The World Bank has cleared a $250-million (Rs 16.11 billion) loan to make Indian youth more employable through reskilling, in a move that will aid the Skill India mission, PTI reported on Monday. “The $250 million Skill India Mission Operation, approved by the World Bank board of executive directors, will increase the market relevance of short-term skill development programme at the national and state level,” the World Bank said in a press release.
Under the programme, individuals between the ages of 15 and 59, whether underemployed or unemployed, will receive training. Training will also be provided to 1.2 crore youngsters in the age group of 15 to 29 years who enter the labour market every year. The six-year programme will also provide placement and entrepreneurship opportunities to women and increase their exposure to skill training.
The programme, which has been launched in support of the Indian government’s National Policy for Skill Development and Entrepreneurship (2017-’23), will be implemented through the National Skill Development Mission. “This programme will support the government’s vision of investing in the human capital of India’s youth, enable greater off-farm employment and increase women’s participation in the labour market,” World Bank Country Director to India Junaid Ahmad said.
An official skill gap analysis suggests that India will require an additional 109 million skilled workers in 24 key sectors by 2022. The World Bank said that by the end of the programme, at least 8.8 million youth with relevant training will have better employment opportunities. The programme will also benefit 15,000 trainers and 3,000 assessors.
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