Why in News?

•  Union Government (Ministry of Finance) and Asian Development Bank (ADB) have signed an $85 million loan agreement for Odisha Skill Development Project.
•  It aims to improve the skill development eco-system in Odisha and establish World Skill Center (WSC), an advanced skill training center in the state’s capital- Bhubaneswar.

Highlights:

•   It will improve the quality of State’s TVET (Technical and Vocational Education and Training) programs by making them relevant to industry and demand driven.
•  It will impart advanced occupation-ready skills training aligned with international standards.
•  It will also complement efforts to target the employment needs of the emerging sectors in India and globally.
•   It will engage Institute of Technical Education Services (ITEES), Singapore to support Odisha Skill Development Authority in setting-up and operationalizing WSC.
•  This centre will offer internationally bench marked advanced training programs for the working age population of Odisha.
• It will deliver eight training courses for 13,000 full-time students, provide training for 5,000 teachers and train 1,000 assessors.
•  The project will help over 150,000 people learn skills in priority sectors, including manufacturing, construction and services for formal employment.
•    It will improve overall eco-system of skill development in Odisha by providing integrated services through entrepreneurship incubation center, career counselling and placement center, curriculum design and development center and education technology deployment center.
•  These important functions of WSC will support network of Government ITIs and develop skills and capacity of polytechnics, college of engineering, and other private skilling centers.
• ADB will also administer $2 million technical assistance grant from Japan Fund for Poverty Reduction, financed by Japanese Government that will support capacity development activities under the project.