The Finance Ministry on Wednesday said that the government has signed a $250 million loan agreement with the World Bank for Skills Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) Project. “A Financing Agreement for IBRD loan of USD 250 million (equivalent) for the ‘Skills Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) Project’ was today signed with the World Bank,” the Finance Ministry said in a statement.
The objective of the project is to enhance institutional mechanisms for skills development and increase access to quality and market-relevant training for the workforce, the ministry said. Finance Minister Arun Jaitley the Union Budget 2017-2018 announced SANKALP project aimed at providing market relevant training to 3.5 crore youth across the country.
Arun Jaitley described the project as “energising youth through education, skills and jobs” as one of the government’s top ten important focus areas. The Finance Minister said that in 2017-18, a programme SANKALP will be launched at a cost of Rs 4,000 crore.
“The key result areas for the project include institutional strengthening at the national and state levels for planning, delivering, and monitoring high-quality market-relevant training; improved quality and market relevance of skills development programs; Improved access to and completion of skills training for female trainees and other disadvantaged groups; and expanding skills training through private-public partnerships (PPPs),” the Finance Ministry said.