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National Skill Development Corp was launched by Finance Minister Pranab Mukherjee on Tuesday on a PPP basis so that India's workforce in 21 high-growth industries gets a boost.
The new corporation, in which the ratio of stake is 49:51 between the government and the industry, will primarily focus on tackling 30 percent of the total skill gap of India's workforce over the next decade.
"As against 40 million people currently who have received any kind of formal or non-formal training, the new vision envisages creation of a pool of 500 million skilled people by 2022," Mukherjee said.
The initiative has plans for adopting some Indian Technical Institutes, on contractual basis, so that the infrastructure of the existing management can be improved.
Finance ministry has been instructed for employing multilateral and bilateral funding entities so that periodical replenishment of resources is possible. This will also ensure that the activities of the initiative are on track.
Sectors identified for the initiative include media and entertainment, information technology, electronics, gems and jewellery, automobiles, leather, financial services, textiles, retail, realty, healthcare, transportation and food processing.
