While a business loan provides quick access to working capital, gaining relevant soft skills and knowing the basics of financial management can be challenging, especially for small business owners. And let’s face it, only having a strong business sense and funds isn’t enough to take a business to new heights.

With its skill development initiative scheme, the Government of India is trying to bridge the skill gap. Read on to find out how the scheme can strengthen your business acumen.

What is Pradhan Mantri Kaushal Vikas Yojana?

In a bid to reduce raging unemployment among the youth, the scheme was introduced in 2015 by the Ministry of Skill Development & Entrepreneurship (MSDE). This was specifically aimed towards people who dropped out of school and unemployed people providing them with a chance of employment through upskilling. The scheme includes offering industry-related skills, valid government certification, placement assistance, and valuable guidance along the way.

So, if you plan on opening your business someday and meet the eligibility criteria for the scheme, here’s why you should enrol for it.

How can enrolling on the PMKVY scheme help you start your own business?

#1 Short-term training sessions

Want to learn skills quickly and apply them in the real world? Enrol for short-term training sessions through this scheme. Whether you are a first-time learner or an employed person who needs reskilling to start a business, you can choose from a range of courses of international standards depending on your current job role or previous qualifications.

The scheme also includes a separate module for English, Employability, and Entrepreneurship to equip you withtools like communication skills, financial literacy, personality development, and more. Knowing these basics enables you to start your self-employment journey with confidence, no matter what your business is.

Additional Read: Having Job Vs Owning a Business: Which Road You Should Take in 2021?

#2 Special projects

Need some practical experience for your future business venture? Get it through a special project. The scheme offers captive placement opportunities, projects offering local livelihood through creative entrepreneurship, projects with international placements, etc., through reputed industry bodies.

Through such unique upskilling, you learn how to apply concepts you studied theoretically, thus preparing you for setting up your venture.

#3 Experience through Rozgar Melas

Sure, a special short-term project can provide some practical experience, but nothing beats the knowledge you gain by working in the field. The scheme offers a placement drive or Rozgar Mela every six months to help you find work opportunities in fields of your choice. Not only do you get relevant work experience but also invaluable mentorship during this period.

Additional Read: Tax Benefits for Woman-Owned Businesses

Final thoughts

Enrolling on the scheme equips you with theoretical, practical, and industry-level knowledge that is invaluable if you’re planning on starting a business.

With that covered, all you need are funds to get your venture up and running. With Tata Capital, you can avail of multi-purpose loans at easy-to-fulfil business loan eligibility terms. Enjoy extended business loan tenures of up to 3 years, structured EMI plans, and a swift approval and fund disbursal process.

Visit our website to explore our offerings. Check out our business loan interest rates here.

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