NATIONAL SKILL DEVELOPMENT FUND (NSDF)

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Context

• Committed to Skill India Mission, Apparel Made-Ups Home Furnishing Sector Skill Council (AMH SSC) donated Rs. 51 lakhs from their Corporate Social Responsibility (CSR) funds to National Skill Development Fund (NSDF) to empower the youth of India with skill training.

 

National Skill Development Fund (NSDF)

• The National Skill Development Fund was set up in 2009 by the Government of India for raising funds both from Government and Non Government sectors for skill development in the country.
• The Fund is contributed by various Government sources, and other donors/ contributors to enhance, stimulate and develop the skills of Indian youth by various sector specific programs.
• A public Trust set up by the Government of India is the custodian of the Fund.
• The Trust accepts donation, contribution in cash or kind from the Contributors for furtherance of objectives of the Fund.
• The Fund is operated and managed by the Board of Trustees. The Chief Executive Officer of the Trust is responsible for day-to-day administration and management of the Trust.
• The Fund meets its objectives through National Skill Development Corporation (NSDC) which is an industry led ‘Not For Profit Company’ set up for building skill development capacity and forging strong linkages with the market.
• NSDC acts as a catalyst in skill development by providing funding to enterprises, companies and organizations that provide skill training. It also develops appropriate models to enhance, support and coordinate private sector initiatives.
• NSDF releases funds to NSDC towards skill development programmes including National Skill Certification and Monetary Reward Scheme (STAR) and UDAAN Scheme (J&K oriented).
• Accounts of the Trust are subject to CAG Audit and are also audited by a Chartered Accountant for every financial year and in such manner as may be directed by GOI.
• The Trust has appointed Vistra ITCL (India) Ltd. as an Independent Monitoring Agency to monitor the activities undertaken by NSDC.

 

National Skill Development Corporation (NSDC)

• National Skill Development Corporation (NSDC) is a not-for-profit public limited company incorporated in 2008 under section 25 of the Companies Act, 1956 (corresponding to section 8 of the Companies Act, 2013).
• NSDC was set up by Ministry of Finance as Public Private Partnership (PPP) model.
• The Government of India through Ministry of Skill Development & Entrepreneurship (MSDE) holds 49% of the share capital of NSDC, while the private sector has the balance 51% of the share capital.

 

Objectives

• NSDC aims to promote skill development by catalyzing creation of large, quality and for-profit vocational institutions.
• Further, the organisation provides funding to build scalable and profitable vocational training initiatives.
• Its mandate is also to enable support system which focuses on quality assurance, information systems and train the trainer academies either directly or through partnerships.
• NSDC acts as a catalyst in skill development by providing funding to enterprises, companies and organizations that provide skill training.
• It also develops appropriate models to enhance, support and coordinate private sector initiatives. \

 

Read: https://www.iasgyan.in/daily-current-affairs/corporate-social-responsibility-9

https://www.iasgyan.in/daily-current-affairs/corporate-social-responsibility

 

https://pib.gov.in/PressReleasePage.aspx?PRID=1826309