World Bank clears loan to train job seekers under Skill India Mission

The World Bank has cleared a $250-million loan for making Indian youth more employable through reskilling, in a move that is seen to aid the Skill India mission.

The multilateral lender is keen to support the Indian government in its efforts to better equip the young workforce with employable skills.

It said the support will help the youth contribute to India’s economic growth and prosperity.

“The $250-million Skill India Mission Operation (SIMO), approved by the World Bank board of executive directors, will increase the market relevance of short-term skill development programmes (3-12 months or up to 600 hours) at the national and state level,” the bank said in a release.

Under the programme, adults in 15-59 years of age, underemployed or unemployed, will get the skill training.

It will also include the 1.2 crore youngsters in the age group of 15-29 years who are entering the labour market every year.

The programme has a mandate to provide placement and entrepreneurship opportunities to women and increase their exposure to skill training.

The Washington-headquartered World Bank’s SIMO is a sixyear programme in support of the Indian government’s National Policy for Skill Development and Entrepreneurship (2017-23).

SIMO will be implemented through the National Skill Development Mission and will specifically target labour market entrants.

According to an official skill gap analysis, India will require an additional 109 million skilled workers in 24 key sectors by 2022.