Initiatives under Youth Power

Key Initiatives under Youth Power:

Pradhan Mantri Kaushal Vikas Yojana 4.0:

• It will be launched to skill lakhs of youth within the next three years.
• The scheme will emphasize on-job training, industry partnership, and alignment of courses with the needs of the industry.
• The scheme will also cover new-age courses for Industry 4.0, like coding, Artificial Intelligence, robotics, mechatronics, IOT, 3D printing, drones, and soft skills. 

What is Pradhan Mantri Kaushal Vikas Yojana?

It is the flagship scheme of the Ministry of Skill Development & Entrepreneurship (MSDE) implemented by the National Skill Development Corporation. 

Objective: To enable a large number of Indian youth to take up industry-relevant skill training that will help them in securing a better livelihood.

Under the scheme, individuals with prior learning experience or skills will also be assessed and certified under Recognition of Prior Learning (RPL).

National Apprenticeship Promotion Scheme:

• It was launched in August 2016 to promote apprenticeship training in the country.
• It provides stipend support to the apprentices, undertakes capacity building of the apprenticeship ecosystem, and provides advocacy assistance to support rapid growth.
• The government of India will share 25% of the prescribed stipend subject to a maximum of Rs. 1500 per month per apprentice with the employers.
• Budget 2023: Direct Benefit Transfer under a pan-India National Apprenticeship Promotion Scheme will be rolled out to provide stipend support to 47 lakh youth in three years.

Skill India digital platform:

• A unified Skill India digital platform will be launched to focus on formal skilling as per demands.
• It will provide access to entrepreneurship schemes and link job-seekers with employers, including MSMEs.
• It will prepare the younger generation for international jobs. For this, 30 Skill Indian International Centres will be set up across the nation.

Q1) What is National Skill Development Corporation (NSDC)?

 NSDC was set up by the Ministry of Finance as Public Private Partnership (PPP) model.NSDC acts as a catalyst in skill development by providing funding to enterprises, companies and organisations that provide skill training. It also develops appropriate models to enhance, support and coordinate private sector initiatives

Source: Union Budget 2023: Here Are “Saptarshi” – The 7 Priorities Of Union Budget