Initiative of ‘National Skill Development Corporation’ (NSDC) under Skills India Mission

Initiative of ‘National Skill Development Corporation’ (NSDC) under Skills India Mission

Recently foreign universities will also be included for teaching on employable skills.

It is an initiative of National Skill Development Corporation (NSDC) under Skills India Mission.

Foreign universities like Harvard Business School, MIT etc. will be involved in this initiative.

Objectives of the initiative:

  • To provide employable skills at par with international standards. This will meet the high demand for skilled professionals across the globe.
  • To enable students from small towns to take advantage of international employable programs at subsidized rates. This will lead to creation of strong skilled workforce.
  • Attracting capital. Large multinational companies are now looking to establish their base in India under the ‘China-plus-one’ strategy.

‘China-plus-one’ is a strategy under which companies are avoiding investing in China only. They are diversifying their businesses by expanding them to other countries as well.

In the year 2020, Indian companies identified skill shortage as the biggest hurdle facing their business. This is 34% of the challenges they face. This rate has increased to 60% in the year 2022.

Youth Centric Skill Development Initiatives-

  • Through NSDC: PM Kaushal Vikas Yojana, PM Kaushal Kendra, India International Skill Center etc. have been started.
  • Craftsmen Training Scheme, Apprenticeship Training, Scheme for Up-gradation of IITs through Directorate General of Training are the major initiatives.
  • Others: Skill loan scheme, Indian Institute of Skills has been started.

(National Skills Development Corporation- NSDC)

  • National Skill Development Corporation is a not-for-profit public limited company. It was incorporated on 31st July, 2008 under Section 25 of the Companies Act, 1956 (in line with Section 8 of the Companies Act, 2013).
  • NSDC was set up by the Ministry of Finance as a Public Private Partnership (PPP) model.
  • It works under the Ministry of Skill Development and Entrepreneurship.
  • The objective of NSDC is to promote skill development by encouraging the creation of large, quality and for-profit vocational institutions. It acts as a catalyst in skill development by providing funding to enterprises, companies and organizations providing skill training.
  • NSDC is the implementing agency for skill training in the country.

Source – The Hindu

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