Giving a big boost to Prime Minister Narendra Modi’s pet project Skill India Mission (SIM), the World Bank (WB) has given it Rs 1,625 crore as loan for making the Indian youth more employable through skilling them.
The multi-lateral lending agency, the World Bank is keen to support Narendra Modi’s efforts to train the young workforce with employable skills. In a statement, it said the support will help the youth contribute to India’s economic growth and prosperity.
“The loan amount of Rs 1,625 crore for the SIMO, approved by the World Bank, will increase the relevance of skill development programmes held for 3-12 months or up to 600 hours at the national and state level,” Sumit Bhargava, country partner of World Bank, said.
“The World Bank’s SIMO is a six- year programme in support of the Indian government’s National Policy for Skill Development and Entrepreneurship (2017-23),” Bhargava added.
As per the SIMO agreement, it will impart skilling to the underemployed or unemployed citizens of the country in 15-59 years of age. It will also include the 1.2 crore youngsters in the age group of 15-29 years who are entering the labour market every year.
The SIMO has a mandate to provide placement and entrepreneurship opportunities to women and increase their exposure to skill training. SIMO will be implemented through the National Skill Development Mission and will specifically target labour market entrants.
According to an analysis on need of skilled workforce in the country, India will require an additional 10 crore skilled workers for 24 key sectors by 2022. “The loan will give boost to the government’s vision of creating skilled workforce. India is leading structural reforms and a higher-skilled labour force can potentially serve as a catalyst,” Bhargava said.
The SIMO’s skill development capacity would increase so that at least 90 lakh youth with relevant training have an improved employment opportunity to raise their earning. Launched in 2015, the SIM is focused to skill the youths in such a way so that they get employment and also improve entrepreneurship. SIM provides training, support and guidance for all occupations that were of traditional type like carpenters, cobblers, welders, blacksmiths, masons, nurses, tailors, weavers etc. Also it focuses on new areas like real estate, construction, transportation, textile, gem industry, jewellery designing, banking, tourism and various other sectors, where skill is of inadequate need.