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Pradhan Mantri Kaushal Vikas Yojana: A Solution To Boost Employment In India

  • Highlights

  • PMKVY offers industry-related skills to its beneficiaries

  • Unemployed youth and school/college dropouts are eligible

  • Government pays the training fees on behalf of candidates

  • Get a loan of Rs.5 crore to study a course of your choice

According to The Guardian, India is home to the largest number of youth in the world, which makes it the youngest country. Over 600 million citizens, half of India’s population, are under 25 years old and a quarter of the population is under the age of 14. Though this seems like an asset to a growing economy like ours, discontinuation of education can hamper the development of both the individual and the economy. Unfortunately, this is rampant in India.

According to Business Standard, while the primary school dropout in 2014–15 was 4.13%, the rate was 4.03% at the upper primary level and 17.06% at the secondary level. Besides, over 6.2% of Indian youth is unemployed, which isn’t ideal for an economy that has been growing at a rate of 12% for the last 5 years. To counteract the issues of unemployment among the youth, the Ministry of Skill Development and Entrepreneurship (MSDE) has launched the Pradhan Mantri Kaushal Vikas Yojana (PMKVY).

What is Pradhan Mantri Kaushal Vikas Yojana (PMKVY)?

PMKVY is a skill training scheme that was started with to offer industry-related skills to about 10 million youth between 2016 and 2020. Here, the government itself bears the cost of training and thus, as an enrolled candidate, you don’t have to pay anything.

Objectives of PMKVY

The objectives of Kaushal Vikas mission are as follows.

  • To impart industry-related skills to the unemployed youth and school/college dropout

  • To provide financial and placement assistance to trained candidates

Loan of up to Rs 3 crore against property in just 4 days

How Does Pradhan Mantri Kaushal Vikas Yojana (PMKVY) Work?

National Skill Development Corporation (NSDC) is responsible for the implementation of the Kaushal Vikas mission. Here, you are offered training programmes affiliated to the central/ state government. In fact, the state government and the Sector Skill Councils closely monitor the skill training so that it meets the standards set by the scheme. Further, training providers are mandated to register themselves on the SMART portal in order to become an approved participant under the scheme.

The Kaushal Vikas Yojana scheme has three components:

  • Short Term Training (STT): Basis this module, training is given to unemployed youths or school/college dropouts in line with the National Skills Qualification Framework (NSQF). Moreover, training centres offer PMKVY courses in Entrepreneurship and Financial and Digital Literacy. The duration of training varies as per the role of the job and can range from 150 to 300 hours.

  • Recognition of Prior Learning (RPL): Under this module, assessment and certification is given to applicants with existing skills or a prior learning experience. In addition, Project Implementing Agencies (PIAs) may offer bridge courses to fill the gap between your knowledge and skills.

  • Special Projects: This module has been designed to create a platform that facilitates training for special job roles in government, corporate or industrial bodies. Additionally, it also offers training for specific job roles that are not defined under the Qualification Packs /National Occupational Standards.

All in all, the Kaushal Vikas offers training for various PMKVY courses including good work ethics, behavioural change for cleanliness, personal grooming, and soft skills. These courses are offered for durations of 3 months, 6 months and 1 year, depending on the subject matter. As mentioned earlier, the government pays fees of around Rs.8,000 on your behalf towards the course.

On its completion, an assessment agency approved by the SSC evaluates you. If you clear the assessment and possess a valid Aadhaar card, you will get a skill card and also be awarded a government certificate that is valid throughout the country. In case you don’t clear the assessment, you can reapply for evaluation as many times as you wish to, however, you will have to bear the evaluation fees. In addition to paying the course fees, the government also offers financial aid and placement assistance via employment fairs.

Eligibility Criteria For PMKVY

To be eligible under the PM Kaushal Vikas Yojana, you have to meet the following eligibility terms.

  • You have to be an Indian national with a valid identity proof like a voter’s ID, Aadhaar card or a bank account

  • You should be an unemployed youth or should have dropped out of college or school midway through the academic tenure

Benefits of PM Kaushal Vikas Yojana (PMKVY)

Kaushal Vikas Yojana helps not just an individual, but the nation as well. Take note of the benefits on offer.

  • The scheme offers cost-free, industry-related skills training to unemployed youth and school or college dropouts to make them fit for employment

  • The scheme offers valid certification and a Skill India card basis which the candidates can apply for jobs and earn a livelihood

  • The scheme offers financial and placement assistance to candidates who have been awarded a certificate

  • The scheme also offers training to the youth with prior experience so as to bridge the gap between their skills and industrial requirements

  • The scheme contributes to the country’s economic development by creating a skilled workforce.

While enrolling for the rewarding PM Kaushal Vikas Yojana training scheme will improve your employability, studying a skill/vocation that is in demand will also add to your appeal as an employee. Fortunately, you can fund the course of your choice without overstepping your budget by accessing up to Rs.5 crore through Bajaj Housing Finance Limited’s Loan Against Property. Qualify for this feature-rich loan by meeting simple eligibility criteria, submitting minimal documentation and avail low loan against property interest rate. Once your loan is approved, you can expect to receive funds directly in your bank account in just 4 days. To get started, check your pre-approved offer. View your tailor-made deal and expedite access to financing!

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