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With an aim to target 24 lakh youth, the Modi Government on Friday approved a new scheme for skill development, ‘Pradhan Mantri Kaushal Vikas Yojana (PMKVY)’, with an expenditure of ₹1,500 crore.
Post the Cabinet approval on Friday, the scheme aims to reward trainees on assessment and certification by third party assessment bodies.
The average monetary reward would be around ₹8,000 a trainee. The statement further said, “This will be the flagship scheme for skill training of youth to be implemented by the new Ministry of Skill Development and Entrepreneurship through the National Skill Development Corporation (NSDC).”
Skill training would be done based on the National Skill Qualification Framework (NSQF) and industry led standards, and on the basis of demand assessed on the basis of recent skill gap studies conducted by the NSDC for the period 2013-17.
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