In a bid to boost the vocational training, the Government is contemplating extending credit linkages for creation of a pool of skilled workforce. The Government intends to train 500 million Indians by 2022 mainly by fostering private sector initiative in skill development programmes and providing viable gap funding.
S Ramadorai, advisor to the Prime Minister Skill Development Council is of the opinion that enabling credit funding for vocational training would encourage people to skill them. Accordingly the 40 per cent per annum jump in education loan business "strengthens" the case for credit funding of skill training.
At present skill development efforts have certainly gone up with 17 ministries in Central Government, NGOs, vocational training providers, state governments and industry captives being involved.