Each year, 10- 12 million people enter the labor market in India to support themselves and their families. However the Indian economy creates about 1 million new formal sector jobs each year, and therefore 90% of the youth are forced to find work in the informal sector with accompanying low income levels. The crisis of jobs can only be mitigated by addressing the skills gap and tapping the entrepreneurial spirit among new people to create new jobs. In many cases youth entrepreneurs often work in isolation, lacking skills, networks, support and resources that would enable the to sustain and grow their businesses.
Directly responding to the above challenges, IYF has launched a MastarCard- branded program in India in collaboration with CCFID that is presently operating in Delhi and would be launched in Mumbai next year. The program provides the youth entrepreneurs with:
1. Business and life skills training to develop their human capital in areas such as creative thinking, risk taking, business administration, and marketing
2. Access to financial capital as needed via a revolving loan fund or access to financial institutions
3. Ongoing technical assistance and links to adult business mentors and other youth entrepreneurs.