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HSBC India commits Rs100 crore for skills development

HSBC India also announced the launch of HSBC Skills for Life, a development programme through which the money will be spent

New Delhi: HSBC Holdings Plc.’s Indian unit on Friday committed 100 crore for skills development over five years.

HSBC India also announced the launch of HSBC Skills for Life, a development programme through which the money will be spent. It aims to provide young people and women with requisite skills to enable them to earn a livelihood, HSBC said in a statement.

“India is poised to become the world’s youngest country by 2020, with an average age of 29 years. Skill development will play a significant role in ensuring sustainable development and will also serve as a powerful instrument to reduce poverty and inequality. HSBC, has committed a sum of 100 crore towards this programme, spread over the next five years," the company added.

India aims to train some 500 million people by 2022 to create an efficient workforce that will not only boost their living standards but shall help improve industrial productivity.

Stuart P. Milne, chief executive officer of HSBC India, met skill development minister Rajiv Pratap Rudy on 7 November.

“HSBC believes that financial institutions have a role to play in building the capacity of disadvantaged young people and women, and enabling them to contribute to the economic prosperity of their local communities," Milne said on Friday.

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