The National Skill Development Corporation (NSDC) is an initiative with the objective to provide courses and financial stability to various industrial sectors in India. The NSDC is a not-for-profit corporate company that establishes various institutions for skill development.
Furthermore, the courses offered by the National skill development corporation are vast and free. The scheme offers a wide range of courses and youth has benefited through them.
According to a study, during the year 2019-20 20.45 lakh youth took professional courses from NSDC across 10,373 training institutes under the scheme.
National Skill Development Corporation (NSDC)
The National Skill Development Corporation (NSDC) is a scheme that offers funds to organizations/companies/enterprises that provide skill training. This scheme of the Indian government is one biggest steps toward a bright future.
A large number of companies are getting funds through NSDC and training numerous youth candidates. It also supports small companies in their development and growth.
Furthermore, the NSDC establishes job opportunities for youth at the least cost that also reduces unemployment too. The interested candidates can also take professional and high-level training from NSDC and avail substantial support.
Aside from that, this public limited company works on the basis of training partnership and assist small organizations. Moreover, the companies that provide skill training get funding through NSDC.
History of the National Skill Development Corporation
The NSDC is an Indian government initiative under section 25 of the Companies Act. This public limited company was started on July 31st, 2008. This company was managed by the Minister of finance as a Public Private Partnership (PPP).
Additionally, the Ministry of Skill Development & Entrepreneurship (MSDE) holds 49% of the capital share while the private sectors hold 51%.
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Objectives/Mission of National Skill Development Corporation
The National skill development corporation NSDC has the basic objective of providing skill development training and funding to build vocational training centers. Its main purpose is to train the trainer institutes and support them with funds.
- Formulate 24,000 batches
- Establish 1,000 training academies
- Training 6 lakh youth
- Placement of 2000 overseas
- Register 7.2 lakhs youth
- Quality assurance
- Funding to enterprises
- Provide skill training
- Establishing models to support private sectors and startups
- Building a vast system for skill training
- Aims to train 150 million people till 2022
- Increasing the training capacity in the country
Key Features of NSDC Scheme
The key features of NSDC free courses are as follows:
- Funding and incentivizing: Providing loans and financial support.
- Providing support services: Enabling curriculum services to the institute.
- Shaping/creating: Shaping and creating skill development skills on a large scale.
- Short-term training: Provides training to schools, colleges, dropouts, and the unemployed.
- Kaushal and Rozgar Mela: Promotes active participation from the community.
- Recognition of prior learning: The experienced candidates get the NSDC certificate and avail themselves of access to Bridge courses.
- Special projects: The projects that lose track of the framework have another place in the scheme.
- Monitoring Guidelines: The scheme assures complete monitoring of the training institutes for quality courses.
- Placement Guidelines: Making sure the skilled person gets the right placement according to the market demand of skills.
The Funding Pattern of NSDC
The NSDC provides funds for training infrastructure and working capital for skills development. The funds are provided for both not-for-profit and for-profit entities. However, the funding pattern for the two entities is different.
The NSDC applies 6% interest per annum. Furthermore, for not-for-profit entities, the applicant has to contribute 15% of the total cost. While on the other hand, for-profit entities require a minimum 25% contribution of the total cost.
What is the Repayment and Interest Tenure of the NSDC Scheme?
The funds provided under the National Skill Development Corporation (NSDC) are based on a certain interest rate. The interest rate on the funds granted to the applicants is 6% per annum. Furthermore, the repayment system of the NSDC is very flexible and the beneficiaries can repay the loan in an easy time margin.
The repayment period of the NSDC fund is 7 years which also includes the moratorium period of 3 years. In addition to this, the applicant has to contribute 15% of the total contribution for not-for-profit entities.
While the for-profit entities have to contribute 25% of the total contribution in the investment.
