NEW DELHI, Apr 20: The Union Cabinet chaired by Prime Minister Narendra Modi today gave its ex-post facto approval for signing the Memorandum of Understanding (MoU) between the Ministry of Skill Development Entrepreneurship (MSDE), National Skill Development Corporation (NSDC) and Wadhwani Operating Foundation (WOF) for cooperation in the fields of Skill Development and Entrepreneurship.
This MoU will assist in facilitating and supporting Skill Development initiatives in the country through Multi-skill Institutes and Skill Universities along with promotion and creation of an eco-system for skill development, an official statement said.
Additionally, the MoU is expected to contribute significantly to Entrepreneurship Education and Training through an open source; thereby, assisting in enterprise and job creation. Under the MoU, Wadhwani operating Foundation commits a minimum of USD 30 million and maximum of 40 million contribution in value of services to be provided in support of mutually agreed Skill and Entrepreneurship Development initiatives but subject to a maximum of 10 per cent of the total new spending of the Government in each of these identified and mutually agreed schemes and initiatives over a period of three years,it added.
The Parties and representatives of other stakeholders will set up a National Project Implementation Committee (NPIC) which shall review the setting up and working of SPMU on a periodic basis. (UNI)
Follow our WhatsApp channel