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In Depth: What Is Government's 10 Million Internship Scheme? Can You Get Some Benefit From This

Finance Minister Nirmala Sitharaman presented the Budget 2024-25 in the Parliament on Tuesday, introducing a series of initiatives under the Prime Minister's package aimed at fostering employment and enhancing skill development nationwide
 
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New Delhi: Finance Minister Nirmala Sitharaman presented the Budget 2024-25 in the Parliament on Tuesday, introducing a series of initiatives under the Prime Minister's package aimed at fostering employment and enhancing skill development nationwide. Among these initiatives, a standout scheme is the provision of internships to at least one crore youths.

In her address to the Lok Sabha, Sitharaman detailed the proposal of a comprehensive internship scheme designed to offer opportunities to one crore young individuals in 500 leading companies over the next five years. This initiative is a cornerstone of the government's strategy to tackle youth unemployment and was presented as part of the first Union Budget following the Modi government's third consecutive electoral victory in the Lok Sabha.

Key Features of the Budget 2024 Internship Scheme

The newly announced internship scheme aims to provide one crore young people with practical work experience and skill development opportunities in top-tier companies across the country. Interns under this scheme will receive a monthly stipend along with a one-time assistance grant.

According to the proposal, interns will be awarded ₹5,000 per month as an allowance and a one-time assistance amount of ₹6,000. The scheme will roll out in two phases: the first phase spanning two years, and the second phase extending over three years.

The financial blueprint for this initiative mandates that companies bear the cost of training the interns, utilizing 10 percent of their internship expenses from their corporate social responsibility (CSR) funds. The application process will be facilitated through an online portal, with further details pending announcement.

Participating companies are required to ensure that the internships provide substantial work experience and skill development sessions. Importantly, at least 50% of the internship duration should be dedicated to practical job environments rather than classroom settings.

Eligibility for the Budget 2024 internship scheme is restricted to individuals aged 21 to 24 who are not currently employed or engaged in full-time education. Notably, graduates from prestigious institutions such as the Indian Institutes of Technology (IIT), Indian Institutes of Management (IIM), and Indian Institutes of Science Education and Research (IISER) are excluded from this scheme.

Broader Employment Goals

In her Budget speech, Sitharaman also projected the creation of approximately 4.1 crore jobs over the next five years. To support this ambitious goal, the government has allocated ₹2 lakh crore, underscoring its commitment to reducing unemployment and promoting economic growth through targeted employment initiatives.

This comprehensive internship scheme is expected to play a pivotal role in equipping the youth with essential skills and practical experience, thereby enhancing their employability and contributing to the nation’s economic development.

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