National Skill Development Corporation(NSDC) was set up on 31 st July 2008 under section 25 of the companies act 1956. It works under the Ministry of Finance.
It was set up as Public-Private Partnership (PPC) model which means that there will be equal participation of public sector which includes central and state government as stakeholders as well as private sector companies, non-government organizations, schools, colleges, universities, and various enterprises.
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The National Skill Development Corporation India (NSDC) is a one of its kind, Public Private Partnership in India. It aims to promote skill development by catalyzing creation of large, quality, for-profit vocational institutions. It provides funding to build scalable, for-profit vocational training initiatives. Its mandate is also to enable support systems such as quality assurance, information systems and train the trainer academies either directly or through partnerships.
The National Skill Development Corporation India (NSDC) was setup as a one of its kind, Public Private Partnership Company with the primary mandate of catalysing the skills landscape in India. NSDC is a unique model created with a well thought through underlying philosophy based on the following pillars:
1. Create: Proactively catalyse creation of large, quality vocational training institutions.
2. Fund: Reduce risk by providing patient capital. Including grants and equity.
3. Enable: the creation and sustainability of support systems required for skill development. This includes the Industry led Sector Skill Councils.
The main objectives of the NSDC are to:
Upgrade skills to international standards through significant industry involvement and develop necessary frameworks for standards, curriculum and quality assurance
Enhance, support and coordinate private sector initiatives for skill development through appropriate Public-Private Partnership (PPP) models; strive for significant operational and financial involvement from the private sector
Play the role of a "market-maker" by bringing financing, particularly in sectors where market mechanisms are ineffective or missing
Prioritize initiatives that can have a multiplier or catalytic effect as opposed to one-off impact.