India’s Skill Impact Bond is an example of a public-private collaboration that attempts to narrow the employment gap, particularly for women. The National Skill Development Corporation (NSDC) and a group of partners with related missions are in charge of it. It has enlisted 18,000 young Indians from 18 states and union territories along its journey.
The female labor force participation rate (FLPR) in India is low, with only 10 out of 100 women rolled in skilling programs staying in jobs for three months. To address this, the NSDC and a coalition of partners launched the four-year Skill Impact Bond in 2021 to focus on job placement and retention. The coalition draws strength from funders and partners with experience in innovative finance, skilling, gender, monitoring and evaluation, and data-driven decision-making.
Speaking on this landmark initiative, Ved ManiTiwari, CEO, NSDC said, “India’s youth have big dreams, and even bigger potential – all they need are the right skills and tools to unleash this. With its focus on supporting 50,000 young people, most of them first-time job seekers, the Skill Impact Bond is a financial innovation helping young people build core skills and competencies required to successfully enter and grow within the workforce.
