Chidambaram emphases need for skilled manpower of quality in short time
18 Sep 2008, 1924 Hrs

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New Delhi, Sept 18 (ANI): Union Finance Minister P. Chidambaram emphasized the need to deliver skilled manpower of reasonable magnitude and quality within a short time frame here today.

He was addressing the board meeting of National Skill Development Corporation (NSDC) in New Delhi today.

The Finance Minister also advised the board to establish and operationalize skill development institutes in all major regions of the country by March 31 next year as a quick start.

He said a comprehensive programme should follow this with wide coverage throughout the country. The programme should not only aim to bridge the emerging skill gaps in the Indian economy but should also cater to the demand on account of worldwide skill shortages.

The Minister added that the funds would not be a constraint as Government has set aside Rs. 1,000 crore in the budget of 2008-09 for this purpose. The effort would be to raise the corpus to Rs. 15,000 crore in the next few years.

He also stated that a challenge had been posed to the private sector and while the involvement of Government in the running of the company would be light and minimal, it was imperative that the private sector delivered early visible results in producing skilled workers as per the needs of the economy.

National Skill Development Corporation, incorporated by Ministry of Finance as a "not for profit" company under Section 25 of the Company's Act, 1956, held its first Board meeting on August 27 this year and the board unanimously confirmed M.V. Subbaiah as the chairman.

NSDC will be a private sector led entity and stimulate and co-ordinate private sector initiatives in the area of skill development. The authorized capital of NSDC has been fixed at Rs 10 crore, 51 per cent of which shall be subscribed by private sector organizations with the remaining 49 per cent to be subscribed by Government. Private sector representatives will have a majority in the board of directors of the company. (ANI)