Entrepreneur Current Affairs

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Union Government launches Pradhan Mantri Yuva Yojana for entrepreneurs

The Union Ministry of Skill Development and Entrepreneurship has launched of Pradhan Mantri Yuva Yojana (PMYY) to scale up an ecosystem of entrepreneurship for youngsters.

The scheme was launched by Union Minister of State(I/C) for Skill Development and Entrepreneurship Rajiv Pratap Rudy to mark  2nd Foundation Day of Ministry of Skill Development and Entrepreneurship (MSDE).

Key Facts

  • PMYY is MSDE’s flagship scheme on entrepreneurship education and training. The scheme spans over five years (2016-17 to 2020-21) with a project cost of 499.94 crore rupees.
  • It will provide entrepreneurship education and training to over 7 lakh students in 5 years through 3,050 institutes.
  • It will provide easy access to information and mentor network, incubator, credit and accelerator and advocacy to create a pathway for the youth.
  • The institutes under the PMYY include 2,200 institutes of higher learning (colleges, universities, and premier institutes), 500 ITIs, 300 schools and 50 entrepreneurship development centres through Massive Open Online Courses (MOOCs).

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Prime Minister Narendra Modi announced a new campaign ‘Start-up India; Stand up India’

On the eve of celebration of 69th Independence Day at Red Fort Prime Minister Narendra Modi announced a new campaign ‘Start-up India; Stand up India’ an initiative to promote bank finance for Start-ups (an entrepreneurial venture).

The campaign was announced with an aim to boost entrepreneurship among the youth and to create employment in India.

As per the initiative PM urged 1.25 lakh bank branches to provide finance to at least one Dalit or Adivasi and at least one woman entrepreneur.

The initiative is expected to open a new dimension to entrepreneurship and to set up a network of start-ups in the country. It also aims to make India a number one country in Start-ups.

Other announcements:

  • Government will rename the present Agriculture Ministry as ‘Agriculture and Farmers’ Welfare Ministry’
  • He announced to replace the current practice of ‘interview-based’ selections with online merit based recruiting for low-skilled government jobs.
  • Under the Skill India and Digital India initiative government to provide package of incentives to manufacturing units.
  • To provide houses and access to basic services to all and to make India a developed nation by 2022.
  • Set deadline of 1000 days to connect 18,500 villages with electricity.

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