The finance minister's decision to set aside Rs 1,000 crore for a scheme to encourage youth to voluntarily enroll at skill development institutions and provide an incentive of Rs 10,000 to every individual who undergoes training, coupled with the recognition given to industry-led assessment and certification, would create an aspiration value for skills. It would also contribute significantly to ongoing efforts to ensure that India is in a position to leverage its demographic dividend.
Including vocational institutes affiliated to the State Council of Vocational Training in the negative list of service tax would make skills training affordable and more accessible, particularly to those living at the bottom of the pyramid.
Money being earmarked for skill development as part of the National Rural Livelihood Mission, National Urban Livelihood Mission, Border Area Development Programme Fund and several other funds for skill development, moreover, would encourage a larger number of training providers to establish outcome-linked sustainable skill development proposals nationwide.
The National Skill Development Corporation would like to compliment the finance minister for the government's continued recognition and commitment to the skills cause in line with its goal of promoting growth that would lead to inclusive and sustainable development.
(Dilip Chenoy is CEO & MD of National Skill Development Corporation)