The Union Cabinet chaired by the Prime Minster Mr. Narendra Modi has given its ex-post facto approval for signing the Memorandum of Understanding between the Ministry of Skill Development & Entrepreneurship (MSDE), National Skill Development Corporation (NSDC) and Wadhwani Operating Foundation (WOF) for cooperation in the fields of Skill Development and Entrepreneurship.
Under the MoU, Wadhwani operating Foundation commits a minimum of USD 30 million and maximum of 40 Million contribution in value of services to be provided in support of mutually agreed Skill and Entrepreneurship Development initiatives but subject to a maximum of 10% (ten percent) of the total new spending of the Government of India in each of these identified and mutually agreed schemes and initiatives over a period of three years.
Benefits of MoU:
This MoU will assist facilitating and supporting Skill Development initiatives in the country through Multi-skill Institutes and Skill Universities along with promotion and creation of an eco-system for skill development.
Additionally, the MoU is expected to contribute significantly to Entrepreneurship Education & Training through an open source; thereby, assisting in enterprise and job creation.
Salient features of MoU:
1. Facilitate and Support Integration of skilling at School and Higher Education level:
MSDE through NSDC and WOF would provide support to the initiative of Centre and State Government to integrate skilling in schools and institutions of higher education in a more organized and structured manner and on a bigger scale by pooling of resources and setting up of State Programme Management Units (SPMU) at the State level or below, as required.
2. Skill Development through Multi-skill Institutes and Skill Universities:
MSDE will set up Multi-skill Institutes and Skill Universities with the help of Sector Skill Councils and NSDC. WOF funding would be utilised on initiatives on programme design, institute design, curriculum design and development, faculty development, etc. The Parties shall setup a joint committee to review the progress on development of this initiative.
3. Provide Entrepreneurship Education & Training:
Expand WOF's existing Entrepreneurship Education program in Universities and Colleges, to a significant order from the existing magnitude, over the next three years. This would include areas like providing access to entrepreneurship content, pedagogy and best practices delivered through ICT based e-content in appropriate delivery modes by qualified and trained Entrepreneurship Educators and facilitated by local faculty. This would be facilitated through a few Central Hubs along with many regional centres each for designing, facilitating, monitoring and evaluation.
4. Promote Skill Development and Job Fulfilment:
This will be done in any other areas identified by the parties during the term of this MoU through an ecosystem consisting of a vibrant policy, financial ecosystem and industry-academia -training providers.
The Parties and representatives of other stakeholders will set up a National Project Implementation Committee (NPIC) which shall review the setting up and working of SPMU on a periodic basis.