- Madhya Pradesh creates history under the able leadership of Chief Minister Dr. Yadav
- Historic step for skill development and global employment of OBC youth
- Bell-ringing ceremony and tripartite MoU held at NSE campus, Mumbai
Under the able leadership and visionary guidance of Chief Minister Dr. Mohan Yadav, the Backward Classes and Minority Welfare Department of the Madhya Pradesh Government has created a new and unprecedented history in the direction of youth welfare and innovation. The official listing, bell-ringing ceremony and tripartite Memorandum of Understanding (MoU) were signed on the NSE-Social Stock Exchange platform under India’s first ‘Social Impact Bond Framework Project’ at a function held at the National Stock Exchange premises in Bandra-Kurla Complex, Mumbai.
Minister of State (Independent Charge) for Backward Classes and Minority Welfare, Mrs. Krishna Gaur, stated that this is a matter of great pride for the state and the department. She added that, in accordance with Prime Minister Shri Narendra Modi’s vision, Madhya Pradesh has become the first and leading state in the country to successfully implement a social stock exchange for transparent and effective financial management of social welfare schemes. The Madhya Pradesh Government’s Backward Classes and Minority Welfare Department has become the first department in the country to take steps toward student welfare through this innovative “Social Impact Bond” financial model.
- International employment in Japan and Germany will make youth self-reliant
Minister of State Shri Gaur stated that this ambitious project has been realized 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 promising youth from the Other Backward Classes (300 in Japan and 300 in Germany) living in remote areas of the state will be provided with quality residential skills training, in-depth knowledge of the respective country’s language, and specialized professional skills, providing them golden opportunities for international employment in developed countries. The oversubscription of this project’s issue by investors is a direct testament to its credibility and public trust. Providing dignified employment on a global platform will strengthen their sense of self-respect, self-confidence, and self-reliance.
- Result-based and transparent financial system
In line with Chief Minister Dr. Yadav’s vision, the entire project is being financially managed through a zero-coupon, zero-principal instrument registered on the Social Stock Exchange. The scheme is entirely results-based, with 50 percent of the total training fee borne by the Madhya Pradesh government as an outcome fund, 35 percent managed through a Social Impact Bond, and the remaining 15 percent borne by the respective OBC beneficiary youth.
- Risk-free and result-oriented work culture
To ensure transparency and robustness of the scheme, a Social Impact Assessment (SIA) will be conducted by an authorized independent third party. The State Government will only pay 50 percent of the amount to NSDC upon receipt of a positive assessment report and successful placement of the youth abroad; otherwise, the State Government will incur no financial burden and the entire financial risk will be borne by NSDC (the risk funder).
With this visionary approach and innovative effort, the youth of backward classes of the state will get recognition on the global stage and Madhya Pradesh will set an exemplary example for the entire country in the field of skill development and youth welfare.