Review of PMKVY

The article reviews the Pradhan Mantri Kaushal Vikas Yojana (PMKVY), a flagship skill development scheme launched in 2015, highlighting its evolution through versions 1.0, 2.0, 3.0, and 4.0. It emphasizes the scheme's shift towards demand-driven, industry-aligned, and outcome-oriented skilling, prioritizing new-age job roles and decentralized planning. Key initiatives like the Skill Impact Bond and the proposed Skills Outcomes Fund are discussed, focusing on sustained employment outcomes and mobilizing diverse capital. Evaluations by NITI Aayog, IIPA, and AJNIFM indicate positive impacts on employment, income, and skill confidence. The article also details the Ministry's collaboration with industries for curriculum design, on-the-job training, and establishing Centres of Excellence, along with the scheme's budget and expenditure.