Indian government launches initiative to encourage young entrepreneurs

Flagship scheme to focus on entrepreneurship, education and training

Business & Politics

November 16, 2016

/ By / Kolkata

MSDE announces launch of Pradhan Mantri Yuva Yojana

MSDE announces launch of Pradhan Mantri Yuva Yojana

Rajiv Pratap Rudy, Minister of State (I/C) for Skill Development and Entrepreneurship, launched the Pradhan Mantri YUVA Yojana. The scheme was launched to mark the 2nd Foundation Day of Ministry of Skill Development and Entrepreneurship (MSDE).

The Government of India has taken an important stride to scale up entrepreneurship in the country by introducing a new scheme, Pradhan Mantri YUVA Yojana that has incorporated national and international best practices of learning in entrepreneurship education.

The scheme spans over five years (2016-17 to 2020-21) with a project cost of INR 4.99 billion, and will provide entrepreneurship education and training to over 700,000 students in five years through 3,050 institutes. It will also include easy access to information and mentor network, credit, incubator and accelerator and advocacy to create a pathway for the youth.

The minister said, “MSDE’s two institutions dedicated to entrepreneurship education and training – the National Institute for Entrepreneurship and Business Development (NIESBUD) and the Indian Institute of Entrepreneurship (IIE) – have trained more than 700,000 trainees, including 2,600 persons from more than 125 countries, in the field of entrepreneurial skills till date. After becoming a part of this ministry, these two institutes are now focusing on mentorship of budding entrepreneurs across the country. We have seen success so far and we are determined to create more opportunities for employment for our youth through this initiative.”

The institutes under the PM’s YUVA Yojana include 2,200 institutes of higher learning (colleges, universities and premier institutes), 300 schools, 500 ITIs and 50 entrepreneurship development centres, through Massive Open Online Courses (MOOCs).

The announcement on the scheme was made at a national conference of state ministers on ‘Skilling with quality’, where MSDE communicated that it has plans to disburse around INR 70 billion to states to help align them with the centre’s skill development agenda and work in conjunction with them to ensure a robust ecosystem.

Secretary, MSDE, Rohit Nandan said, “Skills have to maintain a certain baseline standard and we should not get caught in the numbers. Skills cannot be compromised at any cost and states should partner with the centre to verify and grade ITIs and training partners so that quality and standards can be maintained. The Sector Skill Councils (SSCs) will work closely with the local authorities and industries towards job aggregation. Those who perform well will be incentivised while those who do not perform will have to exit.”

National Entrepreneurship Awards

MSDE, for the very first time, emphasising on the importance of being self-sustainable, also announced the institutionalisation of National Entrepreneurship awards for first generation achievers below 30 years. The Entrepreneurship Awards are proposed to be given on January 16, 2017. The young entrepreneurs will be awarded in various sectors contributing to the economy of the country and equal emphasis has been given to recognise the meaningful contribution of ecosystem builders in this award process. An equal focus has also been given to recognise young people from socially disadvantaged groups.

“We believe that this initiative will motivate first generation entrepreneurs to improve and excel in their entrepreneurial pursuits, and inspire those who are a part of the country’s entrepreneurship ecosystem to excel even further,” said Nandan.



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