In order to provide job opportunities to 300,500 women and youth in Sikkim, India, the World Bank's Board of Executive Directors has driven an initiative named Integrated Service Provision and Innovation for Reviving Economies (INSPIRES) Operation.
This World Bank has approved a USD 100 million initiative that aims to drive skill development and advancement of wellness care, renewable energy, creative design, hospitality, IT Services, and tourism.
The project will receive funding next year which will cost USD 269.74 million. Recognizing the significance of improving the socioeconomic condition of women and youth in rural areas, especially those individuals who do not belong to the agricultural sector, the World Bank will provide this funding in the initiative.
Sikkim has shown significant improvement and sustainable growth as per the project information. According to a document released by the World Bank, Sikkim has grown per capita GDP by double digits in past financial years surpassing other northeastern states of similar size
The report also highlights a disparity between the employment transformation and the economic structure of Sikkim. Although the tourism and pharmaceutical sector has experienced notable growth over 70 per cent of Sikkim's workforce is still employed in agriculture.
The World Bank's assistance could help Sikkim along its job market with the aspirations of women and youth, addressing the discrepancy between output and employment transformation.
