The National Skill Development Corporation and Improving the Economy
What you need to know about the National Skill Development Corporation
The NSDC is an organization that helps to foster initiatives that can bring about more skill development for people in India. That’s an important component in all nations but even more so in developing countries. Developing nations need to upskill its citizens to become more viable in a dynamic world. The more skilled people that is present in the country, the more opportunities that the nation would have to advance in the world.
It states that it “facilitates initiatives that can potentially have a multiplier effect as opposed to being an actual operator in this space. In doing so, it strives to involve the industry in all aspects of skill development.” The NSDC acts as a third party that works with different people to propel compelling initiatives in the overall skill development segment.
What Does the NSDC Do?
The organization works to fill institutional voids by working with partners and stakeholders to further current efforts that are in place to improve the skills of people within India. It takes this approach because it may allow it to have more impact building on top of something instead of reinventing the wheel.
The objective is to impart skills and up skill more than 150 million people in India.
What does that look like?
Form ultra low-cost, high quality, innovative business models and work with partners to bring in the right working capital. Instead of just providing grants, it wants to have a architecture that provides for long-term sustainability. This means that it may provide loans or have equity stakes in these initiatives.
Essentially, the institution takes on three core activities. These activities include funding, providing accreditation, and work with private players in the skills development sector. Funding is critical in furthering skill development programs. Proper funding can help to incentivize private parties to be a part of the system and help to further skill development. Private parties like enterprises and corporations help to show what is in demand and connect skilled workers to opportunities.
The next component of support services from the agenda, the overall education overview, training, quality testing, in addition to the right platforms are all very important parts of the system. Support services allow for a comprehensive skills development program.
Why is NSDC Important?
The NSDC is just one organization that is part of a larger trend of human capital development. There’s vast new problems to solve but there’s only so many people with the right knowledge to help create the right solutions. This is a problem in and of itself as well as an opportunity. We’re seeing the rise of programs that cater to software development, testing, and other components of the software industry.
Lambda School, SpringBoard, and Udacity are just a few of the programs that are helping to skill and upskill people in this current day and age. Still, much problems are still present and we still have a wide variety of people that must gain more skills to be relevant in the future.
There’s a massive gap between today and the future. The future presumably includes autonomous vehicles, becoming space faring creatures, and higher quality of life. These technologies that will help propel growth include artificial intelligence, nanotechnology, and other critical growing technologies.
Remember that we went from the industrial revolution to a revolution in transportation before moving into the information revolution. According to Carlota Perez, we’re only halfway through the information revolution, that means we’re able to unlock substantial possibilities. Professor Perez proves that this is the case because each period has three phases. The installation phase, turning point, and deployment. She states that there’s irruption, bubble prosperity, recession, “golden age prosperity”, and maturity.
We can argue that we’re in the golden age prosperity phase of the information age.
Why? The Dot Com boom happened in 2000, it is twenty years later but much creativity and growth is still being unleashed in this era.
The golden age won’t be concentrated in one area, the current information technology era distributes value across the globe. That’s where the opportunity is and that’s why entities such as NSDC will prove to be vital.