Context:
Recently, the Ministry of Education and Skill Development & Entrepreneurship launched Project ODISERV to prepare the young graduates of Odisha for employment opportunities in the financial services sector.
Key Highlights
- The Project Odiserv is the first skill development initiative by the National Skill Development Corporation (NSDC) and Bajaj Finserv Ltd.
- The project will impart knowledge and skills to graduates, especially first-generation graduates, through Bajaj Finserv’s Certificate Programme for Banking Finance & Insurance (CPBFI) programme.
- It is 100-hour training program that will equip Odisha’s youth with crucial skills required in the banking, finance and insurance industries.
- It is developed in collaboration with industry experts, training partners, educational institutions, and psychological health institutes.
- The programme incorporates the latest industry trends, technological advancements, and best practices.
- The programme’s partnership with NSDC will be elevated on Skill India Digital Hub (SIDH)— a comprehensive information gateway for all government-led skilling and entrepreneurship initiatives.
NSDC) is a not-for-profit public limited company incorporated in July 2008 under section 25 of the Companies Act, 1956.
It acts as a catalyst in skill development by providing funding to enterprises, companies and organizations that provide skill training.
It is a unique Public Private Partnership (PPP) enterprise in which Government of India holds 49% of the share capital of NSDC, while the private sector holds the balance 51%.
Significance
- It is a perfect example of industry-academia collaboration.
- The training program will boost competencies, increase the employability and prepare a future-ready workforce and helps to emerge as a hub for entrepreneurship and start-ups.
- Skilling and employment of youth will power the demographic dividend and is key to achieving India’s goal of becoming the world’s third largest economy.
India’s Demographic Phase
- According to the Economic Survey 2018-19, India’s Demographic Dividend is expected to persist at least until 2055–56 and will peak around 2041 when the share of the working-age population (20–59 years) is expected to hit 59%.
Major Government Schemes for Industry-Academia Collaboration :
- Scheme for Promotion of Academic and Research Collaboration (SPARC): It is an initiative of the Ministry of Educationwhich aims at improving the research ecosystem of India’s higher educational institutions by facilitating academic and research collaborations between Indian Institutions and the best institutions in the world.
- IMPRINT (IMPacting Research INnovation and Technology): It is a joint initiative of IITs and IISc to develop a roadmap for research to solve major engineering and technology challenges in ten technology domains relevant to India.
- India Innovation Growth Programme (IIGP) 2.0: It is aimed at enhancing the Indian innovation ecosystem by enabling innovators and entrepreneurs through the stages of ideation, innovation and acceleration, to develop technology-based solutions for tomorrow.