Rs.1,000 crore for skill development of youth
Finance Minister P. Chidambaram Thursday allocated Rs.1,000 crore to develop job-oriented skills among youth.
"Assuming that 10 lakh (one million) youth can be motivated in one year, skill trained youth will give enormous boost in employment and productivity," Chidambaram said while presenting the federal 2013-14 budget to the Lok Sabha, the lower house of parliament.
The finance minister allocated Rs.1,000 crore (Rs.10 billion) for the "ambition", saying that it would be a "trigger for skill development in the country".
The National Skill Development Corporation would be asked to set the curriculum and standards for training in different skills.
Trained youth who pass a test at the end of the training period would be given a monetary reward of Rs.10,000, on an average.