BANGALORE, August 19, 2014 /PRNewswire/ --
India is set to become the largest contributor to a global workforce that is likely to swell by millions over the next decade and a half. Backed by a skilled workforce, significant dividends can be ours for the taking. But is our workforce skilled enough? Skilling our youth is, therefore, one of the most pertinent questions we face as a nation today.
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A crowd funding platform for social causes, Milaap.org inspires urban individuals from around the world to impact causes and communities they are passionate about. One of the key areas that Milaap supports is vocational training for the underprivileged youth. The idea to crowd fund small loans for ambitious students, enabling them to access skill training, has found many inspired takers. In 2013, Milaap's efforts in the area of skill development were recognised by the National Skill Development Corporation (NSDC) of India and Milaap was made an innovation partner of NSDC.
The NSDC is a one of its kind public-private partnership in India formed under the National Skill Development Mission in 2009. It aims to promote skill development by catalysing the creation of large, quality institutions, mainly by encouraging the private sector to skill 150 million youth (a number that is about 30 per cent of the overall target of 500 million people India needs to skill or up-skill by 2022). The NSDC also acts as a "market-maker" by fostering ways to finance the large capital needed to achieve this mission.
However, capital is an important factor that will drive the success of this task; and in the nascent stages of this market, it is especially important to have access to long term capital. While the NSDC is helping Milaap with financial assistance in the form of loans, Milaap also raises such long-term capital through socially conscious individuals who can lend little amounts through its online platform http://www.milaap.org.
This Independence Day, the NSDC along with Milaap Social Ventures is reaching out to such socially conscious global Indians, seeking their support for the cause of skilling India's youth.
What is this initiative?
NSDC will train 33.4 lakh youth in the year 2014-15. In the month long campaign that started this Independence Day, Milaap with the support of NSDC plans to raise 33.4 lakh - a rupee for each person from individuals across the world. People can contribute amounts as low as Rs. 1000 through Milaap's website. These contributions will then be disbursed to deserving students as study loans to attend quality training courses. The trainees will repay the study loan to Milaap over a period of time, and subsequently, the people who have supported this cause will be repaid the entire amount they contributed. So, even that little Rs. 1000 will be repaid after it has changed the life of a youth. Leading brands like OLA Cabs, Paytm and IndiBlogger have joined hands to promote and support the cause.
This initiative offers regular people the opportunity not only to lend, but also to set up fundraisers, run campaigns, and engage their friends and family to raise money toward the cause of vocational training. Corporate bodies have also come forward to support this mission by engaging their customers and employees.
The NSDC has also joined the effort by running a campaign at https://milaap.org/campaigns/nsdcindia and is inviting its own supporters to raise a part of this Rs. 33.4 lakh target. "Each one of us can play a role in creating a skilled India. It is incredible how even a small contribution, in the form of a loan, can make a difference in helping a youth start a career. And that loan can be made in a matter of minutes online," says Dilip Chenoy, MD & CEO of NSDC.
"Everyone who has a stable job will agree that education and opportunity played a major role in helping us realise our aspirations. We want to give the deserving youth of India this opportunity to gainfully skill themselves and fulfil their potential. Indians across the world have been signing up to be a part of this mission. This is a chance for socially conscious Indians to make a great impact with just a little effort and contribution," says Mayukh Choudhury, Co-Founder of Milaap.
It may be a small amount, but it can go a long way in changing someone's life.
About Milaap.org
Milaap is a mission driven company changing the way people fund and impact communities in need. Every day, Milaap connects hundreds of hardworking borrowers looking to start a small business, pay for education, install better facilities in their households and more, with people from around the world willing to lend and rally their friends and family with as little as US$25.
Media Contact: Sourabh Sharma, [email protected], +91-9741300220, CEO, Milaap
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