NSDC commits Rs 800-cr funding

T.E. Raja Simhan Chennai | Updated on March 06, 2011 Published on March 06, 2011

MVSubbiah   -  Business Line

The National Skill Development Corporation (NSDC) has committed nearly Rs 800 crore in funding for various companies over the next 10 years, according to Mr M.V. Subbiah, Chairman, NSDC.

Its board has approved assistance to 26 ventures, of which, 11 have received the money and some of them are graduating to the next level, he said.

NSDC has a corpus of Rs 1,500 crore and the Finance Minister has sanctioned an additional Rs 500 crore for 2011-12.

The latest funding by NSDC was to the Hyderabad-based TalentSprint, in which the corporation has taken a 6 per cent stake for providing a loan of Rs 10 crore. “We want more of such companies with a passion to train the country's youth and make them employable,” said Mr Subbiah, former chairman of the Chennai-based Muragappa Group, told Business Line.

TalentSprint retrains graduates, while some of the others funded by NSDC to train students at a more basic level and help in building skills in rural areas. For instance, in Gujarat, the corporation has funded a company that provides domestic training, he said. NSDC is a Public-Private Partnership that facilitates skill development with most its efforts directed at 21 the unorganised sector. It providesviability gap funding to enterprises, companies and organisations involved in training. It also develops models to enhance, support and coordinate private sector initiatives.

Dr Santanu Paul, CEO and Managing Director, TalentSprint, which provides training in professional skills to college graduates, said the funding will help it expand its offerings to semi-urban and rural youth, giving them access to ‘well-paying' jobs in information technology, banking, financial services and insurance.

Talking to newspersons on the launch of the TalentSprint's advanced learning centre in Chennai, Dr Paul said, in two years, the company has provided skill training to over 1,200 unemployed graduates in technology, and business communications. This has enabled them to get their first job at salaries ranging from Rs 1.5 lakh to Rs 3.2 lakh per year.

The NSDC board has approved assistance to 26 ventures, of which, 11 have received the money and some of them are graduating to the next level

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Published on March 06, 2011
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