Budget 2024: Internship Opportunities for 1 Crore Youth in Top 500 Companies

New Delhi: Union Finance Minister Nirmala Sitharaman has announced a major initiative to provide internship opportunities to one crore youth in the top 500 companies over the next five years. This scheme was unveiled during the presentation of the Union Budget 2024-25.

Internship Scheme Details

Under the new scheme, each intern will receive a monthly allowance of ₹5,000, along with a one-time assistance of ₹6,000. The companies hosting these interns will cover the cost of their training, utilizing their Corporate Social Responsibility (CSR) funds. This initiative aims to give interns exposure to real-life working environments while providing them with financial support.

Key Priorities and Employment Schemes

In her budget speech, Finance Minister Sitharaman outlined nine key priorities aimed at generating job opportunities and boosting the Indian economy. These priorities include productivity, employment, social justice, urban development, energy security, infrastructure, innovation, and reforms.

The Finance Minister introduced three new employment generation schemes, with the goal of creating jobs for approximately 4.1 crore youth over the next five years. One notable scheme involves providing a one-month wage to all first-time employees entering the workforce across all sectors, benefiting an estimated 2.1 crore youth. The government has allocated ₹2 lakh crore for these initiatives.

Skill Development and Women's Participation

To enhance skill development, the budget allocates ₹1.48 crore for skilling 20 lakh youth over five years. Additionally, over 1,000 industrial training institutes will be upgraded to improve the quality of vocational education.

The government also plans to increase women's participation in the workforce by setting up working women hostels in collaboration with industries. These hostels will be accompanied by the establishment of creches and women-specific skilling programs, as well as promoting market access for women-led self-help groups (SHGs).

The 2024 Union Budget reflects a strong focus on job creation, skill development, and gender equality. With significant investments in internships, employment schemes, and support for women's participation, the government aims to foster economic growth and create ample opportunities for India's youth.