Pradhan Mantri Yuva Yojana (PMYY) for Entrepreneurs

 

Pradhan Mantri Yuva Yojana (PMYY) for Entrepreneurs

Since the Modi Government came into power the youth of the nation have got many a facility from the government. Since 2014 the government is keen to boost up the employment and standard of living of the people of the nation, especially the young people. 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.

Pradhan Mantri Yuva Yojana

Key Features

  • The PMYY scheme is launched by the Central Government on the occasion of national conference by the Ministry of Skill development and Entrepreneurship on 9th of November 2016.
  • PMYY is the scheme for the young entrepreneurs. Under this scheme all the desirable young entrepreneurs will get a chance to know about skill development programs and learning facility.
  • There will be more than 3000 colleges, schools and other educational institutions where the applicants will get a chance to study in the next five years of time. The first phase of project will take the 5 years of tenure.
  • There will be nearly 2200 higher educational institutions like colleges, premier institutions and universities, 500 ITIs, 300 schools and 50 entrepreneurship and skill development centres will be there under this scheme.
  • With this scheme the entrepreneurs also get easy access to the mentor networks, information and also support unique and way-out features for the young and emerging entrepreneurs.
  • The concerning schools, colleges and other institutions will have online training procedures (massive) through which the trainees can get the study materials at home easily.
  • MSDE also declared about the lab guidelines under this scheme. As mentioned there will be 50 skill development institutions that will be involved in this scheme, the labs in these institutions must have proper provisions for the trainees. Also they will look into the matter of job profiles in these labs to assist the trainees in every sense.
  • Also the young entrepreneurs who have contributed to grow the real assets in the economy in many ways will be awarded by MSDE. The award ceremony will be held on 16th of January 2017.

Objectives

  • The main objective of the scheme is to encourage the young generation and also make them well prepared for global competition. During the Start up India Scheme it has been seen that many an entrepreneur does not have much idea about the business or they don’t have proper skill to excel further in the relevant filed. To provide them proper guidance and learning now MSDE has come up with this training scheme.
  • 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 the 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. The scheme overall aims for the betterment of the nation’s economy.

Beneficiaries

The Pradhan Mantri Yuva Yojana is for the young entrepreneurs across the nation. As of now no other eligibility criteria have decided. Anyone who is young that is below 30 can avail the scheme.

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 fulfil. 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 trainings and such.

Funding / Budget

The project has started with 5 years of time span in the first phase. The allotted budget for the scheme is Rs. 499.94 Cr for next 5 years. The funding will be done by the central and state governments.

Launch

In the national conference in MSDE, the Minister of state, MSDE Mr. Rudy has announced about the scheme. The conference was held on 9th November 2016. Officially the launch date of the scheme is 9th November 2016.

Quick Glance

Name of the scheme Pradhan Mantri Yuva Yojana
Launched 9th November 2016
Launched by MSDE
Aim Skill development program for the young entrepreneurs
Places Across India
Institutions 3050 total

–       2200 – colleges / universities / premier

–       500 – ITIs

–       300 – schools

–       50 – Skill development centres

Budget Rs. 499.94 Cr
Time Span 5 years

 

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