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World Bank has cleared a loan to aid which Indian mission?
  • a)
     Start up India
  • b)
     Stand up India
  • c)
     Skill India
  • d)
     None of the above
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
World Bank has cleared a loan to aid which Indian mission?a)Start up I...
Explanation: 
The World Bank has cleared a USD 250-million loan to aid the Skill India mission. 
The loan amount would be used for making Indian youth more employable through reskilling. 
The USD 250 million Skill India Mission Operation (SIMO) is set to increase the market relevance of short-term skill development programmes (3-12 months or up to 600 hours) both at the national and state levels. 
It will help the government of India to better equip the young workforce with employable skills. 
SIMO will be a six- year programme in support of National Policy for Skill Development and Entrepreneurship (2017-23). 
Under the programme, persons in the age group of 15-59 will acquire skill training irrespective of their employment status. 
This will benefit 1.2 crore youngsters in the age bracket of 15 and 29 years who are entering the labour market every year. 
The programme is expected to benefit approximately 15,000 trainers and 3,000 assessors.
The programme has also a mandate to offer placement and entrepreneurship opportunities to women and increase their exposure to skill training. 

Need for Programme: Know More
  • As per the official estimates, India is in need of additional 109 million skilled workers to work in 24 key sectors by 2022.
  • SIMO will support the government’s vision of increasing women’s participation in the labour force and increase greater off-farm employment.
  • Higher skilled labour force will have an improved employment opportunity to raise their earnings.
  • World Bank: Know More
  • World Bank World Bank is one of five institutions created at the Breton Woods Conference in 1944. World Bank is part of the United Nations system, but its governance structure is different.
  • World Bank’s headquarter is situated at Washington DC. World Bank provides loans to developing countries for capital programmes.
  • World Bank comprises only two institutions viz. the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).
  • In contrast, World Bank Group comprises three more viz. International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID).
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Most Upvoted Answer
World Bank has cleared a loan to aid which Indian mission?a)Start up I...
The correct answer is option 'C' - Skill India.

Explanation:
The World Bank has cleared a loan to aid the Skill India mission in India. Let's understand what the Skill India mission is and why the World Bank is providing a loan to support it.

1. Skill India Mission:
Skill India is an initiative launched by the Government of India in 2015. Its aim is to empower the Indian youth by providing them with the necessary skills to enhance their employability and entrepreneurship opportunities. The mission focuses on providing vocational training, improving the quality of training programs, and creating a skilled workforce to meet the demands of various industries.

2. World Bank Loan:
The World Bank has approved a loan to support the Skill India mission. The loan is part of the World Bank's Skill India Support Program (SISP). The SISP aims to strengthen the implementation of the Skill India mission by providing technical assistance, capacity building, and financing.

3. Objectives of the Loan:
The loan from the World Bank will help in achieving the following objectives:

- Strengthening the institutional framework for skill development in India.
- Enhancing the quality and relevance of vocational training programs.
- Expanding access to training opportunities for the youth, especially in rural areas and disadvantaged communities.
- Creating an effective monitoring and evaluation system to track the progress and impact of skill development initiatives.
- Promoting industry engagement and participation in skill development efforts.

4. Benefits of the Loan:
The loan from the World Bank will have several benefits for the Skill India mission:

- Financial Support: The loan will provide the necessary financial resources to scale up and strengthen the skill development initiatives in India.
- Technical Assistance: The World Bank will provide technical expertise and assistance to enhance the implementation of the Skill India mission.
- Capacity Building: The loan will support capacity building efforts to improve the skills of trainers and assessors involved in vocational training programs.
- Monitoring and Evaluation: The loan will help in establishing a robust monitoring and evaluation system to measure the effectiveness and impact of skill development initiatives.

In conclusion, the World Bank has cleared a loan to aid the Skill India mission in India. This loan will provide financial support, technical assistance, and capacity building to strengthen the skill development initiatives in the country.
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Similar UPSC Doubts

With reference to the economic policies of the British in India and its impact, consider the following statements: India's export surplus became vital for Britains' balance of payments by the end of the nineteenth century. The organised money market was completely under the British control. Which of the statements given above is/are correct?Expalantion: The British continued to exploit India's economy. The burden of East India Company's London establishment and dividends to its shareholders was replaced after 1858, by the expenditure on the Secretary of State's India Office. The Indian debt in England which was already considerable as a result of the Company's military ventures and suppression of the mutiny was further increased, when compensation to the Company's shareholders was added to Government of India's account. Both Home charges and private remittances were channelised through Indian exports as pointed out by the nationalist economists from Dadabhai Naoroji onwards. The character of economic drain which was originally mercantilist, underwent a change and it now took the form of exploitation through free trade. In the later stage, it got linked with the structure of British Indian finance capitalism. Statement 1 is correct: In fact, India's export surplus became vital for Britains' balance of payments by the end of the nineteenth century. The British rule inhibited and curbed indigenous industry through a variety of structural constraints. The government policies actively promoted the European enterprise and discriminated against Indians. Statement 2 is not correct: The outstanding feature of the Indian money market was its dichotomy; it consisted of two fairly distinct sectors, the organized and the unorganized. These two were not entirely unconnected, but the links were rather loose. The constituents of the organized sector of the Indian money market were the Imperial Bank of India, the exchange banks, and the Indian joint-stock banks. The unorganized sector comprised the indigenous bankers, moneylenders, chit funds, nidhis, etc., etc. The co-operative credit institutions occupied a somewhat intermediate position.

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World Bank has cleared a loan to aid which Indian mission?a)Start up Indiab)Stand up Indiac)Skill Indiad)None of the aboveCorrect answer is option 'C'. Can you explain this answer?
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