Over half of India’s current population is under 25 years old, which makes it the youngest country of all. While the young population is growing, the rate of unemployment is also on the rise. To mitigate this, the government launched the Pradhan Mantri Kaushal Vikas Yojana to boost employment rate.

The prime objective of this scheme is to make the unemployed youth industry-ready and suitable for employment. Besides, it also aims to provide financial as well as placement assistance to those who undergo training.

How does PMKVY function?

The employment scheme launched under Skill India Programme works on three different components that are:

• Short term training: These courses range between 150 and 300 hours and are specialized in digital literacy, entrepreneurship, financial literacy, etc.

• Recognition of prior learning: Certifications are provided to youths who have prior skills or experience. There are courses to bridge the gap between knowledge and skills.
• Special projects: These training sessions are modeled for special job profiles relating to corporates, industries or government sectors.

Besides these, you can also opt for courses that enhance your employability chances. Above all, make sure you hold the necessary and valid documents for identification and address that will help you avail the benefits of this scheme with ease. Also, look into the other prerequisites so as to make the most of this employment scheme.

With the requisite skills, you can establish your own business. The capital required can be availed via a loan against property, offered by several HFCs.