National Skill Certification and Monetary Reward Scheme Launched

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P Chidambaram Launches National Skill Certification and Monetary Reward Scheme

The Union Finance Minister P Chidambaram on 16th August, 2013 unveiled the National Skill Certification and Monetary Reward Scheme that will be implemented on Pan – India Basis, in New Delhi. This is the first such kind of a scheme launched in India. The scheme was proposed by the Union Finance Minister in 2012 – 2013 Union Budget in order to allocate ₹ 1000 crore.

The objective of the scheme is to motivate the youth for acquiring vocational skills. In the first year of implementation, the scheme would facilitate benefit to around a million people. The scheme is branded as STAR ( Standard Training Assessment and Reward ) and is meant for promotional purposes which envisage the monetary reward, which in turn will in essence financially help those who wish to acquire a new skill or upgrade their skills to a higher level.

Monetary Reward Scheme Highlights

  • A ₹ 1000 crore pan – India scheme launched by the Ministry of Finance.
  • Branded as STAR – Standard Training Assessment and Reward.
  • Objective is to benefit 1 million people.
  • Scheme to be implemented by National Skill Development Corporation.
  • Each tested and certified trainee to get an average of ₹ 10000 in order to cover training costs.

About National Skill Development Corporation

  • National Skill Development Corporation is a body under the Ministry of Finance.
  • It is one of its kinds public private partnership endeavour with 51% equity held by private sector and 49% by the Union Government.
  • Formed 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 spread across 352 districts in the country.

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