Pradhan Mantri Yuva Yojana (PMYY), Entrepreneurship Education & Training Scheme, launched on 9 November, 2016, is Ministry of Skill Development and Entrepreneurship’s (MSDE’s) flagship scheme to scale up an ecosystem of entrepreneurship for youngsters. PMYY spans over a period of five years from 2016-17 to 2020-21 with a project cost of ` 499.94 crore and is to provide entrepreneurship education and training to over 7 lakh students through 3050 Institutes. It will include access to information and mentor network, credit, incubator and accelerator and advocacy to build a pathway for the youth. The salient features of PMYY are as under:
- PMYY with best national & international practices of learning in entrepreneurship education is determined to create more opportunities of employment for our youth through this initiative.
- MSDE’s premier organisations, National Institute for Entrepreneurship and Small Business Development (NIESBUD)and Indian Institute of Entrepreneurship (IIE), that have trained more than 7 lakh trainees including 2600 entrepreneurs from more than 125 countries in entrepreneurial skills, have been dedicated to entrepreneur education and training. These two institutes are focusing on mentorship of budding entrepreneurs across the country.
- PMYY has 2200 institutes of higher learning (colleges, universities, and premier institutes), 300 schools, 500 ITIs and 50 entrepreneurship development centers through Massive Open Online Courses (MOOCs) under it.
- MSDE plans to disburse around ` 7,000 crore to states to help align them with the Centre’s skill development agenda and expects the states to partner with the Centre to verify and grade Industrial Training Institutes (ITIs) and Training Partners to maintain quality and standards.
- MSDE has directed Sector Skill Councils (SSCs) to work closely with the local authorities and industries towards job aggregation and incentivise the performers.
- MSDE has unveiled the lab guidelines for standardization of lab equipment across skill development training centers in India.
- MSDE has also announced institutionalization of National Entrepreneurship awards for first generation achievers below 30 years with emphasis on the importance of being self-sustainable.
- MSDE is to ensure a robust ecosystem, best practices, special projects, disadvantage groups and a robust model for monitoring and validation with emphasis on the needs for States to come forward and handhold districts in making all skill initiatives a success at the local level.
- The emphasis is on strengthening institutional mechanisms for skill development at the State level and bringing in a more robust framework ensuring quality output, outcome and impact on the youth of our country.
Pradhan Mantri Yuva Yojana initiative will motivate first generation entrepreneurs to improve and excel in their entrepreneurial pursuits and inspire those who are part of the country’s entrepreneurship ecosystem to excel even further.