ICICI Bank’s Social Initiatives Group (SIG), a non-profit group set up within ICICI Bank in 2000, pioneered our work on primary health, elementary education and access to finance. ICICI Foundation for Inclusive Growth (ICICI Foundation) was founded by the ICICI Group in early 2008 to continue building upon the ICICI Group’s legacy of promoting inclusive growth. ICICI Foundation works on high impact projects that are sustainable and scalable with pre-defined exits.
Previously, ICICI Foundation has worked in the key fields of Primary healthcare and Elementary Education. Currently the Foundation is primarily working on skill development & sustainable livelihoods, through various programmes.
Skill Development And Sustainable Livelihood
India’s potential demographic dividend emerges from a large number of young people who are ready to join the workforce and participate in the country’s economic development. While some of the youths have been joining the organised and unorganised sectors, a large section of the marginalised and less privileged population remains outside the employment market.
A closer look at the issue of sustainable livelihood reveals that many youth either do not have adequate access to job markets or the requisite skills for jobs; most of the times, both. To reap the benefits of the demographic dividend, there is an immediate need to impart livelihood oriented skill training to these youth to ensure their effective participation in the nation’s growth. At the same time, skill development in rural areas will enable people to earn sustainable livelihoods in rural India itself, balancing the pressures of urbanisation and enhancing the vibrancy of the rural ecosystem.
Financial inclusion is viewed as a crucial part of the national development vision especially for rural development, following a profound approach in achieving the same is equally important. Where the foundation selects skills based on macro and micro level needs of a particular demography assessing the local ecosystem, ICICI bank provides enterprise-focused credit rather than consumption based credit which ensures the sustainability of the model. ICICI Bank and Foundation together brings banking to the unbanked sectors of the country, aiming at social empowerment holistically.