Friday, July 8, 2016

Govt approves Rs10,000 crore for skill development plan

Govt approves Rs10,000 crore for skill development plan

The Union cabinet has approved an outlay of Rs.10,000 crore for providing apprenticeship training to over 5 million youngsters in the next 4 years in its quest to create more jobs. This is the biggest monetary reward initiative in the last seven years for skill development in India. The money allocated will be provided as incentive to industries to take more apprentices on board.

The Scheme would be implemented by Director General of Training (DGT) under Ministry of Skill Development and Entrepreneurship (MSDE). It provides for incentivizing employers to engage apprentices. 25% of the total stipend payable to an apprentice would be shared with employers directly by Government of India. It is for the first time a scheme has been designed to offer financial incentives to employers to engage apprentices. In addition, it also supports basic training, which is an essential component of apprenticeship training. 50% of the total expenditure incurred on providing basic training would be supported by Government of India.

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