The Manila-based Asian Development Bank (ADB) approved an $846 million loan to India on Friday to help create a future-ready workforce for manufacturing and technology sectors.
The funds are especially directed towards helping upskill youth enrolled in Industrial Training Institutes (ITIs) and National Skill Training Institutes, thereby impacting the employability options of at least 1.3 million youngsters in emerging areas where green skills are in demand.
The bank’s initiative supports the Pradhan Mantri Skilling and Employability Transformation, a nationwide program that is aimed at modernising 650 ITIs across 12 states under a hub-and-spoke cluster model and upgrading five NSTIs into centers of excellence for advanced trainer development.
“India’s manufacturing sector requires a highly skilled workforce to remain competitive globally and foster inclusive growth,” ADB Country Director for India Mio Oka said.
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“This program builds on lessons from ADB’s past and ongoing support for skill development in India and other countries. It will modernise ITIs into industry-driven centers of excellence, broaden opportunities for women and disadvantaged groups, and strengthen India’s position as a hub for advanced skills,” he added.
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