The newly announced Internship Scheme aims to provide practical work experience and skill development opportunities to 10 million youths at top-tier companies.
New Delhi: Finance Minister Nirmala Sitharaman presented the 2024-25 budget in Parliament on Tuesday, announcing several plans to boost employment and skills development under the Prime Minister’s package. A key initiative is the “Internship Scheme,” aimed at providing internships to at least 10 million youths.
During her address in the Lok Sabha, Sitharaman proposed a comprehensive plan to offer internship opportunities to 10 million youths across 500 major companies over the next five years. This initiative is a crucial part of the government’s efforts to reduce youth unemployment and marks the first central budget presented after the Modi government’s victory in the Lok Sabha elections for a third term.
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Key Features of the 2024 Internship Scheme
The newly announced Internship Scheme aims to provide practical work experience and skill development opportunities to 10 million youths at top-tier companies. Interns will receive a monthly stipend and a one-time assistance amount.
Under the proposal, interns will be granted a ₹5,000 monthly stipend and a ₹6,000 one-time assistance payment. The scheme will be implemented in two phases: the first phase lasting two years and the second phase extending three years.
Companies participating in this initiative will be required to cover the training costs for interns, which includes 10% of the internship expenses from their Corporate Social Responsibility (CSR) funds. The application process will be conducted through an online portal, details of which have not yet been announced.
Participating companies must ensure that internships provide substantial work experience and skill development sessions. Importantly, at least 50% of the internship duration must be spent in a practical work environment, not in a classroom setting.
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Eligibility Criteria
The 2024 Internship Scheme is limited to individuals aged 21 to 24 who are currently unemployed or not engaged in full-time education. Notably, graduates from Indian Institutes of Technology (IIT), Indian Institutes of Management (IIM), and Indian Institutes of Science Education and Research (IISER) are not eligible for this scheme.
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Broad Employment Goals
In her budget speech, Sitharaman projected the creation of approximately 41 million jobs over the next five years. To support this ambitious target, the government has allocated ₹2 trillion, reflecting its commitment to reducing unemployment and promoting economic growth through targeted employment initiatives.
This extensive internship scheme will play a crucial role in equipping youths with essential skills and practical experience, thereby enhancing their employability and contributing to the nation’s economic development.
