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.
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.