The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for restructuring of National Skill Development Fund (NSDF) and National Skill Development Corporation (NSDC) to strengthen governance, implementation and monitoring framework.
NSDC and NSDF were set up by the Ministry of Finance and registered in July, 2008 and January, 2009 respectively for implementing coordinated action for skill development.
NSDF trust was incorporated to act as a receptacle for financial contributions from governmental sources, bilateral/multilateral and other agencies. Its main objective is to enhance, stimulate and develop the skills of Indian youth force by various sector specific programms.
NSDF entered into an Investment Management Agreement (IMA) with NSDC for utilization of its corpus to meet the desired objectives of National Skill Development Mission and encourage skill development in the country.
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