India and ADB sign USD 80 million loan agreement to boost employment in Himachal Pradesh
The project will provide support in developing relevant and good quality TVET programs, thus improving employment prospects of nearly 65000 youths by 2022.
The Asian Development Bank (ADB) and Indian Government on March 28, 2018 signed USD 80 million loan agreement to help modernise Technical and Vocational Education and Training (TVET) institutions and improve the skills ecosystem in Himachal Pradesh.
The loan agreement was signed by Sameer Kumar Khare, Joint Secretary (Multilateral Institutions) in the Department of Economic Affairs and by Kenichi Yokoyama, Country Director of ADB’s India Resident Mission.
While, the project agreement was signed by Basu Sood, Adviser (Planning) in the Planning Department of Himachal Pradesh.
Highlights of the Project
• The project will support the skill initiatives of Himachal Pradesh government and will help the State in stepping up the reform and scale-up its skill development efforts.
• It will fund short-term and long-term training programs in growth areas including automobiles, electronics, pharmaceutical, tourism, financial services and health care to help enhance the skills set of the youth and increase their employability.
• The project will help in equipping the youth with market-relevant technical and vocational skills.
• It will establish a polytechnic for women, six city Livelihood Centres, and seven Rural Livelihood Centres, and upgrade 11 employment exchanges into model career Centres.
• It will be aimed at improving the TVET awareness among youth, modernizing training equipment, implementing a training information system, forging partnerships with private sector, and creating better access to quality market-relevant TVET for youth in Himachal Pradesh.
Besides achieving impressive enrolment rates for higher education, Himachal Pradesh faces the challenge of preparing its youth for the challenging labour market. The State needs more than 500000 skilled workers by 2022 across various trades.
The Project will help in solving this crunch by providing support in developing relevant and good quality TVET programs, thus improving employment prospects of nearly 65000 youths by 2022.