NSDC to enhance financial support to entrepreneurs

The National Skill Development Corporation (NSDC) will enhance financial support to entrepreneurs involved in skill development activities, a top official said Tuesday.

Addressing a media briefing here, NSDC Managing Director and Chief Executive Officer Dilip Chenoy said the corporation would now fund any eligible project instead of doing it selectively.

Chenoy said NSDC has so far committed Rs.2,000 crore of financial support to firms involved in skill development activities. "Disbursal is close to Rs.500 crore," he said.

NSDC, one of its kind public private partnership in India, provides funding to build scalable, for-profit vocational training initiatives.

The corporation, in association with India@75 Foundation, also announced awards to encourage entrepreneurs in skill development business.

The "Power to Empower" award is being supported by Muthoot Pappachan Foundation, the corporate social responsibility arm of Muthoot Pappachan Group.

Chenoy said the "Power to Empower" initiative is aimed at identifying, selecting and rewarding the best solutions bridging the gap between the supply and demand of skilled labour in India.

Last date for filing application for the award is Dec 1, 2013. Individuals, groups as well as organisations can apply for the award that include cash prizes of Rs.1.5 lakh and Rs.3.5 lakh for the "Idea" and "Operations" categories respectively.

The Idea category will focus only on short ideas with a solution concept developed only on paper whereas the Operations category will be open to those with an existing for or non-profit solution already in place addressing this issue.

Chenoy said the initiative is aimed and pushing the skill development activities in the country.

Nearly 53 percent of employers in India say that skills deficiency is one of the key reasons for entry-level vacancies. Currently, of the 15 million individuals who enter the work force, only 3 percent undergo vocational training due to limited access to such training opportunities in a fast growing economy, an NSDC report said.

As a result, a majority of India's population cannot realise the employment opportunities necessary to improve their income and lead a more prosperous life, it said.