The government today ex-post facto approved the agreement signed between the National Skill Development Corporation (NSDC) and Wadhwani Operating Foundation (WOF).
The Cabinet, chaired by Prime Minster Narendra Modi, has given its ex-post facto approval to the signing of the MoU between NSDC and WOF for co-operation in skill development and entrepreneurship, an official statement read.
The MoU will assist in facilitating and supporting skill development initiatives in the country through multi-skill institutes and skill universities, along with promotion and creation of an ecosystem for skill development, it added.
Additionally, it is expected to contribute significantly to entrepreneurship education and training through an open source, thereby assisting in enterprise and job creation.
"Under the MoU, WOF commits a minimum of USD 30 million and a maximum of USD 40 million contribution in value of services to be provided in support of mutually-agreed skill and entrepreneurship development initiatives," it said.
But this is subject to a maximum of 10 per cent of the total new spending of the central government in each of these identified and mutually-agreed schemes and initiatives over three years, it added.
The parties and representatives of other stakeholders will set up a National Project Implementation Committee (NPIC) which shall review the setting up and working of SPMU on a periodic basis.
The MoU will facilitate and support integration of stilting at the school and higher education levels.
The skill development ministry through NSDC and WOF would provide support to the initiative of the Centre and states to integrate skilling in schools and institutions of higher education in a more organised and structured manner.
On a bigger scale, it will pool resources and set up State Programme Management Units (SPMUs) at the state level or below, as required.
It will also promote skill development and job fulfilment through an ecosystem consisting of a vibrant policy, financial ecosystem and industry-academia training providers.
