Impact of Pradhan Mantri Kaushal Vikas Yojana on Income and Saving

Abstract

For the growth and development of any economy skill and knowledge are the two significant driving forces. In the present-day world countries that possess higher levels of skills can better cope with the challenges. For the development of any country, it is significantly important to focus on the skill development of its people. In a country like India where the population is rising day by day and where the majority of the population is in the productive age group, skill development programs can provide a great opportunity as well as a challenge to the country. The country could reap the benefits only if our population is educated, healthy, and properly skilled. The present paper is about the government of India’s Scheme Pradhan Mantri Kaushal Vikas Yojana (PMKVY), which was launched in 2015 to promote and encourage skill development in the country. The government of India through PMKVY provides free short-duration skill training. The objective of this paper is to study the impact of PMKVY on the income and savings of the people in the Ranchi district of Jharkhand State. A closed-ended questionnaire was prepared and interviewed 50 participants who have attended and completed at least one PMKVY program.