India's Minister for Skill Development and Entrepreneurship releases midpoint results for the Skill Impact Bond
Shri Jayant Chaudhary, the Honourable Minister of State (Independent Charge), Ministry of Skill Development and Entrepreneurship, India released the Skill Impact Bond’s midpoint results at #BharatSkillNXT, an event commemorating 10 years of the Ministry and the Skill India Mission.
The Skill Impact Bond is India’s first, and the world’s largest, impact bond for employment outcomes. It has mobilised $14.4 million to transform how skilling is financed, with a clear focus on employment outcomes such as job placement and retention.
It is led by the Ministry of Skill Development and Entrepreneurship through the National Skill Development Corporation, in partnership with a coalition that includes the British Asian Trust, Michael & Susan Dell Foundation, the Children’s Investment Fund Foundation, JSW Foundation, HSBC India, and Dubai Cares.
All partners have been convened by the British Asian Trust, who also acts as the transaction manager. As a part of this role, the British Asian Trust ensures smooth execution and running of the initiative – from inception to launch to implementation. We do this by through seamlessly managing coordination between different stakeholders, functions, and partners; overseeing evaluation; managing governance; spearheading communications; and managing and mitigating risks given the high-stakes environment that an impact bond operates in.
Now midway through its lifecycle, the independent evaluation report of the Skill Impact Bond’s midpoint results demonstrates the success of outcomes-based financing in delivering skilling and employment at scale. It is well on its way of achieving its ambitious goal of supporting 50,000 youth across India and so far at the halfway mark, the first-of-its-kind initiative has:
- Trained over 23,000 youth, more than 70% of them women
- Placed 75% of candidates, who have joined jobs
- Retained 60% of candidates in jobs for at least 3 months post joining – well above sector averages, especially for women
After launching the results report at the event, the Hon’ble Minister also felicitated Diksha Pandey and Birijiniya Tete, two young women trained through the Skill Impact Bond, for their dedication, perseverance, and achievement in completing more than one year of gainful employment.
The Skill Impact Bond’s results are not just employment figures – they signal increased incomes, improved household resilience, and fulfilled dreams.
