National Skill Development Corporation (NSDC) is a not-for-profit public limited company incorporated on July 31, 2008 under section 25 of the Companies Act, 1956 (corresponding to section 8 of the Companies Act, 2013). NSDC was set up by the Ministry of Finance as a Public Private Partnership (PPP) model.
Apar India is the funded partner of NSDC, we are working hard to train the young generation of our country to make them skilled and employable. India has less than 2% of its workforce as skilled labor.
The contribution of informal sector to the GDP is more than the formal sector. To be able to tap the potential of the demographic dividend, it is crucial that India, as a nation of 1.27 billion, builds the capacity of its youth.
The government has already taken aligned step through schemes like Nayi Manzil (certificates to school dropouts from minority communities) and SETU (Self Employment and Talent Utilisation) Scheme but there is now a more streamlined process for the same. The umbrella policy of National Skill Development and Entrepreneurship encompasses of the following being driven by NSDC:
- Pradhan Mantri Kaushal Vikas Yojna- The flagship programme of the Ministry of Labor and Employment is entrusted with the responsibility to train 14 lakh entrants in the workforce and award 10 lakh certificates to the students who meet the criteria for Recognition of Prior Learning (RPL). 1000 crore fund has been earmarked for the same. Under the aegis of this scheme, Tamil Nadu has shown the maximum enrollment followed by Uttar Pradesh.
- Loan for Skill development training- To be able to enrol for training courses, the government aims to provide easily accessible loans without any processing fee and interest rate at the maximum 1.5% from the base rate (11-12%). The good of the banks is also catered to by a provision for Credit Guarantee fund in case of NPAs. There is no minimum duration requirement for the course. As possible next steps, and with the ushering of Digital India, Ministry might like to disburse loans in the form of digital vouchers in the bank accounts of the beneficiaries.
- Deen Dayal Upadhyay Grameen Kaushal Yojna (DDU-GKY) for Bihar- Targeted programme for market-led employment prospects of rural youth. It works on a PPP model driven in partnership with Ministry of Rural Development.