$50 million loan to fund education of minorities

The Union government and the World Bank signed a $50-million credit agreement for a project aimed at helping young people from minority communities complete their education and improve their employment opportunities.

“The Nai Manzil Scheme is designed as an integrated education and training programme that provides youth from minority communities skills needed for different tasks in a rapidly changing world. Interventions under this project will support the Nai Manzil Scheme in improving the employability and performance of minority youth in the labour market,” Raj Kumar, Joint Secretary, Department of Economic Affairs, Ministry of Finance, said.

The agreement was signed by Mr. Kumar and Michael Haney, the World Bank’s Operations Adviser in India.

“India’s demographic dividend can be harnessed only if all young people from all sections of society are equipped with the education and skills needed to make them productive members of the economy,” Mr. Haney said.

Around 20 per cent of those between 17 and 35 years of age from minority groups such as Muslims, Parsees, Jains, Buddhists, Christians, and Sikhs are out of the labour force, according to the World Bank.

Keywords: World Bank, Nai Manzil Scheme

Source: The Hindu, 1-1-2016