JP Morgan has committed $25 million to skill development among low- and middle-income communities in India. This will help develop the skill needed by the country’s workforce in the coming year.
A study by National Council of Applied Economic Research suggests that close to 70 million workers will be part of or join the workforce between 2018 and 2022 and they need the relevant skills to keep up with the technological changes.
For this commitment, JP Morgan will be working with the government and non-profit leaders to train the workforce for high-growth sectors and align the skill sets with market trends in retail, healthcare and information technology-enabled services.
As part of this commitment, JP Morgan is investing $10 million as the first funder in a World Bank-led and managed initiative called the Skills and Training in Schools for Youth Multi Donor Trust Fund (MDTF). JP Morgan’s $25-million plan is part of the firm’s five-year $350-million global commitment.