News: Women are leading the way in India’s first outcome-based Skill Impact Bond (SIB) initiative.
About Skill Impact Bond (SIB)
- The Skill Impact Bond (SIB) is India’s first outcome-based skilling initiative.
- Launched: 2021 by the Ministry of Skill Development and Entrepreneurship through the National Skill Development Corporation (NSDC).
- The initiative is a collaborative effort between the public, private, and philanthropic sectors and supported by a consortium that includes the British Asian Trust, Children’s Investment Fund Foundation (CIFF), JSW Foundation, HSBC India, and Dubai Cares.
- Aim: To train 50,000 youth across India, with a target of at least 30,150 individuals being retained in jobs for a minimum duration of three months.
- The initiative places a strong emphasis on inclusion, particularly in creating economic opportunities for women and marginalized communities.
- Feature: One of the most notable features of the SIB is its outcome-based financing model, where instead of funding being tied to enrolment or certification, it is linked to job placement and retention outcomes.
- Training providers are incentivized to ensure long-term success by offering onboarding support, counselling, and continued engagement with alumni.
- This model shifts the focus from inputs and outputs to actual, measurable impact.
- Significance: The Skill Impact Bond is transforming lives by instilling confidence, fostering identity, and giving young people, especially women.
- Status: As of now, over 23,700 youth have been trained through the SIB, with women accounting for approximately 72% of the beneficiaries.
- Training has been provided in 30 job roles across 13 sectors, involving more than 700 employers.
- 75% of trained individuals have secured employment, and 60% have remained in their jobs beyond three months, surpassing national retention averages.
