Ministry of Finance launches “STAR scheme”
STAR: (Standard Training Assessment and Reward)
The Ministry of Finance launched the National Skill Certification and Monetary Reward Scheme that will be implemented on national level. The scheme will motivate the youth to acquire a vocational skill. The scheme is expected to benefit a million people in the first year of its implementation.
The scheme which is promoted by the name STAR (Standard Training Assessment and Reward) envisages for a monetary reward to financially help those who wish to acquire a new skill or upgrade their skills to a higher level.
The scheme will also be helpful for implementation of the National Skilling Mission which aims to add 500 million skilled Indians by the year 2022. While 150 million are expected to be contributed by the private sector working under National Skill Development Corporation (NSDC), 350 million will be contributed by 18-odd ministries at the Centre. The scheme has been started with Rs 1000 crore budget to benefit at least 1 million people. Under this scheme each tested and certified trainee will get an average of Rs. 10,000 to cover training costs.
National Skill Development Corporation
National Skill Development Corporation, a body under the Ministry of Finance, is one of its kinds public private partnership initiative with 51% equity held by private sector and 49% by the Union Government. Established in 2010, NSDC is a professionally run not-for-profit company that includes 22 Sector Skill Councils and 87 training partners with over 2500 training centres present in 352 districts in the country.