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Market ends at record high, Nifty above 11,550; Infy down 06%

Market ends at record high, Nifty above 11,550; Infy down 06%

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To incentivise youth to undertake skilling programmes, the government is considering issuing skill vouchers or skill wallets. According to the Economic Times, the vouchers can be used to pay for skill training at any of the approved skill providers.

The redeemable value of these vouchers/wallets will depend on the courses opted for,” ET reported, quoting an official. The move is in line with the government’s plan to shift from subsidy-based system to incentive-based Skill India mission.

— 100% redeemable vouchers in sectors with less starting salary

The government will issue 100% redeemable wallets/vouchers for skills training in sectors like construction as the starting salary earned in these sectors is generally not enough for the youth to bear the cost of training.

— Partly redeemable vouchers in sectors with a higher starting salary

However, for courses like those of beautician or fashion designing where the starting salary is good, the vouchers will be partly redeemable and the remaining cost will have to be borne by the candidate.

Key takeaways

* Students can pay for the course through the voucher and choose the course/institute of their choice. This could improve access and equity.

* The choice to the students could facilitate informed decision on course/trade to be taken up. This could lead to better access to employment opportunities.

* The institutes have to earn their vouchers based on meeting the performance criteria.

* If the scheme is successfully implemented. it can provide millions of young people the opportunity and choice to build meaningful careers through skill development.

First Published: Mon, March 04 2019. 17:12 IST