CNN Central News & Network-ITDC India Epress/ITDC News Bhopal: Under the able leadership and visionary guidance of Chief Minister Mohan Yadav, the Backward Classes and Minority Welfare Department of the Madhya Pradesh government has created a new and unprecedented milestone in youth welfare and innovation. At a ceremony held at the National Stock Exchange premises in Bandra-Kurla Complex, Mumbai, the official listing on the NSE-Social Stock Exchange platform, the bell-ringing ceremony and the signing of a tripartite memorandum of understanding were carried out under India’s first ‘Social Impact Bond Framework Project’. Minister of State for Backward Classes and Minority Welfare (Independent Charge) Krishna Gaur said this was a matter of great pride for the state and the department. She said that, in line with Prime Minister Narendra Modi’s intent for transparent and effective financial management of social welfare schemes, Madhya Pradesh has become the first and leading state in the country to successfully implement the Social Stock Exchange. The Backward Classes and Minority Welfare Department of the Madhya Pradesh government has become the first department in the country to take steps toward student welfare through this innovative ‘Social Impact Bond’ financial model.
Minister of State Gaur said young people will become self-reliant through international employment in Japan and Germany. She said this ambitious project has taken shape through the joint and coordinated efforts of the Madhya Pradesh government, the National Skill Development Corporation, NABARD and the National Stock Exchange. Through the scheme, 600 talented Other Backward Class youths living in remote areas of the state – 300 for Japan and 300 for Germany – will be provided quality residential skill training, in-depth knowledge of the language of the concerned country and specific vocational training, opening golden opportunities for international employment in developed countries. The oversubscription of this project’s issue by investors is direct evidence of its credibility and public trust. Dignified employment for young people on a global platform will strengthen their sense of self-respect, confidence and self-reliance. In line with Chief Minister Yadav’s vision of a results-based and transparent financial system, the entire project’s financial management is being carried out through a Zero Coupon Zero Principal instrument registered on the Social Stock Exchange. The scheme is entirely outcome-based, under which 50 percent of the total training fee will be borne by the Madhya Pradesh government as the outcome funder, 35 percent will be managed through the Social Impact Bond, and the remaining 15 percent will be borne by the concerned OBC beneficiary youth.
To ensure a risk-free and outcome-oriented work culture, transparency and robustness in the scheme, a social impact assessment will be conducted by an authorised independent third party. Only after a positive assessment report is received and the concerned youth successfully obtains employment abroad will the state government pay 50 percent of the amount to NSDC; otherwise, no financial burden will be payable by the state government and the entire financial risk will rest with NSDC. Through this visionary approach and innovative effort, youths from the backward classes of the state will gain recognition on the global stage, and Madhya Pradesh will present an exemplary model for the entire country in the field of skill development and youth welfare.
Hashtags: #MadhyaPradesh #Bhopal #SocialImpactBond #SocialStockExchange #YouthWelfare #OBCYouth #State #NSDC #NABARD #NSE
