In India, one of the most urgent challenges is unemployment. Many young people in India continue to struggle to find work that matches their qualifications. In this densely populated country, specializing in a topic does not guarantee a job in the same field. As a result, many young people have devised their company plans. On the other side, today’s youth are innovative and eager to establish their own business. The entrepreneurial spirit has influenced almost every young person in the country. The Union Ministry of Skill Development and Entrepreneurship, led by Prime Minister Narendra Modi, created the Pradhan Mantri Yuva Yojana to assist young people in realizing their entrepreneurial goals (PMYY).
The Pradhan Mantri YUVA Yojana (Yuva Udyamita Vikas Abhiyan) is a government-sponsored scheme for entrepreneurship education and training administered by the Ministry of Skill Development Entrepreneurship.
Using entrepreneurship training, advocacy with easy accessibility to an entrepreneurship support network, and the promotion of social companies for shared prosperity, the Scheme strives to create a process of assisting entrepreneurship development.
Duration
The initiative would give entrepreneurial education and development to over 7 lakh students over five years (2016-17 to 2020-21) for Rs. 499.94 crores across 3050 institutes. It will also provide adolescents with simple access to knowledge and a mentorship network, credit, an incubator, an accelerator, and advocacy.
Objectives and achievements that are specified
- Potential and early-stage entrepreneurs should be educated and equipped.
- Create and distribute free entrepreneurial education to all residents using Massive Open Online Courses (MOOCs) and other online programs available via a Learning Management System (LMS).
- Create a system for evaluation and certification.
- Equip 3,050 institutions to achieve world-class entrepreneurship education programs: 2,200 Academic institutions of Higher Learning (Universities, Colleges, Premier Institutions, and AICTE Institutions together with Polytechnics); 300 schools (10+2); 500 Industrial Training Establishments (ITIs); and 50 Entrepreneurship Development Centres (EDCs).
- Emphasis should be placed on the enhancement of social entrepreneurship.
Connect entrepreneurs to a network of peers, mentors, money, and business services that will help them succeed.
- Create an “online marketplace” – a web-based platform that connects entrepreneurs for peer-to-peer networking, as well as investors, financial institutions, and business services like legal, accounting, IT, and HR.
- Create a countrywide mentorship program for aspiring entrepreneurs.
- Create a nationwide network of incubators, accelerators, and lending institutions.
- Create a nationwide business service provider network.
- Leverage Central Ministry and State/UT Government programs and initiatives.
Entrepreneurship Hubs assist entrepreneurs (E – Hubs)
- To coordinate and promote entrepreneurial development programs, create a National Entrepreneurship Resource and Coordination Hub.
- To organize and promote entrepreneurial programs at all levels, create regional, nodal, and entrepreneurship hubs.
- Create a cloud-based information management system that keeps track of entrepreneurs, project institutes, professors, students, and outcomes.
- On Wheels Factory.
- Encourage entrepreneurship by catalyzing a cultural transformation.
- Using events, branding, and media, cultivate an environment of proactive entrepreneurship.
- Encourage and support entrepreneurial research and advocacy.
- SC/ST and minority beneficiaries benefit from social entrepreneurship awareness programs.
- Monitoring the recipients’ progress.
Pradhan Mantri Yuva Yojana Highlights
- The Central Government of India launched and managed this program.
- In the next five years, three thousand fifty training institutes will provide entrepreneurial training to over 7 lakh students.
- This scheme’s training institutions network includes 2,200 higher education institutions, 500 ITIs, 300 schools, including 50 entrepreneurial development centers.
- These universities will offer online instruction, and learners will obtain study materials from the comfort of their own homes.
- Budding entrepreneurs who have contributed significantly to creating real assets and capital will be recognized at an award ceremony scheduled for January 16, 2017.
- The Sector Skill Council (SCC) will collaborate closely with local governments and businesses to facilitate employment aggregation.
- Candidates who accomplish well throughout the program will be offered incentives, while those who do not perform well will be required to leave.
- The chosen entrepreneurs will receive simple access to a mentor network, knowledge, and ongoing assistance from the training institutes under this initiative. The Ministry of Skill Development and Entrepreneurship has also established Lab rules, which will be observed throughout the project.
Benefits:
- The Pradhan Mantri Yuva Yojana promotes young Indian entrepreneurs to create new firms and contribute to the country’s economic progress.
- This program allows young entrepreneurs to launch a new firm and trains and prepares them to compete in a worldwide market.
- They recruit many young people who desire to start a business and set them on the right road with their stimulating incentive system.
- Businesses in India will develop and raise the country’s GDP if this plan is successfully implemented and many successful entrepreneurs emerge by the conclusion of the scheme.
- This initiative would aid in the reduction of India’s unemployment rate by employing many qualified persons who are now unemployed for a variety of reasons.