How Skill India Scheme is Beneficial for Unemployed Youth?

India is one of the youngest nations in the world, boasting almost 81 crore residents, approximately 65% of the nation’s population, who are under the age of 35. She is also one of the fastest developing countries in South-East Asia, poised to lead in several industries in both the quality and quantity of goods and services. A pool of skilled workforce and plentiful resources have helped the nation race ahead of her neighbours, and the future demographics show an even promising picture of growth with the help of skilled workforce.

The Government of India has introduced several programs in recent years, including comprehensive initiatives like Skill India scheme that aim to develop industrial and entrepreneurial skills amongst the Indian youth.

A brief look into the Skill India program

• 36.22 lakh – Candidates have enrolled under this program (as of November 2018).

• More than 10 lakh – Trained individuals have found placements after successfully completing their training.

• Rs.3,400 crore – Has been allocated under 2018-2019 budget for training and assistance schemes such as Skill India. Budget allocation saw an increase of Rs.1,044 crore from the previous year, promising better training facilities and placement opportunities for beneficiaries. 

Skill India scheme primarily aims for the 22% of the nation’s population which falls below the poverty line. This program involves public-private partnerships, ensuring international standard training for every applicant. Moreover, it also offers several advantageous aspects aimed towards the youth of the nation, ensuring proper skill development across all aspirants. 

Advantages and benefits of Skill India 

Skill India was introduced as a certification and monetary reward scheme, providing both recognition and financial reward upon successful completion of training programs. Individuals enrolling in this scheme after completing Skill India registration will be introduced with a standardised process to improve the productivity of the new and existing workforce.

One of the primary advantages of this policy is its recognition of existing training. Skill India offers certification courses for experienced candidates and offers provision to retrain them to match current industry standards. Moreover, they also receive training on several other essential aspects, like finances, which will help them later to avail and utilise credits like loan against property to start a business.

It focuses on core sectors like constructions, finance, tourism, healthcare, handloom artisans, etc. offering industry-specific training and placement under Skill India jobs. Moreover, the courses at offer usually vary depending on several factors, like age, financial status, location, etc. 

A dedicated wing, known as Rural India Skill, undertakes the training of individuals residing in the rural parts of the country, offering tailored courses to improve their communication, behavioural, social, and management skills.

Other than the core sectors, there are several other industries that Skill India offers training on. 

These include – 

• Agriculture – Extensive training programs to cater to farmers as well as floriculturist and horticulturist have been implemented under Skill India scheme. 

• Automotive – Primarily designated under the transport sector, Skill India offers training on maintenance, manufacture, and design aspects of the automotive industry.

• Capital goods – Training to design, develop, manufacture, and maintain home and office equipment is provided under this scheme.

• Banking, finance, stocks and insurance – Training on banking and finance is primarily to encourage entrepreneurship. Youths are trained to understand banking and lending details, as well as venture options like stocks and general financial market to allow them to find a livelihood in investments. Moreover, it also teaches them about company financing, like how to use a loan against property wisely to fund a business, which is likely to promote industry growth.

• Telecom – India has one of the largest telecom sectors with several private and public companies. The telecom industry is in a constant need for skilled manpower, which is why training related to this sector is included in Skill India jobs regime.

• Information technology – A booming IT industry requires skilled individuals with training in several IT-enabled services, able to cater to private as well as e-governance projects. Skill India offers the necessary training to individuals to cater to this ever-increasing demand.

Entrepreneurship development programs

Skill India also aims to develop entrepreneurship skills amongst individuals, offering them courses like EDP (Entrepreneur Development Program) General and Women category. Trainees can also enrol in counselling and redevelopment programs for further skill development. 

Successful trainees will be rewarded with a prize sum, which can be utilised as seed money to start their own organisation. Moreover, one can also avail secured credits like loan against property to fund additional financial requirements. These offer extensive repayment tenors and high-value loans to borrowers. The affordable fees and charges of loan against property also help borrowers minimise their financial obligation.

There are several institutions that offer such credits to eligible applicants. Housing Finance Companies like Bajaj Housing Finance Limited also provide pre-approved offers to existing customers, ensuring minimum hassle during application. You can check your pre-approved offer by sharing only some necessary details online.

Introduction of Skill India scheme and similar initiatives have allowed India to sustain and grow her workforce by a significant margin throughout this decade. While the labour force of industrialised nations is likely to decrease in the upcoming years, India aims to maintain its skilled manpower to boost her economy further ahead.