Central Government Revamp PM Kaushal Vikas Yojana (PMKVY) – New Age Skill Development

Revamp PM Kaushal Vikas Yojana (PMKVY) – New Age Skill Development

Skill Development Ministry of Central govt. is planning to Revamp PM Kaushal Vikas Yojana. The central government plans to put in place structures and incentives which would enable skilling in new age technologies across various sectors under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY). The govt. may recast its flagship skilling programme following the announcement in Union Budget 2019-20.

The primary focus of Revamped PMKVY scheme would be on the 2 major factors – Reskilling and Upskilling. These new age skills will help youths in getting jobs overseas and to cope up with changing job roles in India.

Existing PM Kaushal Vikas Yojana for skill development is under review as a part of rationalization of centrally sponsored schemes. This review is being carried out under the NK Singh led 15th Finance Commission.

Revamped PM Kaushal Vikas Yojana (PMKVY) for Skill Development

Following the Budget Announcement, there is a renewed urgency to review and revamp PM Kaushal Vikas Yojana and include new job roles. The central govt. is expected to place new programme / scheme by 3rd quarter as reskilling is its priority. The govt. aims to create workforce which is capable of accessing new opportunities and insulate it from technical shocks.

The govt. is considering massive reforms in PM Kaushal Vikas Yojana and changes are likely to be applicable from next fiscal. A new dedicated curriculum is going to be developed across various sectors. The central govt. has allocated Rs. 12,000 crore to train 10 million youths under PMKVY between 2016 and 2020.

It is expected that the central govt. will dole out such incentives to sector skills council which are undertaking such training. The scope of PMKVY Scheme could be widened which would make it more effective. The lifecycle of centrally sponsored schemes is similar to that of the 14th Finance Commission which is ending on 31 March 2020.

PM Kaushal Vikas Yojana Revamped

PM Kaushal Vikas Yojana Revamped

The commission is carrying out review of all schemes which includes duplication, congruence between outlay and desired outcomes. Moreover, review is also being carried out for financial threshold for all these skill development schemes.