NSDC schemes and tech-led innovations to enhance professional journey of individuals

New-age startups disrupted traditional learning methodologies through tech, enabling new hybrid learning for students, teachers, and real-time assessments in schools, colleges, and universities. Educational institutes, boards and startup incubators are supporting digital learning and entrepreneurship abilities in young professionals who want to make the most of their careers.   Digital learning, skill development & training platforms, and career counselling businesses are gaining traction as major facilitators in the ecosystem for skilling and entrepreneurial coaching. They're scaling their business models by focusing on the needs of their target groups and, identifying new skills and competencies to meet market demands. E-learning technologies are enabling youngsters with opportunities to improve their capabilities, develop entrepreneurship skills and mindset and engage more professionally with their employers. We discuss the three important aspects enabling rural livelihood opportunities below.

Enabling skilling

National Skill Development Corporation (NSDC) is a not-for-profit public limited company that aims to catalyze skill development for the workforce in India through a chain of partners. NSDC has trained more than 20 lac candidates and has over 10,000 training centers   across the country. NSDC has rolled out various schemes to enable skilling in the country.

Rozgar Mela conducting entity and candidates registered and shortlisted till February ’20

Employability

Employment demand has rebounded to pre-covid levels. Sectors like logistics, Ecommerce, FMCG, retail, apparel, healthcare, IT/ITeS, BFSI are augmenting their manpower to serve the reviving demand. Tech platforms are disrupting various sectors to provide training, jobs, and other financial support to increase employability and match the industry’s demand for a skilled workforce. Technology and new niche platforms have segmented their offerings into hiring, managing, skilling, and workforce engagement and cater to several sectors. These platforms have enabled opportunities across sectors to allow the workforce to grab employment opportunities locally in their home towns without them moving to urban cities. Recruiters can source and hire candidates at a much lower cost compared to traditional models. Companies see distinct and significant value in outsourcing staffing and assisted hiring processes. Startups are driving higher productivity at lower cost through the use of AI, ML, chatbots offered by new niche tech platforms. 90 million jobs in the gig economy are expected to empower the lifestyles of individuals in the above sectors.

Livelihood

While enabling livelihoods, various platforms and ecosystem players offer different modes of engagement across the value chain in verticals and sectors. These include services across education, employment, and entrepreneurship as specific offerings or combinations of services for the target individuals, group segment.

Role of the financial sector 

Corporate venture capitals, CSR funds, and incubators provide access to capital through various models of impact investing, social impact bonds, etc. These models establish constructive social and environmental change with high financial returns which encourages innovation and sustainability. Microfinance, agriculture, health care, education, and infrastructure are the key focus areas.

Impact investing prioritizes funding to NGOs/ implementing agencies that can deliver and measure outcomes. Governments and corporates invest in programs that guarantee impact and tangible outcomes for society at large.

Impact investors have a crucial role in making Atmanirbhar Bharat a successful initiative. This will help to create much needed momentum for the social infra programs and their progress. Focus on tech-led innovation and investments will play a crucial role to boost skilling, entrepreneurship, and thus employability and livelihood across several sectors. With surge in demand and expectations of evolving verticals and mature sectors, there are ample opportunities for aspiring individuals both in urban and rural areas.

Authored by

Lokesh Bohra, Senior Vice President, Social and Impact Advisory Practice