National Skill Development Corporation (NSDC), the nodal agency under the Ministry of Skill Development and Entrepreneurship, Government of India, has partnered with Avanse Financial Services Ltd., India’s new age, technologically advanced and education-focused Non-banking Financial Company (NBFC), to provide easy, fast, and affordable financing solutions to the youth of the country interested in fulfilling their skilling requirements. This collaboration is a progressive step towards catering to the growing need for a skilled workforce in the country across various sectors by assisting the aspirants in acquiring the required skills with the help of customized financing solutions.
Skill-based education or vocational training is essential as employers expect potential employees to have practical skills and the required expertise along with academic degrees. Technical and Vocational Education & Training (TVET) enables people to acquire the necessary skills, making them job-ready and positively impacting the economy in the long run. This unique partnership will assist Avanse Financial Services to create an empowered workforce in India with the help of the institutions affiliated with NSDC through a result-oriented framework that corresponds with the needs of the industry.
On the commencement of this collaboration, Amit Gainda, MD & CEO, Avanse Financial Services said, “Skill development is extremely crucial as it can contribute to structural transformation and economic growth by enhancing employability and labor productivity. India is one of the youngest countries in the world, with more than 62% of the population in the working-age group and more than 54% of the total population below 25 years of age. This creates a large pool of human resources with high-untapped potential for development.”
He also said, “We are delighted to partner with NSDC as it will give us an impeccable opportunity to strengthen our purpose of democratizing education and education financing in India. This will enable us to contribute towards developing a ‘skilled India’, a nation with a future-ready young population geared up to reach the zenith of success. We believe that this partnership will enable us to amplify our reach and, thus, fulfill our mission of making education financing seamless, affordable, and accessible for every deserving Indian student.”
Ved Mani Tiwari, Chief Operating Officer, and Officiating CEO, NSDC said, “Access to finance is critical for the democratization of education and skills. Partnerships with NBFCs like Avanse help NSDC move one step closer towards its core purpose ‘Skills4All, Anytime, Anywhere as it helps achieve financial inclusion of those sections of our society who otherwise cannot imagine acquiring skills for new-age employment/ entrepreneurship opportunities in India or overseas.”
Avanse Financial Services has fulfilled the educational dreams of about 2.5 lakh academic aspirants across 3,000+ institutes and 22,000+ courses in nearly 50 countries. The firm has also provided growth and working capital to close to 1,000 educational institutes catering to approximately 5-6 lakh students.