Overview

The document pertains to the National Skills Development Corporation (NSDC) (Amendment) Act, 2015, which amended the original NSDC Act to enhance the framework for skill development in India. The Act establishes the NSDC as a not-for-profit company under the Companies Act, 2013, with the primary objective of promoting skill development by catalyzing the creation of large, quality, and for-profit vocational institutions. The amendment expands the scope of the NSDC's functions, including the development of sector skill councils, accreditation and certification bodies, and the promotion of public-private partnerships. It also provides for the creation of a National Skills Qualifications Framework (NSQF) to align skill training with educational qualifications. The Act mandates the NSDC to mobilize private sector participation, provide funding through equity, grants, and loans, and ensure quality assurance through a robust monitoring and evaluation system. Key amendments include the addition of new definitions, such as 'Sector Skill Council' and 'National Skill Development Agency,' and the empowerment of the NSDC to issue guidelines for skill development programs. The Act also outlines the composition of the board, including members from industry, government, and training providers, and specifies the responsibilities of the board in overseeing the corporation's activities. The document includes the full text of the Act, with sections detailing the establishment, capital, management, functions, and financial provisions of the NSDC. It also contains the 'Statement of Objects and Reasons' highlighting the need for the amendment to address the growing demand for skilled workforce in India and to streamline the skill development ecosystem. The Act was passed by the Parliament and received the President's assent in 2015.

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