Updated By: LatestGKGS Desk
ADB approved $150 mn loan for establishing first Global Skills Park in Madhya Pradesh
ADB approved US $150 million loan for establishing the first 'Global Skills Park' in Madhya Pradesh: Details, Aim, Highlights
Asian Development Bank (ADB) has approved the US $150 million loan for establishing the first multi-skills park in the central Indian state of Madhya Pradesh.
This new flagship Global Skills Park (GSP) campus will be established in MP's capital Bhopal from where about 20,000 people are believed to get benefits.
About Global Skills Park (GSP)
The Global Skills Park (GSP) will be equipped with international training facilities to enhance the quality of Madhya Pradesh’s technical and vocational education and training (TVET) system.
The Global Skills Park (GSP) will create the more skilled workforce that meets the labor market needs of the state. ADB’s assistance will help open up opportunities to the men and women of Madhya Pradesh to gain high-level skills that increase their employability and capacity to contribute to growth.
The GSP will also help in modernising 10 industrial training institutes across the state by renovating training infrastructure and upgrading skills courses to align with industry and market needs.
The GSP will also help to arrest skills gap in Madhya Pradesh as it is expected to increase in the next six years, with incremental demand for skilled workers projected to hit 5.6 million in 2024.
ADB will also administer the US $2 million technical assistance grant from the Japan Fund for Poverty Reduction, financed by the Government of Japan.
The GSP will help assist in the preparation of operational guidelines and setting up of GSP Society as well as in the development of reform initiatives for industrial training institutes.
