Unemployment in India has significantly contributed to pulling down the country’s economic growth. Being the second-most populated nation in the world, India boasts one of the most diverse demography and a massive demand for employment in both rural and urban areas.
- As per a report, approximately 15 million youth of the country get ready with the right skills to join the workforce each year.
However, despite being one of the youngest nations in the world, India has done relatively well in terms of providing job-seekers means to learn and work in their own accord. India fairs relatively well when it comes to natural resources and pools of skilled workforce. The Government of India has introduced several schemes like the Skill India mission, to train and employ this massive workforce, both in terms of finding and creating suitable employment options.
A brief look into the Skill India mission
Skill India was introduced to boost the training and reduce unemployment amongst India’s youth demography. This scheme primarily concentrates on three components, i.e., recognition of prior learning, short-term training, and introduction of special projects to help place individuals in respective fields.
- Skill India training was provided to more than 36 lakh candidates (as of November 30, 2018), of which 10.09 lakh were placed successfully after their training.
This scheme is primarily designed to assist the population which remains below the poverty line. By introducing public-private partnership, the Government has been able to extend the scope of this project effectively across the nation, especially in the rural areas, and provide quality training for every applicant.
- A budget of Rs.3,000 crore was allocated for the Skill India mission in 2020, which is likely to help extend this project’s reach significantly.
Objectives of the employment-centric project
The unique objective of this project paints a clear picture of how the Government of India plans to decrease unemployment using such schemes. These new schemes were designed to supplement the projects and capability of existing skill development policies while addressing the shortcomings those projects may have failed to cover. These schemes even cover the financial aspect of starting one’s own business by imparting learning for essential aspects like how to use loan against property and other large-scale financing options.
Skill India roadmap
The unique nature of this project allows both experienced and unskilled individuals to opt for Skill India registration. These projects offer assistance (and training) to tackle various industries of this nation, and it does so by providing the following features.
- Industry-specific training –
These skill development schemes train (or re-train) candidates to help them prepare to develop industry standards. The training part of the PMKVY follows the National Skills Qualification Framework, providing adequate coaching on entrepreneurship, financial wellbeing, digital literacy, and several other essential soft skills.
Skill India training sessions usually run between 150 to 300 hours. Candidates successfully undergoing training are certified and provided job opportunities via the assigned training partners.
Individuals are trained to undertake both salaried positions as well as start their own entrepreneurship after the completion of their courses. One can thus easily avail a secured advance, like a loan against property to start a business and collect the necessary funds to promote his/her organisation.
- Selection from a larger pool –
These schemes put significant emphasis on skill mobilisation by providing an extended campus to direct trainees who successfully clear the courses. Career fairs provide on-ground opportunities for candidates, means to communicate with possible financiers, and even approach financial institutions to learn about important information like fees and charges for a loan against property.
Skill India also introduces a Special Projects Commission, which acts as a sanctioned platform that provides training for specific assignments for both public and private sector bodies. These also provide unique learning opportunities to trainees as well as provide a pool of skilled employees for respective companies.
Individuals with prior experiences also get the opportunity to learn new skills, or hone their learning as per current industry standards. Apart from being certified via a Recognition of Prior Learning, these can help significantly in supporting the unregulated workforce of the nation, as they learn how to set up businesses based on their prior knowledge or newly acquired skills, by securing funding via advances like loans against property.
Several financial institutions offer these advances at customer-friendly terms and conditions alongside simple documents required to apply for the loan against property. Some lenders even provide pre-approved offers to existing customers, which simplify the application process significantly.
Such offers are available on several financial products, including loans against property, home loans, etc. You can check your pre-approved offer by simply sharing your name and contact details online.
The provision to acknowledge and train the experienced workforce, as per the emerging industry standards, is the key as it helps support the massive unregulated Indian workforce. Under Skill India mission, placement bodies are incentivized when they employ individuals holding RPL certifications. Adequate re-training also prepares individuals to fill the gap between their existing knowledge and industry-specific craftsmanship. Implementation of schemes like Skill India has proven extremely effective in curbing unemployment across the nation. By addressing the key issues plaguing unemployment, it has facilitated a balanced growth in every sector of India’s economy.