World Bank clears $250 mn loan to train Indian job seekers
The World Bank has cleared a $250-million (over ?1,610 crore) loan for making Indians more employable through re-skilling, under the government's Skill India mission. The programme is targetted at people between 15-59 years of age who are underemployed and unemployed. It also mandates the provision of entrepreneurship opportunities to women and to increase their exposure to skill training.
New Delhi, Jun 26 (PTI) The World Bank has cleared a USD 250-million loan for making Indian youth more employable through reskilling, in a move that is seen to aid the Skill India mission. The multi-lateral lender is keen to support the Indian government in its efforts to better equip the young workforce with employable skills. It said the support will help the youth contribute to Indias economic growth and prosperity. "The USD 250-million Skill India Mission Operation (SIMO), approved by the World Bank board of executive directors, will increase the market relevance of short-term skill development programmes (3-12 months or up to 600 hours) at the national and state level," the Bank said in a release. Under the programme, adults in 15-59 years of age, underemployed or unemployed, will get the skill training. 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 programme has a mandate to provide placement and entrepreneurship opportunities to women and increase their exposure to skill training. The Washington-headquartered World Banks SIMO is a six- year programme in support of the Indian governments National Policy for Skill Development and Entrepreneurship (2017-23). SIMO will be implemented through the National Skill Development Mission and will specifically target labour market entrants. According to an official skill gap analysis, India will require an additional 109 million skilled workers in 24 key sectors by 2022. "This programme will support the governments vision of investing in the human capital of Indias youth, enable greater off-farm employment and increase womens participation in the labour market," World Bank Country Director to India Junaid Ahmad said. 