Pradhan Mantri YUVA Yojana is MSDE’s flagship scheme on entrepreneurship education and training. Basically, this is an encouraging scheme for entrepreneurs who are not properly skilled. Under this scheme, an entrepreneur can avail of the basic skill development programs and other learning and development processes for the entrepreneurship journey.
The scheme will run for five years from 2016-17 to 2020-21 with a project cost of about 499.94 Crore. Under the Pradhan Mantri Yuva Yojana, more than 7 Lakh youngsters will be provided entrepreneurship education and training through 3,050 institutes across India.
Highlights of Pradhan Mantri Yuva Yojana
- This scheme was launched and managed by the Central Government of India.
- Over 7 lakh students will get entrepreneurship training through 3,050 training institutions in the next 5 years.
- The training institutions network for this scheme consists of 2,200 institutes of higher learning, 500 ITIs, 300 schools, and 50 entrepreneurship development centers.
- These institutions will have online training methods and students can access study materials at home easily.
- This Yojana is for educated youngsters who are not skilled and knowledgeable enough to face global competition.
- Anyone, less than 30 years of age can apply for this scheme.
- The Sector Skill Council(SCC) will closely work with the local authorities and industries and pave way for job aggregation.
- The selected candidates who perform well during the training will gate incentives and the ones who are not performing well will have to exit the training.
- Additionally, the scheme includes easy access to information and mentor networks, credit, incubators and accelerators, and advocacy to create a pathway for the youth.
- The Ministry of Skill Development and Entrepreneurship has also released lab guidelines which will be followed throughout the scheme.
Advantages of Pradhan Mantri Yuva Yojana
Pradhan Mantri Yuva Yojana encourages young entrepreneurs in India to actively participate in the economic growth of the country by starting new businesses.
This scheme not only gives an opportunity for young entrepreneurs to start a new business but also trains them and prepares them to face global competition.
With their motivating reward system, they attract a lot of youngsters who want to start a business and thereby putting them on the right track.
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If this plan is properly implemented and there are many successful entrepreneurs by the end of the scheme, businesses in India will flourish and increase the country’s GDP.
This scheme will help reduce the unemployment rate in India by employing many eligible people who are still unemployed for various reasons.