National Skill Development Corporation (NSDC), a strategic implementation and knowledge partner for Skill India Mission, working under the aegis of Ministry of Skill Development and Entrepreneurship (MSDE), Government of India, has partnered with Varthana Finance Private Limited to provide financial assistance to the students in skilling ecosystem. This will enable the achievement of the main objective of Skill loans initiative. The partnership aims to bridge the education financing gap for low-income population so that youth in India can avail financial assistance from financial institution to undertake desired courses.
“We have partnered with Varthana to commit to providing technical and vocational training to millions of underprivileged students who are otherwise turned down,” said Ved Mani Tiwari, COO and Officiating CEO of NSDC. “NSDC has been in the skilling ecosystem for over a decade and is bringing in its knowledge and proficiency to narrow the existing gap between the demand and supply of skills. It acts as a felicitator in skill development mission and bring together the enterprises, companies and organizations that provide skill training. This partnership will ensure the seamless funding to build scalable and profitable vocational training initiatives. This way we enable support systems which focus on quality assurance, information systems and train the trainer academies either directly or through partnerships. This is another step in the direction towards supporting and empowering youth skilling and upskilling while also increasing their employability.”
“Varthana offers financing to aspiring students to help them access opportunities to invest in themselves. We focus on education because we believe it is a powerful way to help unlock the potential that every individual has,” said Steve Hardgrave, Co-founder and CEO of Varthana. “The support of NSDC enables private companies like Varthana to enter and serve this important segment in a much more comprehensive fashion than would otherwise be possible. We hope that the training students receive, will help them pursue careers and livelihoods that are both satisfying and allow them to support and care for their families economically.”
India’s skill sector is largely unorganized and unregulated, and underprivileged students bear the brunt of the consequences because they lack access to education facilities. Technical and Vocational Education and Training (TVET) holds great potential for economic mobility and development in India, which has one of the largest workforces in the world. Although rapid strides have been made in creating a network of formal institutions providing a wide range of skills and addressing the skill gap, TVET in India, is currently limited, and plagued with several issues including access to financing. As a part of the partnership, Varthana would be making funds accessible to students enrolling in skill development training at attractive rates. This is in line with Varthana’s mission of bridging the education financing gap for low-income populations so that youth in India can have access to quality, affordable education.
Satmeet Singh, Head-Student Solutions at Varthana stated, “TVET is on the development agenda for many countries. Financing has been a huge barrier for students who wish to enrol for technical and vocational training courses. Varthana has been working closely with hundreds of skill development institutes to bridge this gap and has been financing students for skilling and upskilling through these courses.” Further adding that this initiative will provide significant financial support and employment opportunities to the students, he emphasized, “I would like to extend my gratitude to NSDC for bestowing their trust and giving us an opportunity to contribute to the nation’s growth through this initiative.”