Pradhan Mantri Kaushal Vikas Yojana (PMKVY)

ABOUT  PMKVY ​ SCHEME

Currently, only a very small proportion of India’s workforce has any formal skill training. Not surprisingly therefore several sectors of the country’s economy face shortage of skilled people and are mired with low productivity levels due to poor quality of workforce. At the same time, large sections of the country’s youth are looking for economic and livelihood opportunities. In this context, skill development has become a key priority area for the country. This is not only essential for economic development, but would help to fulfil youth aspirations for good quality, better paid jobs and self-employment opportunities. This would also enable the country to take advantage of its favourable demographic profile. With a large pool of skilled people, India has an opportunity to become a skill provider for the world, particularly the ageing developed world.

Pradhan Mantri Kaushal Vikas Yojana (PMKVY) is the flagship outcome-based skill training scheme of the new Ministry of Skill Development & Entrepreneurship (MSDE). This skill certification and reward scheme aims to enable and mobilize a large number of Indian youth to take up skill training and become employable and earn their livelihood. Under the scheme, monetary reward would be provided to trainees who are successfully trained, assessed and certified in skill courses run by affiliated training providers. This will boost the productivity of the country’s workforce by enabling them to acquire high quality skill training across a range of sectors. It will also bring about a paradigm shift from input-based to outcome-based skill training in the country. It also seeks to significantly scale up skill training activities in the country and enable skill training to happen at a fast pace without compromising quality. Institutional arrangements comprising of the National Skill Development Corporation (NSDC), Sector Skill Councils (SSCs), Assessing agencies and Training Partners are already in place for implementation of the scheme.
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OBJECTIVES OF PMKVY SCHEME

The objective of this Scheme is to encourage skill development for youth by providing monetary rewards for successful completion of approved training programs. Specifically, the Scheme aims to:

• Encourage standardization in the certification process and initiate a process of creating a registry of skills
• Enable and mobilize a large number of Indian youth to take up skill training and become employable and earn their livelihood. Increase productivity of the existing workforce and align the training and certification to the needs of the country.
• Provide Monetary Awards for Skill Certification to boost employability and productivity of youth by incentivizing them for skill trainings
• Reward candidates undergoing skill training by authorized institutions at an average monetary reward of Rs. 8,000 (Rupees Eight Thousand) per candidate.
• Benefit 24 lakh youth at an approximate total cost of Rs. 1,500 Crores.