With over INR 12000 Cr. of budget allocate, Pradhan Mantri Kaushal Vikas Yojana has been approved for next 4 years (2016 to 2020) for benefitting over 10 million youth). It is the recent scheme under the Ministry of Skill Development & Entrepreneurship (MSDE). This Skill Certification Scheme is aimed to enable a lot of youth to take industry-specific training to secure better livelihood. With prior learning skills or experience, individuals will be certified and assessed under Recognition of Prior Learning (RPL).
The program is aimed to encourage ability for employable skills and to improve efficiency of existing and capable daily wagers, by offering rewards and financial awards as well as quality training. On average, the award amount for each person has been reserved as Rs. 8000. Wage earners who already have the skill of standard level will get recognized as per the scheme and get the average award of Rs. 2000 to Rs. 2500. The target of Rs. 15 billion of distribution has been laid down under the scheme by the government. Currently, the scheme is targeted to cross over 1 Crore individuals by training from 2016 to 2020. The Union Cabinet, New Delhi has approved the outlay of over Rs. 120 billion for this project.