Government Launches Scheme to Provide 1 Crore Internships in Top Companies Over 5 Years
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To further brighten the job prospects for young Indians, Union Finance Minister Nirmala Sitharaman, while presenting her Budget speech, proposed a pathbreaking initiative where the Centre will provide internship opportunities to 1 crore youth over a period of five years. This, in effect, would prove to be one of the most ambitious plans for internships across 500 top companies in sectors spanning industries.
The new scheme provides for an allowance of ₹5,000 per month to the eligible intern, besides one-time assistance of ₹6,000. Twelve months of such internships would provide an ample amount of exposure to real business settings and professions that these youngsters are going to engage themselves in, which would be of immense help in imbibing practical skills and understanding the potential for their future career paths.
Sitharaman termed this programme a massive component of the Prime Minister’s overall job package. “As the 5th scheme under the Prime Minister’s package, our government will launch an all-out effort to link 1 crore youth with top companies, fostering skill development and career growth,” she said.
This scheme will also be contributed by participating companies, which will be expected to cover training expenses and 10% of the internship expenses from their CSR funds. Under the Companies Act of 2013, profitable organizations have to spend at least 2% of their three-year annual net profit on CSR-related activities, hence guaranteeing monetary support for this scheme as well.
The wide gap between schools and the job market largely enriches young people with experience and skills to tackle today’s competitive job market. In doing this, the government looks to leverage the resources of leading companies while assimilating CSR funds in building a strong platform on youth empowerment and career development.
