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SANKALP SCHEME STRIVE SCHEME: OBJECTIVES, FUNDING
The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi, has approved two new World Bank supported schemes of Rs. 6,655 crore – Skills Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) and Skill Strengthening for Industrial Value Enhancement (STRIVE). Let’s understand SANKALP Scheme STRIVE Scheme.
Skills Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) Is Centrally sponsored scheme aims to implement the mandate of the National Skill Development Mission (NSDM). The project will be implemented in mission mode through World Bank supportOBJECTIVES OF SANKALP
The SANKALP program consists of four objectives:
- Strengthened institutional mechanisms at National and State levels to guide planning, delivery and monitoring of market relevant training
- Improved Quality and Market Relevance of SD programs
- Improved access to and completion of skills training for female trainees and other disadvantaged groups
- Expanding skills training through private-public partnerships (PPPs)
The project is funded by three major parts:
- World Bank loan assistance of $ 500Mn (Rs. 3300 crore)
- States’ contribution $100 Million (Rs. 660 crore)
- Industry contribution of $75 Million (Rs. 495 crore)
Skills Strengthening for Industrial Value Enhancement (STRIVE) is a new World Bank funded central sector scheme that has been approved by Expenditure Finance Committee (EFC) in November 2016 for a total cost of Rs. 2200 crore.OBJECTIVES OF STRIVE SCHEME
The objectives of the scheme are:
- Improved performance of ITI.
- Increased Capacities of State Governments to support ITIs and Apprenticeship Training
- Improved Teaching and Learning.
- Improved and Broadened Apprenticeship Training.
The basic difference between SANKALP scheme and STRIVE scheme is that SANKALP envisages to get more trainers while STRIVE will incentivize it is to improve overall performance.
Gross Fixed Capital Formation (GFCF)
Gross Fixed Capital Formation (GFCF) is a net investment concept within national account which measures the net increase in fixed capital. It measures private and public sector investment spent on formation of fixed capital which includes land improvement, construction of roads, railways, dwelling units, commercial buildings, new machinery etc. It must be noted that land purchases and depreciation are not part of GCF.
Significance of GFCF
An increase in gross fixed capital formation signifies increase in investment in fixed assets which further translated into higher rate of economic growth in long run. Generally developing countries devotes higher percentage of GDP to investment for fixed capital.
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