FM meets industry on Skill Development Corp

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New Delhi, Aug 19 (UNI) Finance Minister P Chidambaram today had a meeting with industry leaders on the proposed National Skill Development Board (NSDB), which aims to open institutes and polytechnics to impart skill training in various areas.

Apart from the three apex chambers, some other industry associations took part in the meeting held at North Block.

The NSDB is to be private sector-led and sources said the government will hold 49 per cent equity with private players being given the remaining stake.

Government plans to start the NSDB by September 1, whose mention was made in the Prime Minister's Independence Day speech.

In his opening remarks, Finance Minister P Chidambaram said the institutes need to be world class. He said the institutes and polythecnics have to be in 13 sectors.

The mission of NSDC is to open up the 'skill economy' to make it market-led.

The government plans to register NSDC as a not-for-profit company under Section 25 of the Companies Act, 1956. It will operate as a public company with limited liability, 51 per cent of which will be subscribed by the private sector.

Sources said the private sector will have the right to appoint a majority of the directors on the board. This will ensure effective private sector participation in the management of the corporation.

NSDC will establish sector-specific, labour market information systems and human resource planning models at national, state and sub-state levels.

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