National Skill Development Corporation on Tuesday launched the first of its kind ‘Impact Bond’ for skill development in India in collaboration with global partners. Which includes a fund of USD 14.4 million, through this fund 50,000 youth will be benefited by preparing them for employment. This includes providing vocational training to 60 percent of women and girls to prepare them for employment in the retail, apparel, healthcare, and logistics sectors.
Along with NSDC, the global alliance includes HRH Prince Charles’s British Asian Trust, Michael & Susan Dell Foundation (MSDF), The Children’s Investment Fund Foundation (CIFF), HSBC India, JSW Foundation and Dubai Cares, FCDO (UK Government) Huh.
Impact bond will bring big change
Speaking on the occasion, Chairman, NSDC and Chairman, Larsen & Toubro Limited said that Skill Impact Bond is a joint effort of NSDC and respected global organizations to improve skill outcomes in India. Efforts will be made to bring a big change in the lives of women through this project.
The statement issued on ‘Impact Bond’ said, “Skill Impact Bond (SIB) is the first impact bond involving public, private partners and a Public Private Partnership organization, NSDC. The bond is issued by CIFF, HSBC India. , JSW Foundation and Dubai Cares Outcome Fund have also supported.
This training will be provided through affiliated training partners of NSDC which include Apollo Medskills Limited, Gram Tarang Employability Training Services Private Limited, Learnet Skills Limited, Magic Bus India Foundation and PANIIT Alumni Foundation.
Impact bond will prepare women for employment
The objective of Impact Bond is to try to overcome the employment crisis among the youth, especially young women. The need for bonds was felt to offset the negative impact on employment during the pandemic. Lakhs of Indians have lost their jobs during the Covid-19 pandemic. In which the number of women is more than that of men. Before the pandemic, women constituted 24 percent of the workforce, yet their share in the loss of employment was close to 28 percent.
Female workforce participation is very low
In South Asia, the female labor force participation in India is only 20.3 percent, which is very low. Only 10 out of 100 women registered in skill development are able to stay in post-skill jobs for 3 months or more.
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