Maharashtra Ministers Officiate FUEL's Social Stock Exchange Listing, Launch 'Earn & Learn' Initiative
In a significant move to bolster education and skill development, Maharashtra's Minister for Higher and Technical Education, Chandrakant Dada Patil, and Minister for Skill Development, Mangal Prabhat Lodha, presided over the 'bell ringing' ceremony for FUEL (Friends Union for Energising Lives) at the National Stock Exchange (NSE) in Mumbai on Monday. This event formally marked FUEL's official listing on the Social Stock Exchange (SSE) platform, a pioneering step in India's social sector financing.
'Earn and Learn' Scheme for Women Students Announced
During the ceremony, Minister Chandrakant Patil unveiled the groundbreaking 'earn and learn' initiative targeted at women students across the state. Under this scheme, the Maharashtra government will provide a monthly stipend of Rs 2,000, commencing from the current academic year. Patil emphasized that when students receive clear direction and support, they cultivate essential skills that empower both themselves and society at large.
"This strategic partnership between the State Government, NSE, and FUEL will unlock opportunities for free education for underprivileged girls, ensuring their lives become better and more prosperous," Patil stated, highlighting the collaborative effort to bridge educational gaps.
FUEL's Transition to Skill Tech University and Strategic Roadmap
Minister Mangal Prabhat Lodha commended FUEL's evolution into a Skill Tech University, stressing the critical need for innovation over mere skill acquisition. "We must focus on turning challenges into opportunities through creative solutions," Lodha remarked, underscoring the importance of adaptive learning in today's dynamic job market.
Chief Minister Devendra Fadnavis, participating via video conference, outlined a comprehensive strategic roadmap for FUEL. He announced that the FUEL Board is planning a Rs 100 crore social issue to facilitate widespread public participation in their mission. This initiative will offer diverse investment categories, effectively democratizing social impact by engaging both retail and institutional investors.
NSE's Role and Fundraising Success
Ashish Kumar Chauhan, Managing Director and CEO of NSE, revealed that FUEL has successfully raised approximately Rs 99 lakh through the SSE platform. Notably, 37% of these contributions came from retail donors, showcasing grassroots involvement. Chauhan pointed out that the NSE platform now reaches 99.85% of India's PIN codes, enabling common citizens to drive social change alongside institutional investors.
"This accessibility allows everyday Indians to contribute to meaningful causes, fostering a culture of collective responsibility," Chauhan noted, emphasizing the platform's expansive reach.
FUEL's 20-Year Journey and New Partnerships
Ketan Deshpande, Founder Chairman of FUEL, reflected on the organization's two-decade-long journey dedicated to energizing lives through education and skill development. He announced new strategic partnerships with Syngenta and Global Capability Centers (GCC) aimed at bridging the gap between education and global employment opportunities.
These collaborations are expected to enhance vocational training and job placement for students, aligning with FUEL's mission to create a skilled workforce ready for international markets.
Event Conclusion and Future Vision
The ceremony, attended by industry leaders such as Anurag Pratap from Capgemini and anchored by Manasi Shontakke, concluded with a shared vision of scaling impact to reach more individuals across Maharashtra and beyond. The collective goal is to leverage the SSE listing and new initiatives to transform educational access and economic prospects for underprivileged communities, particularly women, through sustained government and private sector support.
