The National Skill Development Corporation (NSDC) in collaboration with global partners launched India’s first and largest ‘Impact Bond for skilling in India.
- Along with the NSDC, the global coalition comprises of HRH Prince Charles’s British Asian Trust, the Michael & Susan Dell Foundation (MSDF), The Children’s Investment Fund Foundation (CIFF), HSBC India, JSW Foundation and Dubai Cares, with FCDO (UK Government) & USAID as technical partners.
To equip them women and girls with skills and vocational training to provide access to the wage-employment in Covid-19 recovery sectors including retail, apparel, healthcare and logistics.
i.The collaboration involves a USD 14.4 million fund which will benefit 50,000 youth by making them employment ready.
ii.The initiative addresses the youth employment crisis and specifically that for young women.
iii.The innovative financing instruments leverages private sector capital and expertise, which focuses on achieving results by shifting focus towards performance.
iv.CIFF, HSBC India, JSW Foundation and Dubai Cares support the outcome fund.
v.The target group includes 60 per cent women and girls.India has the least female labour force participation in South Asia at 20.3%
The Skill Impact Bond (SIB)
i.The Skill Impact Bond (SIB) is the first impact bond involving public, private partners and a public private partnership organisation, NSDC.
ii.Skill Impact Bond is a collaborative effort of NSDC and other global organizations, who share the same vision to improve skilling outcomes in India.
iii.It also aims at building the capacity of India’s skilling and TVET (Technical and Vocational Education and Training) ecosystem through knowledge exchange.
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About National Skill Development Corporation (NSDC)
Founded – 2008 under section 25 of the Companies Act, 1956.
Headquarters – New Delhi, Delhi
Chairman – A M Naik