The objective of this Scheme is to encourage skill development for youth by providing monetary rewards for successful completion of approved training programs. Specifically, the Scheme aims to :
- Encourage standardization in the certification process and initiate a process of creating a registry of skills.
- increase productivity of the existing workforce and align the training and certification to the needs of the country.
- provide Monetary Awards for Skill Certification to boost employability and productivity of youth by incentivizing them for skill trainings.
- reward candidates undergoing skill training by authorized institutions at an average monetary reward of ₹ 10,000 (Rupees Ten Thousand) per candidate.
- benefit 10 lakh youth at an approximate total cost of ₹ 1,000 Crores.
- This Scheme shall be implemented through Public-Private and Public-Public partnerships.
- NSDC will be the implementing agency for this Scheme and NSDF shall monitor the implementation of the Scheme, using mutually agreed criteria with NSDC.
- The Scheme will provide monetary incentives for successful completion of, market-driven skill training to approximately ten lakh youth in in a span of one year from the date of implementation of the scheme.
- All trainings will be specifically oriented for developing skills in specific growth sectors.
- Assessment and training bodies for all purposes of the Scheme will be separate and no overlap of roles will be allowed to maintain transparency and objectivity.
- The monetary reward will be wholly funded by the Ministry of Finance, Government of India, and will be affected through direct bank transfer to the beneficiaries’ accounts.
- Appropriate consideration will be provided to the economically backward sections.