Budget 2023: PM Kaushal Vikas Yojana 4.0 To Provide On-Job Training, Industry 4.0 Skills To Youth

Finance Minister Nirmala Sitharaman in her Budget 2023-24 speech said that the Centre will launch Pradhan Mantri Kaushal Vikas Yojana 4.0 to skill lakhs of youth in the next three years.

The Indian youth-focussed scheme will focus on on-job training, industry partnership and alignment of courses with the needs of industries. It will also provide new-age courses for Industry 4.0 such as coding, artificial intelligence, robotics, mechatronics, IoT, 3D printing, drone, and other soft skills.

“To empower our youth and help the ‘Amrit Pidhi’ realise their dreams, we have formulated the National Education Policy which will be focusing on skilling and adopting economic policies that facilitate job creation at scale and have supported business opportunities,” Sitharaman added.

To upskill the country’s youth for international opportunities, the Centre will set up 30 skill India international centres across different states. The minister also said that the Centre will also launch a pan-India National Apprenticeship Promotion Scheme, which will provide stipend support to 47 Lakh youths in the next three years.

Sitharaman also announced the launch of a unified ‘Skill India Digital Platform’ that will enable demand-based formal skilling, link the youths with employers including MSMEs, and facilitate access to entrepreneurship schemes.

On Tuesday, the Economic Survey 2022-23 said that Indian startups have created over 9 Lakh direct job opportunities since 2017 for the country’s youth. 

“An impressive 9 Lakh+ direct jobs have been created by the DPIIT recognised startups (self-reported), with a notable 64% increase in 2022 over the average number of new jobs created in the last three years,” the Survey said.