India invests in demographic dividends as it proceeds to a bright future. Since the young population has a significant share of the country's workforce, initiatives are necessary for holistic development and skill enhancement. The incorporation of NSDC fulfills this objective.
By disbursing funds to organizations and entities in the scheme, the National Skill Development Corporation empowers the youth by helping them build their skills. One limitation is that they cannot use the acquired capital to purchase or construct assets. They use the scheme funding to meet their working capital needs by developing their skills. Let's find out more about the National Skill Development Mission.
What is (NSDC) National Skill Development Corporation?
National Skill Development Corporation is a non-for-profit public limited company that the Ministry of Finance set up in July 2008 under the Companies Act, 1956, Section 25. The Indian government holds the NSDC share capital of 49%, while the remaining 51% belongs to the private sector.
It has a PPP (Public-Private Partnership) model, which means the public and private sectors have equal participation. The public sector stakeholders include state and central government and private sector stakeholders, including private companies, schools, universities, colleges, organisations, and enterprises.
Key Objectives of NSDC
The NSDC is a Public Private Partnership Company for skill development among Indians. Its primary objectives are:
Create: Creating quality, large-scale institutions for vocational training
Fund: Providing capital by providing equity and grants
Enable: Creating and sustaining support systems for skill development
With these objectives, NSDC Skill India helps upgrade skills through industry involvement and develops the essential frameworks for curriculum, quality assurance, and standards. It also makes the market by financing sectors where there are no or ineffective mechanisms.
Key Features of NSDC
Highlighted NSDC features are:
462 training partners
2100 job roles
11,000 training centres
A core team of 12 trained people
Record placement of 68 lakh professionals
A core focus on 37 sectors
Efforts to make sectors attractive for private investments
NSDC Courses List
The National Skill Development program offers numerous certificate and vocational courses for Indians. There are many NSDC courses offered under multiple programs, including the following:
NSDC has partnered with different stakeholders to create and develop a favourable ecosystem for skill development. These include the following:
Central Ministries: They participate in flagship programs like Namami Ganga, Digital India, Make in India, PMJDY, Swachh Bharat, etc.
State Governments: They develop schemes and programs, build capacity, and operate programs aligning with National Skill Development Corporation.
University and School Systems: They develop Vocational Education programs through entrepreneur development, special training programs, and credit framework.
Private Sector: These partners help in building awareness, creating capacity, providing online finance, leading assessment for certification, and generating employment.
International Engagement: These players contribute to technical support, investments, overseas jobs, transnational standards, etc.
Non-Profit Organisations: They build capacity for special and marginalised groups and develop livelihood, entrepreneurship, and self-employment programs.
Funding Partnerships of NSDC
Here are a few models that you can use to become a funding partner of the National Skill Development
Model Number
Type of Partnership
What’s Involved
1
Sponsorship Of Candidates For Skill Development
Direct contribution of funds to NSDC
2
Setting Up Skill Centre of Excellence (CoE) /Multi Skill Centre
Setup a skill development centre focused on areas of strategic importance
3
Support Trade-Specific Labs/Centers
Setup labs to support skill development programs to create skilled manpower
4
Right To Use Land, Building, Machinery
Become a skill development centre by providing the right to use your facility
5
Skill Advisory
Act as a knowledge partner to already existing centres
6
Supporting Apprenticeship Through CSR
Utilise CSR funds to train apprenticeship
7
Setup A Skill Development Organisation/Business Unit
Setup a skill development organisation with equity infusion
National Skill Development Schemes and Initiatives
The National Skill Development Corporation encourages schemes and initiatives that help trainees in skill development and deliver substantial results. Here are some of them:
Apprenticeship Training
As an apprentice, you must sign an apprenticeship contract with an establishment to undergo apprenticeship training. It provides classroom learning for a brief period, followed by practical training. Moreover, the scheme provides on-the-job training opportunities across various sectors.
PMKVY (Pradhan Mantri Kaushal Vikas Yojana)
PMKVY is an MSDE scheme that encourages Indian youth to gain industry-relevant skill training and improve their qualification for the right job. Experienced individuals can also gain certification for training as well as monetary support.
PMKK (Pradhan Mantri Kaushal Kendra)
PMKKs are state-of-the-art Model Training Centres providing competency-based skill development programs. NSDC provides funding for such training centres, offering discounted secured loans up to 75% of the project cost. As a borrower, you can use this funding for training infrastructure only, including purchasing plants, equipment, machinery, training aids, and other related items.
UDAAN
The Ministry of Home Affairs funds this initiative for J & K to address the skill and employment needs of educated unemployed in the state. The plan also exposes the talented individuals of J & K to corporate opportunities in India.
International Skill Training
The NSDC sets up IISCs (India International Skill Centres) to provide training and certification as per International Standards, equipping Indians to pursue overseas jobs.
TITP (Technical Intern Training Program)
In 2017, the Indian government signed a memorandum of cooperation with the Welfare of Japan with the Ministry of Skill Development and Entrepreneurship, the Ministry of Health, and the Ministry of Foreign Affairs. It appointed NSDC as an agency for implementing and monitoring this program. NSDC has set up several organisations to send skilled Indians to Japan for technical learning and internships.
Conclusion
The National Skill Development Corporation India is a unique Public Private Partnership program that promotes skill development among young Indians. You can apply for a loan under this scheme to build scalable vocational training initiatives. Moreover, NSDC trains academies to enable their support systems with information systems and quality assurance through partnerships.
Frequently Asked Questions
1. What is the benefit of an NSDC certificate?
At NSDC, you get an NSDC certificate after completing a course. It helps you get a higher-paying job at a better position in a skill development job.
2. Is the NSDC course free?
NSDC provides skill certification courses in various sectors, with some courses being free and others requiring payment.
3. Is the NSDC certificate valid for a government job?
An NSDC certification is a sign of reliability and quality. Therefore, these courses have become increasingly valid for government jobs. Several government organisations and departments now recognise the NSDC certificate as a good recruitment qualification.
Manya is a seasoned finance professional with expertise in the non-banking financial sector, offering 3 years of experience. She excels in breaking down complex financial topics, making them accessible to readers. In their free time, she enjoys playing golf.
