Minister of State (Independent Charge) for Skill Development & Entrepreneurship Shri Rajiv Pratap Rudy has said that the Prime Minister formally launched on 15th July, 2015 the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) to enable and mobilze a large number of Indian Youth to take up skill training and become employable and earn livelihood. The scheme targets to benefit 24 lakh persons with training of 14 lakh fresh entrance and certification of 10 lakh persons under Recognition of Prior Learning (RPL) in one year.

In a written reply in the Rajya Sabha  Shri Rudy said, as per National Policy for Skill Development and Entrepreneurship, 104.62 million fresh entrants will be added to the workforce by 2020 who will need to be skilled. In addition 298.25 million of existing form and non form sector workforce will need to be skilled, reskilled and upskilled. Given the magnitude of the challenge of skilling India all stakeholders the government both at centre and states, the enterprise – public and private, and the direct beneficiary – the individual, would contribute in mobilizing financial or in-kind resources for skill development. The National Policy for Skill Development and Entrepreneurship, 2015 envisages a definite strategy for meeting resources for skill development which inter alia includes:-

(i) National Skill Development Fund for donations/contribution from contributors including Government, multilateral organizations, corporation etc. for furtherance of the objectives of skill development.

(ii) Channelization the interest of a plethora of organizations to participate in the mission of Skill India through Resource Optimization for Skilling at Scale Platform.

(iii) To encourage companies to spend at least 25% of their Corporate Social Responsibility funds on skill development initiatives.

(iv) To encourage all government schemes to apportion a certain percentage of the scheme budget towards skilling of human resources.

(v) End user funding through a basic fee paying model.

(vi) Credit Guarantee Fund for Skill Development to support loans for the purpose of skilling so as to leverage credit financing in the skill landscape.