Know How PMKVY Can Help to Start Your Own Business?

In India, hundreds of start-ups are registered daily and many disappear within no time. Two of the main reasons for the fairly quick disappearance of these ventures are—the lack of skilled professionals and the unavailability of business loans through convenient channels. To address this issue, the Centre launched the Pradhan Mantri Kaushal Vikas Yojna or PMKVY scheme in 2015.
 

What is the PMKVY Scheme?

The PMKVY full form is Pradhan Mantri Kaushal Vikas Yojna. It is a flagship initiative launched by the Ministry of Skill Development & Entrepreneurship (MSDE). The main goal of this scheme is to improve people's skills by giving industry-related training so that they can earn a better living.
 

Features and Benefits of PMKVY

 

• The Ministry of Skill Development and Entrepreneurship (MSDE) is responsible for implementing this scheme with the help of the National Skill Development Corporation (NSDC). 

 

• The emphasis of skill training under the PMKVY scheme is on first-time job seekers. It focuses on high school and intermediate dropouts as the target segment of society.

 

• You must have valid identity proof that proves your Indian nationality to enrol and receive PMKVY benefits.

 

• With the aid of the Ministry of Education, under this scheme, vocational courses have been gradually introduced in schools. The course usually targets students between classes 9 and 12. Its goal is to expose participants to a variety of skill development opportunities.

 

• The NSDC's dedicated research cell is established under this scheme. The major goal is to match the skill set to the needs of the country. It also focuses on strengthening the ASEEM portal. 

 

• The PMKVY programme helps you gain both financial assistance and job placement after you finish your training.

 

• Successful completion of training helps you to avail of a PMKVY business loan. Mudra financing makes obtaining business loans simple.

 

Different Components of Training Provided Under PMKVY

 

1. Short-term Training

   The programme is developed specifically for dropouts or those who are new to the employment market. The training is provided at PMKVY training facilities. This programme's major goal is to provide industrial training so that people can easily find jobs and earn a decent living. Short-term training is aimed to align skills with the needs of the country.
    
   Also Read: Best Financing Options to Meet Your Business’s Needs
    

   Key Features of the Short-term Training

    
   • The training provided under this scheme is as per the guidelines set by National Skills Qualification Framework (NSQF).
    
   • Training is provided for financial literacy, entrepreneurship, digital literacy, and soft skills.
    
   • After the completion of the assessment, training facilities will also provide placement assistance. It also provides post-placement support. 
      
   • The level of the training is National Skill Qualification Framework level 5 and below. 
    

2. Recognition of Prior Learning (RPL)

   The training is meant for people who have some prior skill-set or experience acquired through formal or non-formal learning. RPL attempts to polish unrefined skills so that they can be moulded to meet the NSQF standards. It also emphasises on the creation of new job possibilities and makes way for higher education. 
    
   • Candidates enrolling in RPL need to undergo certain prescribed steps. These steps include mobilisation, pre-screening, orientation, final assessment, and certification, along with payout. 
    
   • To enrol in RPL, you don't have to pay any fees. 
    
   • When you enrol in RPL training through the PMKVY initiative, you will receive three years of free accidental insurance.
    
   • Even if you have received informal training, enrolling in RPL assures that your expertise is recognised and that you receive official certification for it.
      
   • You will also get proper exposure to financial and digital literacy. 
    

3. Special Projects 

   The primary goal of the PMKVY programme is to provide training to the underserved and underprivileged members of society. Enrolling in this scheme will allow you to receive training at the facilities of industry bodies, government bodies, corporate offices, or other specific regions. When you enrol in this scheme, you will get the opportunity to wear multiple hats that are not available in the PMKVY's short-term training component.
    
   Working in multiple places gives you a lot of experience when it comes to starting your own business.
    

   Features of Special Projects

   • For each job role, the Project Implementing Agency (PIA) follows the curriculum established by the Sector Skill Councils (SSCs). 
    
   • Once you complete your training, SSC or NBSC will provide you with a course completion certificate.