According to Union Education Minister Dharmendra Pradhan, the National Credit Framework (NCrF) will help increase the economic viability of education by enlisting the great majority of the population in formal education and skill development.
In educational and skilling institutions, the NCrF serves as a general framework for skilling, re-skilling, up-skilling, accreditation, and evaluation. Pradhan said the NCrF will also aid in achieving the Gross Enrolment Ratio targets and hasten India's progress toward becoming a USD 5 trillion economy while speaking at a stakeholders' consultation on the framework at the Indian Institute of Technology (IIT), Delhi.
According to him, the National Education Policy (NEP), 2020, "envisages universalization of credit framework for removing barriers between knowledge, skills, and employability, as well as establishing a credit accumulation and transfer system for all kinds of learning to ensure seamless mobility between learning and skilling pathways."
Pradhan pointed out that a level playing field must be offered to the populace in order for everyone to benefit from India's demographic dividend. "This can only be accomplished by recognising, accounting for, and formalising every type of traditional, nontraditional, and experiential knowledge repository. We will have the chance to recognise the practical applications of knowledge and abilities thanks to NCrF. "The framework will open up new avenues for skill development and lifetime learning. It will increase per capita productivity, give everyone more power, and build a solid base for India to take the lead in this century, he continued.
The Academic Bank of Credit (ABC), similar to that used in higher education, will be used by school students under NCrF to store the credits they earn from both academic and extracurricular activities. The University Grants Commission, All India Council for Technical Education, National Council for Vocational Education and Training, National Institute of Open Schooling, CBSE, NCERT, Ministry of Education (MoE), Directorate General of Training, and Ministry of Skill Development have collaborated to develop the NCrF.