary from 150-300 hours and includes entrepreneurship training, financial literacy, soft skill training, digital literacy, business training and so on. It also offers placement assistance once the training is completed.

• Recognition of Prior Learning

Based on this module, applicants with previous experience in any of the specific or existing skills are assessed and certification that recognizes their prior experience is given. Moreover, to link skills and training among the candidates, Project Implementing Agencies (PIAs) provide Bridge Courses. Along with this exposure, RPL gives ₹500 to the certified candidates.

• Special Projects

Under this module of PMKVY, training is provided under special job roles for industry bodies, government bodies, and corporate bodies. Particularly, this module provides training for the roles not specified under National Occupational Standards/ Qualification Packs (NOSs/QPs). In this module, the special training provided can be from State, Central, or any Autonomous body or corporate equivalent.

• Kaushal and Rozgar Mela

Kaushal and Rozgar Melas are held twice a year for social mobilization and awareness. With the inclusion of press and media, the candidates also get exposure to effectively participate in on-ground exercises and National Career Service Melas.

• Guidelines for Placement

PMKVY aims to give placements to trained and certified candidates. Training centres also provide entrepreneurship development support to their candidates.

• Guidelines for Monitoring

Maintenance of training quality is observed by empanelled Inspection Agencies and NSDC. They use different methods like self-audits and surprise visits to maintain high standards of training.

Advantages of Prime Minister Kaushal Vikas Yojana

The Prime Minister Kaushal Vikas Scheme provides:

• Industry related free training to unemployed youth and college/school dropouts to make them ready to earn their living
• Certificate to the candidates through which candidates can earn a livelihood by applying for jobs
• Placement assistance to certificate holders
• A skilled youth to aid India’s economy

Enrolling in this scheme will not only enhance one’s employability but will also aid in improving their vocational skill set. Such schemes can also effectively help one’s entrepreneurship dreams take flight.

In order to equip your business with all the resources necessary to fulfill your professional ambitions, avail the Bajaj Finserv Business Loan of up to Rs. 30 lakhs available on Finserv MARKETS . This business loan will help you cover a variety of costs associated with growing your business, including purchasing new machinery, expanding to new markets, increasing working capital, and so on. Start-ups and MSMEs alike can avail tailor-made loans and have the amount disbursed to their bank account within a span of 24 hours. So, avail a business loan on Finserv MARKETS and watch your business reach new heights!