Unemployment is one of the pressing issues found in India. Many youngsters in India still suffer to find a job that matches their profile. Specialising in a subject does not mean you will find a job in the same stream in this highly populated country. This has made many youngsters come up with their own business plan. On the other hand, youngsters these days are creative and passionate to start a unique business. The spirit of entrepreneurship has touched almost all youngsters in the country. To help youngster achieve their business dreams, The Union Ministry of Skill Development and Entrepreneurship under the leadership of Prime Minister Narendra Modi launched Pradhan Mantri Yuva Yojana(PMYY). Under this scheme, aspiring young entrepreneurs will be educated and trained about entrepreneurship for a period of 5 years. Launched on 9th November, 2016, this scheme will run for the next 5 years that is from 2016-2017 to 2020-2021.
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 centres.
- These institutions will have online training methods and students and access study materials at home easily.
- Young entrepreneurs who have made significant contribution to the growth of real assets in the economy will be awarded in a award ceremony which is expected to be conducted on 16th January, 2017.
- Pradhan Mantri Yuva 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 be given incentives and the ones who are not performing well will have to exit the training.
- Under this scheme, the selected entrepreneurs will be benefited from easy access to mentor network, information, constant support from the training institutions.
- 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 schemes not only gives an opportunity for young entrepreneurs to start a new business but it also trains them and prepares them to face global competition.
- With their motivating reward system, they attract lot of youngsters who want to start business and thereby puts them on the right track.
- 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.
How to apply for Pradhan Mantri Yuva Yojana?
The training will be provided through 3,050 training institutions. For more details on the training or to apply for this scheme please visit the government website.
What is the funding or budget of Pradhan Mantri Yuva Yojana?
The funding is provided by the State and the Central Government for this scheme is Rs.499.99 crores.
The main objective of the Pradhan Mantri Yuva Yojana scheme is to make young eligible entrepreneurs in India self-sustainable. This scheme will help in developing Indian economy and motivating youngsters to contribute to the country's cash inflow.