PRADHAN MANTRI YUVA YOJANA (PMYY)

Introduction:

In last year the government came up with Start up India Scheme for the young entrepreneurs who want to set their business rather than getting into any jobs. The central government has provided a large chunk of money to the emerging entrepreneurs who have promoted innovative products and services.

Now the government has come up with yet another encouraging scheme for the youth of the nation that is Pradhan Mantri Youth Yojana (PMYY) for the entrepreneurs who are not properly skilled. Under this scheme the entrepreneurs will get to know about skill development programs and many more learning and developing processes for the betterment of their future.

About PMYY:

• Pradhan Mantri Yuva Yojana (PMYY), launched by the Ministry of Skill Development and Entrepreneurship on 9^th November 2016.
• It is a new scheme to scale up an ecosystem of entrepreneurship for youngsters.
• It will include easy access to information and mentor network, credit incubator and accelerator and advocacy to create a pathway for the youth.

Highlights:

• The scheme will run for a period of five years from 2016-17 to 2020-21 .
• The project implementation cost would be 499.94 crore.
• Under the Pradhan Mantri Yuva Yojana, more than 7 lakh youngsters will be provided entrepreneurship education and training.
• Training will be provided through 0050 Institutes across India.
• The scheme also offers easy access to information and mentor network, credit and advocacy to build a way-out for the youngsters.
• Institutes under Pradhan Mantri Yuva Yojana will include 2200 institutes of Higher Learning (colleges, universities and premier institutes), 300 schools, 500 ITIs and 50 Entrepreneurship Development Centers.
• The training programs will be carried out by the institutes through Massive Open Online Courses (MOOCs).

Key features of PMYY:

• MSDE’s two institutions dedicated to entrepreneur education and training – NIESBUD and IIE have trained more than 7 lakh trainees including 2,600 persons from more than 125 countries in the field of entrepreneurial skills till date.
• After becoming a part of this Ministry, these two institutes are now focusing on mentorship of budding entrepreneurs across the country and succeed so far and we are determined to create more opportunities of employment for our youth through this iniative.
• MSDE also unveiled the Lab Guidelines towards standardization of lab equipment across skill development training centres in India at the conference.
• These guidelines specify the number of job roles that can be done in a lab, standard lab layout, and available brands of equipment which should be used. These guidelines will pave a pathway in increasing the employability of trained candidates across States ensuring industry standards.

Budget allocation:

• It is noted that MSDE has plans to disburse around Rs. 7,000 crore to states to help align them with the Centre’s skill development agenda.
• The allotted budget for this scheme is Rs. 499.94 crores.

Aim of the scheme:

• The government is expecting to motivate first generation entrepreneurs to improve and excel in their entrepreneurial pursuits and inspire those who are part of the country’s entrepreneurship ecosystem to excel even further through the scheme.

Objectives:

• The main objective of this scheme is to encourage the young generation and also make them well prepared for global competition.
• The scheme will be for the young people who are educated but not skilled and knowledgeable enough to face global competition. After availing the training under PMYY scheme they will be able to grow more and faster.
• The award under this scheme has introduced to motivate young people who are below 30 to contribute more to the entrepreneur ecosystem of the nation through many innovative ways.

“We have seen success so far and we are determined to create more opportunities of employment for our youth through this initiative”

– Shri Rajiv Pratap Rudy

Advantages:

• The biggest issue in the Indian economy is the imbalance between GDP and employment. Many eligible people are still unemployed due to several reasons.
• Every time a new government comes in power promises for jobs but unfortunately can’t make them fulfill. This time Modi has made it possible by launching Start up India Scheme where people can start their own business instead of looking for jobs.
• This scheme follows the Start up India Scheme, where Start up India scheme helps people to set up their innovative businesses on the other, the PMYY scheme helps the people to learn and develop the skills needed to proceed with the business.
• Another advantage of the scheme is that now young people will be more motivated to contribute in the workflow and cash inflow of the economy. They will also get to learn the skill development training and such.