The multi-lateral lender is keen to support the Indian government in its efforts to better equip the young workforce with employable skills. It said the support will help the youth contribute to India’s economic growth and prosperity.
“The $250 million Skill India Mission Operation (SIMO), approved by the World Bank board of executive directors, will increase the market relevance of short-term skill development programmes (3-12 months or up to 600 hours) at the national and state level.
It will also include the 1.2 crore youngsters in the age group of 15-29 years who are entering the labour market every year.The programme has a mandate to provide placement and entrepreneurship opportunities to women and increase their exposure to skill training.The Washington-headquartered World Bank’s SIMO is a six- year programme in support of the Indian government’s National Policy for Skill Development and Entrepreneurship (2017-23).SIMO will be implemented through the National Skill Development Mission and will specifically target labour market entrants.
1. The World Bank has cleared a $250 million loan for making Indian youth more employable through reskilling.
2. Under the programme, adults in 15-59 years of age, underemployed or unemployed, will get the skill training.
3. The programme will benefit approximately 15,000 trainers and 3,000 assessors.