Effectiveness of Pradhan Mantri Koushal Vikas Yojna in Bridging the Skill Gap of Workforce in India

This paper attempts to study the skill development model of India in the context of the Pradhan Mantri Kausal Vikas Yojna (PMKVY) campaign along with various other initiatives under the umbrella program of NSDC. This paper aims to examine the sector-wise skill requirements in various states of India to identify the skill gap in varied sectors so that the skill development ministry can overcome the challenges faced during the fulfillment of campaign; Pradhan Mantri Kausal Vikas Yojna (PMKVY). The Correlation coefficient is used with the help of SPSS to identify the relation between PMKVY scheme and skill creation. Results show that a positive relationship exists between the actual Human Resource Requirement and the estimated Human Resource Requirement in 22 key sectors. Further it has been observed that there is a significant contribution of the PMKVY scheme in skilling the workforce. The result shows a highly positive relationship between the variables. It has also been concluded from the result that a significant number of candidates got placed after getting trained under the PMKVY.Even though some major challenges such as scarcity of highly skilled workforce and non employability of a large group of educated unskilled youth are still there in implementing this progressive scheme. This finding can be implicated with some rectifications such as the relevance of the skill training with the industry’s demand and inculcation of at least one skill in every student from the school level