The Skill Development and Entrepreneurship Ministry has set an ambitious target to train over 42 lakh candidates under 19 central government schemes in the next five years. This initiative will cover 15 ministries and aims to build a skilled workforce that aligns with the growing demands of emerging industries and global job markets. The schemes are part of India’s efforts to position itself as a hub for skilled labor, capable of meeting international demands and driving economic growth.

Key Schemes to Train Over 42 Lakh People

One of the key elements of this plan is the PM Vishwakarma Scheme, which will be implemented in collaboration with the Micro, Small, and Medium Enterprises (MSME) Ministry. This largest initiative under the Skill Development plan aims to train and certify 30 lakh candidates by 2027-28, providing them with the skills required to thrive in the MSME sector. This scheme will be pivotal in enhancing India’s industrial workforce, especially in the rapidly expanding MSME sector, and ensuring that candidates are equipped to contribute effectively to small businesses and entrepreneurial ventures.

Another significant focus is the National Green Hydrogen Mission under the New and Renewable Energy Ministry, which aims to train 11.6 lakh candidates by 2029-30. As India moves towards sustainable energy solutions and green technologies, this mission will help prepare a workforce skilled in emerging green hydrogen technologies, which is a critical part of India’s commitment to clean energy and environmental sustainability.

A Holistic and Structured Approach to Skill Development

India’s largest inter-ministerial skill training initiative ensures structured and time-bound training under schemes like the Pradhan Mantri Kaushal Vikas Yojana (PMKVY), which will fast-track workforce development. The PMKVY program is designed to align training modules with industry needs, ensuring that the workforce is equipped with relevant skills. Additionally, the training costs will be shared between the Skill Development Ministry and the respective implementing ministries, with funding contributions varying by the project.

Financial Investments and Future Growth

In February 2025, the Union Cabinet approved Rs. 8,716 crore (US$ 1 billion) for the Skill India Programme (2022-26), which will be a significant step in scaling up the efforts to train millions of individuals across sectors. Of this amount, Rs. 6,000 crore (US$ 688.4 million) has been allocated to PMKVY 4.0. This investment will boost employment opportunities and help India tap into the growing global demand for skilled labor.

Additional Plans and Future Prospects

The number of candidates to be trained might exceed 45 lakh due to ongoing assessments of workforce demand across 11 other schemes. This indicates a dynamic and evolving approach to skill development, where training needs will continue to be evaluated in real-time, ensuring that the government responds swiftly to industry demands and emerging opportunities.

Conclusion: Empowering India's Workforce for Global Opportunities

With a focus on structured skill development, industry alignment, and sustainability in emerging sectors like green energy, these initiatives are designed to prepare India's workforce for the future. The government’s emphasis on skill enhancement and job creation will not only meet domestic demands but also position India as a key player in the global workforce ecosystem. By investing in skill development, India is ensuring that its people are ready for the jobs of tomorrow in a rapidly changing world economy.

The Current active IPO is NAPS Global.

The Closed IPOs is Balaji Phosphates.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.

Join our Finance Saathi Telegram Channel for Regular Share Market, News & IPO Update.