National Skill Development Corporation Current Affairs - 2019

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Government appoints AM Naik as Chairman of National Skill Development Corporation

Union Government has appointed Anil Manibhai Naik as Chairman of National Skill Development Corporation (NSDC). He is currently Group Chairman of engineering conglomerate Larsen and Toubro (L&T). He was awarded Padma Bhushan, India’s 3rd highest civilian award in 2009 for his outstanding contribution to economic growth of the country.

National Skill Development Corporation (NSDC)

NSDC is Public Private Partnership (PPP) under Ministry of Skill Development & Entrepreneurship (MSDE). It was founded in 2009 as not-for-profit company by Ministry of Finance to address need for providing skilled manpower across various industry sectors. Government of India (GoI) through MSDE holds 49% of share capital of NSDC, while private sector has balance 51% of the share capital. NSDC aims to promote skill development by catalyzing creation of large, quality and for-profit vocational institutions. Its objective is to create training capacity in the country; fund vocational training initiatives and create market ecosystem for skill development. Its mandate is to train 150 million people by 2022. It is also involved in re-skilling and also in catering to skilled manpower requirement of overseas markets, most notably that of Japan (under TITP) and UAE.

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Cabinet approves re-structuring of NSDF and NSDC

The Union Cabinet has approved proposal for restructuring of National Skill Development Fund (NSDF) and National Skill Development Corporation (NSDC) to strengthen their governance, implementation and monitoring framework.

The purpose of restructuring is also to ensure better corporate governance, transparency and accountability in operations of NSDC. Besides it will also strengthen oversight role of NSDF. It will also lead to restructuring of composition of Board of NSDF and NSDC to strengthen governance, implementation and monitoring framework.

Background

NSDC and NSDF were set up by Ministry of Finance and registered in July 2008 and January, 2009 respectively for implementing coordinated action for skill development. NSDF’s main objective is to enhance, stimulate and develop skills of Indian youth force by various sector specific programmes. It was incorporated as trust to act as receptacle for financial contributions from Governmental sources, bilateral and multilateral and other agencies. NSDF entered into Investment Management Agreement (IMA) with NSDC for utilization of its corpus to meet desired objectives of National Skill Development Mission and encourage skill development in country.

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