Budget Of The PMKVY 4.0

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

During the initial phase of the program from 2015 to 2017, more than 19.85 lakh candidates received training. The Pradhan Mantri Kaushal Vikas Yojana (PMKVY) follows Common Cost Norms and has a total budget of ₹12,000 crore.

In simple terms, CSCM (Centrally Sponsored Centrally Managed) is a program managed by the National Skill Development Corporation, while CSSM (Centrally Sponsored State Managed) is implemented by state governments through State Skill Development Missions (SSDMs). Since the launch of the program, more than 140 million candidates have received training under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY).

PMKVY-Scheme-Details%2C-Budget%2C-Key-Components%2C-Full-Form-750 Budget Of The PMKVY 4.0

In the year 2023-24, the fourth phase of the scheme called PMKVY 4.0 was introduced. This phase emphasizes skill development and training programs related to Industry 4.0, artificial intelligence (AI), robotics, mechatronics, Internet of Things (IoT), and drones. As part of PMKVY 4.0, a total of 30 Skill India International Centers were announced in the Budget for 2023.

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.

• 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

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 : What is skill development in Budget 2023-24?

PMKVY 4.0 (FY 2023-26) was announced in the last Union Budget 2023-24 with an aim to skill lakh of youth and provide training in courses on Industry 4.0, AI, robotics, mechatronics, IoT and drones. PMKVY 4.0 has received the approval of EFC and the same has been submitted for the approval of the cabinet.

Q.3:When did PMKVY 4.0 launch?

15 July, 2015