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What is PM Yuva Yojana?

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What is PM Yuva Yojana?

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On 9th November 2016, the government launched the PM Yuva Yojana, an initiative of the Ministry of Skill Development and Entrepreneurship. The government's objective with the PM Yuva Yojana is to promote entrepreneurial skills, boost workforce development, and create a favourable environment for startup businesses. This will also aid in increasing employment by collaborating with several mentoring organisations and educational institutions to motivate and provide guidance to entrepreneurs. 

It provides young people with the chance to get support to launch their businesses, with over 14 lakh people benefitting by launching as many businesses as possible from 2016-17 to 2020-21.

Objectives of PM Yuva Yojana

Here are the main objectives of Pradhan Mantri Yuva Yojana. 

  • To motivate the younger generation while also equipping them for the competitive environment.
  • To assist entrepreneurs who lack the knowledge or abilities to progress in entrepreneurship with the proper guidance and training.
  • To connect business owners in supportive communities of competitors, mentors, investors, and business services.

Key Highlights of PM Yuva Yojana

Below are a few key points about Pradhan Mantri Yuva Yojana. 

  • Since the program's commencement, over 14 lakh people have received entrepreneurship training from 3,050 training organisations.
  • This program's network of training institutions comprises 2,200 higher education institutions, 500 ITIs, 300 schools, and 50 centres for entrepreneurial development.
  • These universities offer online instruction, allowing students to access course materials conveniently. 
  • The Sector Skill Council (SCC) collaborated with local governments and businesses to facilitate employment aggregation.
  • Incentives will be offered to the chosen individuals who did well throughout training.

Features of PM Yuva Yojana

Following are the features of Yuva Yojana. 

Train and Prepare Aspiring and Budding Entrepreneurs

  • Establish an accreditation and assessment structure.
  • Social entrepreneurship will be given priority.
  • Create and provide Massive Open Online Courses (MOOCs) and other online courses that are accessible through a Learning Management System (LMS) to all locals as free entrepreneurial education. 
  • Empower 3,050 universities to deliver top-notch entrepreneurship educational programs, including 300 schools (10+2), 500 Industrial Training Institutes (ITIs), 50 Entrepreneurship Development Centers (EDS), and 2,200 Institutes of Higher Learning (including Polytechnics and Premier Institutions and AICTE Institutions).
  • MOOCs also integrate classroom discussions and practical training, including internships.
  • The emergence of these programs has been accredited by the National Institute of Entrepreneurship and Small Business Development (NIESBUD), a division of the Ministry of Skill Development and Entrepreneurship (MSDE).

Bridging Entrepreneurs to Supportive Networks of Competitors, Mentors, Resources, and Solutions

  • Establish nationwide mentoring programs for ambitious entrepreneurs.
  • Establish a network of financial institutions, institutes, and innovators around the country.
  • Establish a network of national commercial service providers.
  • Utilise the programs and efforts of the Central Ministry and State/UT government.
  • Through an online platform, students have quick access to a wide network of peers, mentors, incubators, financing, and commercial services.

Entrepreneurship Clusters (E - Hubs) Provide Assistance to Entrepreneurs

  • The government established a National Entrepreneurship Resource and Coordination Hub to encourage entrepreneurship training activities.
  • The government established regional, nodal, and entrepreneurship centres in order to coordinate and encourage entrepreneurial programs at all levels.
  • Develop a cloud-based management information system that tracks project institutions, teachers, and entrepreneurs involved in Yuva Yojana. 

Promote a Cultural Transformation to Support Social Entrepreneurs

  • Over 440 colleges and universities offer elective courses in social entrepreneurship.
  • In Social Entrepreneurship Development Centers, SEDPs (Social Entrepreneurship Development Programs) are provided with the goal of cultivating social entrepreneurship. 
  • Create an entrepreneurial culture by using media, branding, and events.
  • Support and aid awareness about entrepreneurship.
  • Social entrepreneurship awareness initiatives help SC/ST and minority beneficiaries.

Eligibility Criteria of PM Yuva Yojana 

Below are details about persons who are eligible for PM Yuva Yojana

  • Students who are enrolled in or have already finished training programs offered by Industrial Training Institutes (ITIs)
  • Students who work in various unorganised sectors in the nation's cities or rural locations.
  • Women business owners in the nation's cities or rural areas.
  • Active business owners in the nation's cities or rural areas.
  • Any student who is enrolled in or has finished undergraduate, master's, or Ph.D. programs or any other certification course.

Programs Under PM Yuva Yojana

Here are details about different programs offered under Yuva Yojana. 

