In order to support students in the skilling ecosystem financially, the National Skill Development Corporation (NSDC), has partnered with Varthana Finance Private Limited on 17th August,2022. This will make it possible to accomplish the core goal of the programme for skill loans.
In order for youth in India to receive financial aid from financial institutions to enrol in chosen courses, the partnership attempts to close the funding gap for education for low-income populations. The NSDC has been involved in the skilling ecosystem for more than ten years and is bringing in its knowledge and expertise to close the current gap between the supply and demand of skills.
“We have partnered with Varthana to commit to providing technical and vocational training to millions of underprivileged students who are rejected. It serves as a driving force for the mission of skill development and brings together organisations that offer skill training. Through this agreement, the funding of scalable and successful initiatives for vocational training will be ensured. On this basis, we either directly or indirectly, through partnerships, provide support systems that concentrate on quality assurance, information systems, and teach the trainer academies. This is another step in assisting and empowering youth to upgrade their skills and increase their employability”, said Ved Mani Tiwari, COO and Officiating CEO of NSDC.
Steve Hardgrave, Co-founder and CEO of Varthana said, “Aspiring students who want to invest in themselves can receive finance through Varthana. The support of NSDC enables private companies like Varthana to enter and serve this significant area in a far more comprehensive manner. We concentrate on education because we feel it is a strong method to help unlock the potential that every individual holds. We believe that the education students get will enable them to seek careers and livelihoods that enable them to both financially support and care for their families.”
According to Satmeet Singh, Head of Student Solutions at Varthana, “TVET is on the growth agenda for many nations, for students who want to enrol in technical and vocational training programmes, financing has been a significant barrier. To fill this gap, Varthana has been collaborating closely with a large number of skill development organisations, and it has been funding students to take these courses to improve their skills. I would like to extend my gratitude to NSDC for bestowing their trust and giving us the opportunity to contribute to the growth of the nation through this initiative, further stating that this initiative will provide the students with significant financial support and employment opportunities”.
Also read: IITE and Children’s University signed an MOU with NSDC to make India the world’s skill capital https://www.nationalskillsnetwork.in/iite-and-childrens-university-signed-an-mou-with-nsdc/
Underprivileged students suffer the most as a result of the skill sector’s lack of organisation and regulation in India because they do not have access to educational resources. India, which has one of the largest labour markets in the world, has a lot of opportunity for economic development and mobility through technical and vocational education and training (TVET). Although significant progress has been made in developing a network of formal institutions offering a wide range of skills and addressing the skills gap.