The National Skill Development Corporation ( NSDC ) is a one-of-its-kind, Public Private Partnership ( PPP ) model in India, under the Ministry of Skill Development & Entrepreneurship ( MSDE ). It aims to promote skill development by catalyzing creation of large, quality and for-profit vocational institutions. A not-for-profit company set up by the Ministry of Finance, under Section 25 of the Companies Act, it has an equity base of Rs.10 crore, of which the Government of India holds for 49%, while the private sector has the balance 51%.
NSDC provides funding to build scalable and profitable vocational training initiatives. Its mandate is also to enable support system which focuses on quality assurance, information systems and train the trainer academies either directly or through partnerships. NSDC acts as a catalyst in skill development by providing funding to enterprises, companies and organisations that provide skill training. It will also develop appropriate models to enhance, support and coordinate private sector initiatives. The differentiated focus on 21 sectors under NSDC’s purview and its understanding of their viability will make every sector attractive to private investment.
Approved for another four years (2016-2020) to benefit 10 million youth Allocated Budget 12,000 Crores Pradhan Mantri Kaushal Vikas Yojana (PMKVY) is the flagship scheme of the Ministry of Skill Development & Entrepreneurship (MSDE). The objective of this Skill Certification Scheme is to enable a large number of Indian youth to take up industry-relevant skill training that will help them in securing a better livelihood. Individuals with prior learning experience or skills will also be assessed and certified under Recognition of Prior Learning (RPL).
The Ministry is responsible for co-ordination of all skill development efforts across the country, removal of disconnect between demand and supply of skilled manpower, building the vocational and technical training framework, skill up-gradation, building of new skills, and innovative thinking not only for existing jobs but also jobs that are to be created.
The Ministry aims to Skill on a large Scale with Speed and high Standards in order to achieve its vision of a ‘Skilled India’.
It is aided in these initiatives by its functional arms – National Skill Development Agency (NSDA), National Skill Development Corporation (NSDC), National Skill Development Fund (NSDF) and 33 Sector Skill Councils (SSCs) as well as 187 training partners registered with NSDC. The Ministry also intends to work with the existing network of skill development centres, universities and other alliances in the field. Further, collaborations with relevant Central Ministries, State governments, international organizations, industry and NGOs have been initiated for multi-level engagement and more impactful implementation of skill development efforts.