Pradhan Mantri YUVA Yojana: Objective, Features & Benefits

Unemployment has been a prevailing problem in India since many highly qualified youngsters struggle to find excellent jobs. Especially with the growing population, the competition makes this difficulty even more certain. This brings the intent to build start-ups to many youngsters.

The Indian Government is providing support to these dreams through several schemes. PM-YUVA yojana is one of those schemes that recognise a start-up's passion and creativity and support it.

The Ministry of Skill Development and Entrepreneurship of India introduced Pradhan Mantri YUVA Yojana under the governance of PM Modi. The Indian Government launched this scheme on 9th November 2016, for a vision to run it for the next 5 years.

This scheme will train and educate aspiring entrepreneurs to achieve their dream business. Additionally, it endorses a support network for entrepreneurs and promotes social enterprises for all-in growth.

Below are some key objectives of this scheme:

• The primary objective of this scheme is to coach and equip potential and emerging entrepreneurs by-
  • Providing education on entrepreneurship to everyone for free of cost through Massive Open Online Courses (MOOCs).
  • Offering other online courses attainable through a Learning Management System (LMS).
  • Drafting an evaluation and certification system.
  • Accoutring several institutions to provide excellent programs on entrepreneurship education.
  • Promoting social entrepreneurship.
• Link entrepreneurs in authorising networks of funds, mentors, co-workers, and business services by-
  • Creating an online marketplace to connect entrepreneurs with financial institutions, investors and business services like accounting, legal, HR and technology.
  • Setting up a network of mentors at a national level for entrepreneurs.
  • Creating a platform to connect accelerators, credit agencies and incubators with entrepreneurs.
• Support all entrepreneurs through Hubs to coordinate and support entrepreneurship growth programs by-
  • Establishing a National Entrepreneurship Resource and Coordination Hub.
  • Setting up other nodal and regional hubs.
  • Design a cloud-based system that tracks and manages entrepreneurs, faculties, training institutions and output.

Some of the key features of PM-YUVA yojana are:

• A total of 3,050 institutions are training young entrepreneurs.
• MSDE is the governing body for all these institutions.
• This scheme targets to generate 600 fresh and 1000 expanding enterprises.
• It is also being implemented by partnering with 9 organisations based on their geographical situations.

Students pursuing or completing the following degrees are eligible for this scheme:

• Undergraduate or postgraduate degrees
• ITI pass outs 
• Diploma degrees
• PhD courses
• Active entrepreneurs, including women 
• Students from urban and rural areas’ unorganised sections
• Citizens who are motivated towards support programs for entrepreneurship education (below the age of 30 years)

Some major benefits of PM-YUVA Yojana are as follows:

• More than 7,00,000 students receive. entrepreneurship education and training through this scheme.
• 3,050 institutions provide these training programs for 5 years.
• The institutions develop a network of 300 schools, 500 ITIs, 2,200 institutes of higher education and 50 entrepreneurship development organisations.
• This scheme not only provides training for beginning a business but brings endless opportunities to the new entrepreneurs.
• It also pulls many students to the track of start-up with their attractive reward systems.

The PM-YUVA Yojana inspires young entrepreneurs of India to diligently participate in our country’s economic growth with their start-ups. India can attain an increasing national income with these well-executed and successful enterprises in the long run.