Institute of Higher Learning (IHL)

Students will have the option of selecting one of six certificate programs from IHL under this endeavour of Pradhan Mantri Yuva Yojana. Forming innovative, cooperative student teams and peer learning will be a significant responsibility of faculties. The major goals are to encourage students to establish enterprises and pursue entrepreneurship as well as to provide them with the practical skills required to launch and run a firm by offering them support, networks, and platforms.

This scheme has an orientation course and other advanced courses. The duration of the orientation course is six months with 30 hours every semester, while the time period of the other advanced courses is six months with 40 hours per semester.

Industrial Training Institutes (ITI)

This course will teach students the fundamentals of launching a small business, such as inventory management, sourcing, financial discipline, digital marketing, general administration, and so on. The course helps students capitalise on their occupational abilities while also understanding several government funding programs for launching their own enterprises. The initiative includes a 15-hour Foundation course (1-1.5 hours per weekend for three months) and a 60-hour Advanced course (3-4 hours per week for three months).

Higher Secondary (HS)

Under this Yuva Yojana, two types of courses will be offered at schools for 10+2 students: foundation and advanced courses. 

In the foundation course, students will be introduced to the fundamentals of the business world, discover how entrepreneurs think, and will be inspired to explore entrepreneurship as a vocation. The duration of this course will be 15 hours (1.5 hours per week for three months). 

In the advanced course, students will learn the core abilities necessary to launch and manage their own firm in the advanced course. It is a 15-hour course ( 1-1.5 hours per week for three months).

Entrepreneurship Development Centres (EDC)

After completing this course, EDC candidates will be able to start their own enterprise by using the knowledge and skills in their area of specialisation that they will receive during the course period. The National E-hub will provide modular courses for certain business skills, such as inventory management, sourcing, financial discipline, digital marketing, and general administration, among others. 

Social Entrepreneurship Development Programme (SEDP)

Social entrepreneurship will concentrate on innovation assistance, training of trainers program, and social entrepreneurship awareness program while establishing ties with appropriate partner institutions. The initiative's main goals are to organise, identify, and support aspiring social business people in their fostering activities as well as to advance regional and national knowledge on social entrepreneurship. In addition, the government has requested 440 higher education institutions with a proposal for a course module on social entrepreneurship to support the Yuva Yojana initiative. 

How to Apply for PM Yuva Yojana?

Below are the steps to follow. 

  • Applicants are required to visit the official portal of PM Yuva Yojana.
  • After accessing the site, register yourself by filling up the enrollment form. 
  • Provide all the details carefully. 
  • Attach the supporting documents (if applicable) and submit them. 
  • Once it is done, the relevant authorities will examine the provided facts.
  • If all details are correct, you will be selected for the Pradhan Mantri Yuva Yojana. 

Summing it up

Unemployment has been a major concern in India. And, to tackle this situation, youngsters are taking initiative to start new businesses. This Yuva Yojana initiative offers ambitious entrepreneurs a great platform to realise their aspiration of owning a business by providing the required mentorship and assistance to them. While this initiative helps teach young entrepreneurs about starting and managing a business, the Fi app helps you manage your money better. After all, managing your money is also crucial if you want your business to thrive.

Frequently Asked Questions

1.What is PM Yuva Yojana?

It is an initiative of the Ministry of Skill Development and Entrepreneurship launched on 9th November 2016. The government's objective with the PM Yuva Yojana is to promote entrepreneurial skills, boost workforce development, and create a favourable environment for startup businesses. This will also aid in increasing employment.

2.Can NRI candidates apply to participate in the PM Yuva scheme?

No, this scheme is not open to NRI residents. Only Indian students and young aspiring Indian entrepreneurs are eligible to participate in PM Yuva Yojana. 

Following is the list of eligible candidates. 

  • Students completed their undergraduate, post-graduation, or PhD programs.
  • Students completed other certification or degree courses. 
  • Students who are enrolled in or have already finished training programs offered by Industrial Training Institutes (ITIs)
  • Students who work in various unorganised sectors in urban or rural locations.
  • Women business owners in urban or rural areas.
  • Active business owners in urban or rural areas

3.What does YUVA stand for?

While the word 'Yuva' means the youth in Hindi, YUVA in this scheme stands for Yuva Udyamita Vikas Abhiyan, not to be confused with the Ministry of Education's Young, Upcoming and Versatile Authors scheme.

4.Which Organisation launched the Yuva program?

Ministry of Skill Development and Entrepreneurship launched the Pradhan Mantri Yuva program.

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