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.

 

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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