The Pradhan Mantri Kaushal Vikas Yojana (PMKVY) is a skill development initiative launched by the Indian government to enable a large number of Indian youth to take up industry-relevant skill training to help them secure a better livelihood. As of now, the Finance Ministry has reported that nearly 1.4 crore (14 million) candidates have been trained under PMKVY since its inception in 2015.
PMKVY is part of the broader National Skill Development Mission and the National Policy on Skill Development and Entrepreneurship, both launched in 2014. The program aims to empower a significant portion of the Indian population with employable skills across various sectors, enhancing their employability and contributing to the country’s economic growth.
The Finance Ministry’s announcement underscores the government’s commitment to addressing the skill gap in the workforce and promoting skill development as a crucial aspect of the country’s development agenda. The success of PMKVY is measured by the number of candidates trained and their subsequent integration into the workforce with improved skills and capabilities.
According to the India Skills Report 2023, the employable percentage of these students has shown significant improvement. Specifically, the employability rate has increased from 33.9 percent in 2014 to 51.3 percent in 2024.
The employability percentage is determined based on the results of the online Wheebox National Employability Test. This test assesses various skills and competencies that are crucial for employment across different sectors. The fact that the employability rate has risen over the years suggests that efforts, such as skill development initiatives like the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) and other skill development programs, may be contributing to enhancing the skill sets of students and making them more job-ready.
Improving employability is essential for fostering economic growth and addressing the needs of the job market. The positive trajectory in employability rates is a promising sign, indicating progress in aligning education and skill development with the requirements of the evolving job landscape in India.