List of NSDC Courses
Here is the list of courses offered by the national skill development corporation:
- Aerospace and Aviation Sector Skill Council
- Agriculture Skill Council of India
- Apparel Made-Ups & Home Furnishing Sector Skill Council
- Automotive Skills Development Council
- Beauty & Wellness Sector Skill Council
- BFSI Sector Skill Council Of India
- Furniture & Fittings Skill Council
- Gem & Jewellery Skill Council of India
- Handicrafts and Carpet Sector Skill Council
- Healthcare Sector Skill CouncilCapital Goods Skill Council
- Construction Skill Development Council of India
- Domestic Workers Sector Skill Council
- Electronics Sector Skills Council of India
- Food Industry Capacity & Skill Initiative
- Hydrocarbon Sector Skill Council
- Indian Iron and Steel Sector Skill Council
- Indian Plumbing Skills council
- Infrastructure Equipment Skill Council
- IT-ITeS Sector Skill Council
- Leather Sector Skill Council
- Life Sciences Sector Skill Development Council
- Logistics Sector Skill Council
- Management & Entrepreneurship
- Professional Skills Council (MEPSC)
- Media & Entertainment Skill Council
- Paints and Coatings Skill Council
- Skill Council For Persons with Disability
- Strategic Manufacturing Sector Skill Council
- Sports, Physical Education
- Fitness & Leisure Skills Council
- Strategic Manufacturing Sector Skill Council
- Telecom Sector Skill Council
- Textile Sector Skill Council
- Power Sector Skill Council
- Retailers Association’s Skill Council of India
- Rubber Skill Development Council
- Skill Council for Green Jobs
- Skill Council For Mining Sector
- Tourism and Hospitality Skill Council
List of Schemes Under NSDC
There are various course programs through which NSDC provides various skill development courses for the public. The NSDC certificates are provided to the individual at the end of the courses.
Here are the following schemes under NSDC:
- NSDC Fee-based courses
- Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
- Technical Intern Training Program (TITP)
- IndiaSkills and WorldSkills Competition
- Online Skilling
- NAPS – Apprenticeship Training
- Pradhan Mantri Kaushal Kendra (PMKK)
Beneficiaries of NSDC
The beneficiaries of the NSDC can avail professional skill development courses through various institutes under NSDC. The NSDC provides free courses to eligible candidates.
Apart from that, the scheme also offers funds for the growth of training academies/institutes/organizations. Furthermore, the scheme provides NSDC certificates to the candidates who complete their courses.
The aim of the scheme is to develop the skills of the youth so they can also have a bright future ahead.
Eligibility Criteria of NSDC
The eligibility criteria for the not-for-profit and for-profit are slightly different. Let’s take a look at the two different categories that lie under NSDC:
For Corporates (for profit):
- An entity working for more than 5 years and has grown
- An entity with sustainable growth and more than 5 years of working with an A- credit rating, on routing
- project (TOR), due diligence is eligible
For Corporates (not for profit):
- Any entity with more than 5 years of sustainable growth
- Any not-for-profit entity that takes funds from the World Bank, ADP, UNDP, etc, the foundation of a large company is eligible
Documents Required for the NSDC Scheme
To successfully apply for the NSDC scheme the interested candidate does not have to provide a long list of documents, just a few things and you are almost there. Here are the documents for the NSDC scheme:
- Agreement slip (copy)
- The financial cost of the project
- Term sheet
- Contact details of applicant such as phone no, email, etc.
How to apply for NSDC (National Skill Development Corporation)?
The process to apply for the NSDC is quite simple and easy. Here are a few steps that you have to follow to register in the national skill development corporation:
- Visit the official website of NSDC.
- From the top menu, click on how to apply.
- The website will show you two options “students” and “professionals”
- Make the choice as per your requirement.
- After selecting the student option, you will see various roles that the scheme provides. Choose a role such as permanent roles, contractual roles, etc.
- After entering your expertise and experience level, the team will align you accordingly.
- Then, attach the necessary documents and hit the “Click now” button.
- After reviewing your application the website will ask you for a virtual interview and then a 20-30 minutes video interview.
- Next up, if you are short-listed then the NSDC officials will call you for a face-to-face interview.
