The Union Cabinet chaired by the Narendra Modi, Prime Minster of India has given its ex-post facto approval for signing the Memorandum of Understanding between the Ministry of Skill Development & Entrepreneurship (MSDE), National Skill Development Corporation (NSDC) and Wadhwani Operating Foundation (WOF) for cooperation in the fields of Skill Development and Entrepreneurship.

This MoU will assist facilitating and supporting skill development initiatives in the country through multi-skill institutes and skill universities along with promotion and creation of an eco-system for skill development. Additionally, the MoU is expected to contribute significantly to entrepreneurship education & training through an open source; thereby, assisting in enterprise and job creation.

Under the MoU, Wadhwani operating Foundation commits a minimum of $30 million and maximum of 40 Million contribution in value of services to be provided in support of mutually agreed Skill and Entrepreneurship Development initiatives but subject to a maximum of 10 percent of the total new spending of the Government of India in each of these identified and mutually agreed schemes and initiatives over a period of three years.