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Pradhan Mantri Yuva Yojana for Entrepreneurs launched

Ministry of Skill Development and Entrepreneurship Launched Pradhan Mantri Yuva Yojana to Scale Up An Ecosystem Of Entrepreneurship For Youngsters.

Marking the 2nd Foundation Day of MSDE,Minister of State(I/C) for Skill Development and Entrepreneurship Rajiv Pratap Rudy, launched the Pradhan Mantri YUVA Yojana, MSDE’s flagship scheme on entrepreneurship education and training.

  • The scheme spans over five years (2016-17 to 2020-21) with a project cost of Rs. 499.94 crore, and will provide entrepreneurship education and training to over 7 lakh students in 5 years through 3050 Institutes.
  • It will also include easy access to information and mentor network, credit, incubator and accelerator and advocacy to create a pathway for the youth.
  • MSDE’s two institutions dedicated to entrepreneur education and training – NIESBUD and IIE: have trained more than 7 lakh trainees including 2,600 persons from more than 125 countries in the field of entrepreneurial skills till date.
  • After becoming a part of this Ministry, these two institutes are now focusing on mentorship of budding entrepreneurs across the country. We have seen success so far and we are determined to create more opportunities of employment for our youth through this initiative,” he further added.
  • The institutes under the PM’s YUVA Yojana include 2200 Institutes of Higher Learning (colleges, universities, and premier institutes), 300 schools, 500 ITIs and 50 Entrepreneurship Development Centres, through Massive Open Online Courses (MOOCs).
  • MSDE communicated that it has plans to disburse around INR 7000 crore to states to help align them with the centre’s skill development agenda and work in conjunction with them to ensure a robust ecosystem.
  • The Sector Skill Councils (SSCs) will work closely with the local authorities and industries towards job aggregation. Those who perform well will be incentivised while those who do not perform will have to exit.
  • Emphasizing on the importance of being self-sustainable, MSDE announced the institutionalization of National Entrepreneurship awards for first generation achievers below 30 years, for the very first time.
  • The Entrepreneurship Awards are proposed to be given on 16 January 2017. The young entrepreneur will be awarded in various sectors contributing to the economy of our country. Equal emphasis has been given to recognize the meaningful contribution of ecosystem builders in this award process. Equal focus has been given to recognize young people from socially disadvantaged groups.
  • The Ministry also emphasized on increasing engagement with apprentices under the “National Apprenticeship Promotion Scheme” under which the Government of India will share 25% of prescribed stipend subject to a maximum of Rs. 1500 per month per apprentice with the employers. In addition, Government will also support basic training, which is an essential component of apprenticeship training. It was advised that States may create a State Apprenticeship Cell and encourage engagement of apprentices to the maximum of 10% of total strength of private establishments and State Public Sectors.

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