The Selection Process for NSDC
The potential and interested candidates can apply for the NSDC through its website. After submitting the application form the officials review it and ask the candidate for a virtual interview. After that, a video interview is conducted after being short-listed. If the NSDC finds the candidate eligible for the scheme then they ask the applicant to visit the office for a face-to-face interview of 20-30 minutes.
Benefits of the NSDC Scheme
The National skill development scheme offers plenty of benefits to youth and emerging talents. It also provides funds to provide financial support to institutes that are under NSDC. Here are some of the benefits of the scheme:
- Establishing highly professional business opportunities
- High-quality training
- Professional trainers
- Funding support
- Partnership based support
- Enhancement and growth of private sectors
- Opportunity of the apprenticeship
- Development of skills
- Minimum annual pay for the certified candidates under NSDC
- The certified candidate will avail of Kaushal bema insurance (2 lakhs) for 3 years
- Improved living standard
- Talented workers will boost the economy
- Foreign investor attraction
- Better income for skilled employees
- Salaried applicants can avail of 1 crore loan
- Self-employed applicants can avail 3.5 crore loan
Summary
The National skill development corporation NSDC is an Indian government initiative to support the youth by providing them with excellent courses for skill development. These courses are provided through various institutes that are under NSDC. The authorities not only provide courses but also provide financial support through funds to developing firms. Moreover, it also provides partnership-based funds to organizations to help them grow and become stronger.
NSDC FAQS
Q) Who and when was NSDC launched?
The NSDC was launched by the government of India on July 31st, 2008 to provide various skill development courses to the public.
Q) What are the benefits of NSDC?
Here are some of the benefits of NSDC:
- High-quality training
- Professional trainers
- Funding support
- Partnership based support
- Enhancement and growth of private sectors
- Opportunity to be a part of the apprenticeship
- Development of skills
Q) How can I find an NSDC center near me?
You can visit the official website of NSDC and locate the nearest center by location. Simple enter your location and the website will display it.
Q) Who partnered with National Skill Development Corporation?
IBM India has collaborated or partnered with a national skill development corporation. The organization aims to provide a digital skill development platform.
Q) What is the use of an NSDC certificate?
The NSDC certificate is so important. With the help of this form, a candidate can have better job and income opportunities. Since the NSDC certificate is a sign that you are a skilled candidate therefore it will establish a professional system.
Q) Is the NSDC certificate valid?
The NSDC certificate has great significance when you are applying for a great opportunity. It is a valid certification all over India.
Q) Are NSDC courses free?
The NSDC courses are free of cost. There are no fee charges for the short courses provided by the national skill development corporation.
Q) Is NSDC a Government company?
Yes, NSDC is a government company that was introduced to develop necessary skills among youth.
Q) Who can apply for NSDC?
The entrepreneurs, training institutes, partnerships, and non-funded partnerships can apply for the NSDC.
Q) How can I join the NSDC course?
You can visit the nearest training center under NSDC to register yourself for the course or visit the official website of NSDC.
Q) Is NSDC a certificate?
NSDC is a not-for-profit organization developed by the Indian government. It aims to provide skill development courses for the youth to help them grow.
Q) Which courses are available in skill India?
NSDC offers numerous skill development courses. Some of them are as follows:
- BFSI Sector Skill Council Of India
- Furniture & Fittings Skill Council
- Gem & Jewellery Skill Council of India
- Handicrafts and Carpet Sector Skill Council
- Healthcare Sector Skill CouncilCapital Goods Skill Council
- Construction Skill Development Council of India
- Domestic Workers Sector Skill Council
Q) How can NSDC support my organization?
The NSDC provides loans for establishing growing organizations. The loan amount depends on the type of proposal you submit. Moreover, the interest rate is also set according to it.
Q) What is the interest rate of NSDC for loans offered to applicants?
The interest rate on the loans provided by the NSDC is 6% per annum.
Q) How can I get a license from NSDC?
Getting a license from NSDC is very simple and easy. You just have to visit the NSDC office for a meeting to become partners with the company.
