The National Skill Development Corporation has raised ₹4 crore from the National Bank for Agriculture and Rural Development through its maiden issuance of Zero Coupon Zero Principal instruments on the National Stock Exchange’s Social Stock Exchange, to fund an overseas skilling and employment programme for rural youth in Madhya Pradesh.
NABARD’s subscription supports a programme designed to create international career pathways for 600 rural youth from Other Backwards Classes in Madhya Pradesh, implemented by NSDC in partnership with the state government. The subscription window for the ZCZP issue closed on October 14, 2026.
The programme uses a blended financing model in which beneficiaries contribute 15% of the total cost, 35% is mobilised through the Social Stock Exchange, and the remaining 50% is provided by the Madhya Pradesh government upon successful international placement of candidates. The outcome-linked component operates under a bilateral Social Impact Bond Agreement between NSDC, as risk investor, and the Madhya Pradesh government, as outcome funder.
Unlike conventional skilling programmes that primarily measure training completion, the initiative is designed around verified outcomes, including actual overseas deployment, sustained employment and improvements in livelihoods, according to NABARD. The programme is expected to place candidates in overseas jobs in Germany and Japan.
The listing marks a step in the evolution of India’s Social Stock Exchange ecosystem, combining capital market financing with outcome-linked public funding for rural skilling, employability and livelihood programmes at scale.
