Union Budget 2016-17: FM set aside Rs1700 crore for multi skill training institutes.

Finance minister Arun Jaitley announced the setting up of 1,500 units for skill development, a scheme to develop entreprenuerial skills in one crore youth in the next one year under the Pradhan Mantri Kaushal Vikas Yojana.
He has set aside Rs1,700 crore in the Budget for this purpose, fulfilling the experts' call for extending top priority to skill development and take steps to create a talent pool.

These multi skill training institutes across the country will support the government's intention to bring entrepreneurship to the doorstep of youth, Jaitley said.

The skill India mission seeks to capitalise on our demographic advantage. Since its launch, the National Skill Development Mission has created an elaborate skilling eco-system and imparted training to 76 lakh youth. He said the government has decided to set-up a National Board for Skill Development Certification in partnership with the industry and academia, and the programme will train one crore youth over the next three years.

The finance minister also stated that entrepreneurship, education and training will be provided in 2,200 colleges, 300 schools, 500 government ITIs and 50 vocational training centres through massive open online courses. Aspiring entrepreneurs, particularly those from remote parts of the country, will be connected to mentors and credit markets.

The Finance Bill, 2016 proposes to broaden and liberalise the scope of the employment generation incentive available under section 80JJAA of the Income Tax Act.

Already 35 million jobs seekers have registered at the national career service launched in July 2015. In the new Budget, the government proposes to make 100 model career centres operational by the end of 2016-17. It also proposes to inter-link state employment exchanges with the national career service platform.