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Skill Impact Bond continues to drive employment outcomes
The Skill Impact Bond is closer to achieving its target of skilling 50,000 young Indians, 60% of whom will be women.
The first-ever Skill Impact Bond launched by the National Skill Development Corporation (NSDC), under the aegis of the Ministry of Skill Development and Entrepreneurship, and a coalition of mission-aligned partners has completed fifteen months in operation and impacted around 18,000 young Indians from 18 states and union territories.
Launched in 2021, the US$ 14.4 million Skill Impact Bond is a public private partnership that works on closing the employment gap, particularly for women, by improving the way skill training programs are conducted. According to data, only 10 out of 100 women participating in skill-building programs remain employed for three months. The country's female labour force participation rate (FLPR) has also been consistently low at approximately 30 percent.
Applauding the efforts under the Skill Impact Bond, Atul Kumar Tiwari, Secretary, the Ministry of Skill Development and Entrepreneurship said, “Skill Impact Bond has demonstrated its effectiveness in fostering collaboration between governments, private sector entities, and civil society organisations. And by leveraging such innovative financing mechanisms, we are not only increasing the availability of resources but also ensuring their efficient allocation to tackle the persistent challenges of skill gap and unemployment.”
The coalition benefits from a group of partners who have extensive knowledge of creative finance, skill development, gender, monitoring and evaluation, and data-driven decision-making, in addition to the NSDC. These include the British Asian Trust, the Michael & Susan Dell Foundation, The Children’s Investment Fund Foundation (CIFF), HSBC India, JSW Foundation and Dubai Cares, FCDO (UK Government), the United States Agency for International Development (USAID), Dalberg Advisors, and Oxford Policy Management.
According to a release, the partners were chosen for their abilities to innovate, scale, and reach a variety of target groups. The skill training is delivered locally by Gramme Tarang Employability Training Services Pvt Ltd, Learnet Skills Ltd, Magic Bus India Foundation, PanIIT Alumni Reach For India Foundation, and Tata STRIVE.
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