Impact of Pradhan Mantri Kaushal Vikas Yojana on Income and Saving

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.


Introduction
For the development of India skill development is an important aspect. The government of India should focus on skill development to make the Skill India campaign successful. Through the 'Skill India' initiative, the government is enabling millions of the population in the country to take up industryrelevant skill training and boost their job prospects which would lead to an increase in their income and saving and would positively boost the development of the economy as a whole. However, by analyzing the Periodic Labour Force Survey (PLFS) 2017-18 it became clear that only a small population received any vocational training under PMKVY, and a large share amongst them was unemployed or out of the labor force.
For the economic development of any country, skill development programs are enhancing competency levels by providing training that has helped the nations to develop a large skilled and talented pool. Many studies have revealed that there is a strong correlation between per capita income and vocational education. Studies have shown that vocational education affects the income level and employment positively which also increases the savings of the people.
The objective of Pradhan Mantri Kaushal Vikas Yojana is to skill the people and enable them to be able to earn a dignified means of living for themselves. It also helps people who are dropouts and do not have any certification but want to enter the labor market. PMKVY is conscious to address the abovementioned issues by providing relevant skill development training. PMKVY is aimed to provide industry-relevant skills and make the population capable of jobs and livelihood.
Literature Review R. Singh, & M. Mohanty (2012) 1 analyzed the crucial role of training in improving the productivity of the workers but then the supply of trained manpower needs to be impeccable by collaborative efforts by the academia, industry, and the government. 2 found in the study that Improving workers ' efficiency is a key task for any organization, business, and entity because of the opening of the economy and increasing trade. Furthermore, the growth of a country like India will require a big amount of qualified and skilled people. 3 examined that the skills could be developed by providing education, training, and skill development programs to the people of the country which would lead to the overall development and growth of the country as a whole. Skill is the capability to perform better which is the result of training that is being provided for entrepreneurial and knowledge-related skill development. 4 analyzed that skill development in India is an important tool for enhancing employability and competitiveness, reducing poverty, and promoting self-entrepreneurship among people. 5 studied the impact of the skill development programs that were done through observations and personal interviews of the respondents. They found that there are certain issues like the scarcity of time to learn the concepts and a requisite number of job roles that hinted at initiating new courses like cinematography, fashion industry, etc. 6 in their study assessed the impact of PMKVY training on the performance and productivity of trainees in the Gwalior region. Most of the respondents have confirmed the impact of the PMKVY in improving productivity. According to respondents training methods and activities usher in new possibilities for trainees while performing tasks that increased their productivity. They analyzed that training under PMKVY produces advantages for the understanding, capacity, abilities, and conduct of the people as well. They also found that most respondents highly agreed that training builds capabilities and abilities to enhance their performance, which is helpful for selfemployment and also to earn a livelihood.

Mini Agrawal, & K.S. Thakur (2019)
Ashwani Kumar Josh, & K.N. Pandey (2020) 7 concluded that the youth of Haryana are highly aware of the PMKVY training and are aware of the eligibility criterion for free training, enrolments, and other aspects of the PMKVY. Youths receive the appropriate training in the respected sectors desired by them and become employable in that particular sector which is important to build the acceptability of the youth. The youth should be provided with appropriate mentoring and counseling post-training also. This study propels light upon the skill sectors expected by the youth in Haryana. 8 found that 80% of respondents are completely aware of the scheme of Pradhan Mantri Kaushal Vikas Yojana while 15% are somewhat aware which is a very good sign for the country that people are taking an interest in building and enhancing their skill. This is important for the individual to the improvement of their potential as well as for businesses too to understand the responsiveness of training and learning investments.

Parveena, & Anamika Dabla (2021)
Raj Nehru (2022) 9 found that the trainees who have encountered various training under PMKVY have not found the result of the training, skilling, and learning impacting their employment and earnings. The respondents highlighted that the training attained has not helped them in finding employment. The skill and vocational education under PMKVY is facing the challenge of acceptance and recognition of these programs by potential employers. Many respondents were also concerned about improving their performance after training. There is a lack of quality in the skill upgradation, infrastructure facilities are also not up to the mark and there is also found a lack of faculty and updated curriculum as per the emerging trends. There is also the problem of alignment of new technologies that have a demand in the market. 10 studies that the training under Pradhan Mantri Kaushal Vikas Yojana helps to develop the skill that further helps to get a job. There are various courses available under PMKVY that help the beneficiaries to start their own business. After getting training under PMKVY trainees can get a lot of opportunities that help to grow the Indian economy.

Methodology
This study uses a descriptive framework to study the impact of PMKVY on the income and savings of the trainees in the Ranchi district of Jharkhand. The primary data was collected through personal interviews with the 50 respondents who have attended training programs under PMKVY. A close-ended questionnaire was designed for that purpose.

Data Analysis
Interpretation and analysis of data is a process of transforming the collected data into shreds of evidence.

Analysis of the Data
The critical value of Z at a 5% level of significance is ±1.96. As the absolute computed value of Z is more than the absolute critical value, the null hypothesis is rejected. Therefore, there is a significant change in income after joining Pradhan Mantri Kaushal Vikas Yojana.

Analysis of the Data
The critical value of Z at a 5% level of significance is ±1.96. As the absolute computed value of Z is more than the absolute critical value, the null hypothesis is rejected. Therefore, there is a significant change in saving after joining Pradhan Mantri Kaushal Vikas Yojana.

Suggestions
 The infrastructure facility needs to be upgraded.  To reap the benefit of the demographic dividend (since India is a highly populated country and 68% population is working population), so, skilling and re-skilling of the youth must be given top priority to solve the unemployment problem in the youth  Vocational training should be treated as industry and private investments from domestic and foreign investors should be encouraged.  The curriculum should be updated according to the changing need of the market.  There must be an adequate number of trainers.  The training schemes under PMKVY need to be developed in rural areas.  The skill development schemes should be focused on the improvement of skills in situations of natural calamities.

Conclusion
It can be concluded from the given data that the people who have undergone the training program by PMKVY have a positive impact on their employability and earnings. Respondents have revealed that the certificate they attained after the completion of the training program has helped them in getting jobs, but there is also a challenge of acceptance of these training programs by employers. However, these training programs helped them to be skilled which further helped them to become self-employed, which raises their income and savings as well.