J.P. Morgan, leading global financial firm, will help India develop the skills for its workforce with a commitment of USD 25 million over the next five years, in
collaboration the government and the nonprofit organisations.
The firm will support skills training and career education programmes to equip people in India for careers in the country’s high growth sectors . It will also
support actionable research. As part of this commitment, J.P. Morgan is investing up to USD $10 million as the first funder in a World Bank- led and managed
initiative called the Skills and Training in Schools for Youth Multi Donor Trust Fund (MDTF).
The programme – School to work: Skilling India’s Youth – is focused on improving the quality of skills development for young people in India and improving their transition from school to in-demand and better paying jobs. It will support innovative models in curriculum development, appropriate training for teachers as well as career counselling for students. Pilot projects will be launched in Maharashtra and Rajasthan.
“India is in a unique position as, for the next two decades, more than two-thirds of our population will be of working age,” said Kalpana Morparia, Chairman, South and South East Asia, J.P. Morgan. “We believe integrating work skill training with core academic curriculum will create an efficient workforce for the country’s economic progress.”
A study by the National Council of Applied Economic Research has noted that between 2018 and 2022 close to 70 million workers will have joined or will be joining the workforce and they will need to develop the necessary and relevant skills to keep pace with technological changes.
The 5-year commitment in India is part of the firm’s five-year, USD $350 million global commitment to prepare for the future of work, meet the growing demand for skilled workers, and create economic mobility and better jobs for underserved populations across the world which was made in 2019.
