Last Updated: November 23, 2024, 12:40:00 PM IST
In her Budget 2024 address, Union Finance Minister Nirmala Sitharaman unveiled a significant internship initiative aimed at providing hands-on training to young people across the country. The program is set to benefit 10 million youth over the next five years, partnering with 500 leading companies from various industries. Each intern will receive a monthly stipend of Rs 5,000 to help them gain valuable work experience in a real-world setting.
The participating companies will bear the costs of training, with 10% of these expenses covered through their Corporate Social Responsibility (CSR) contributions. This aligns with the provisions of Section 135 of the Companies Act, 2013, which mandates that businesses with specific revenue and profit thresholds allocate 2% of their average net profit over the last three years towards CSR initiatives.
To support these efforts, the government has allocated Rs 2 lakh crore for job creation, with the goal of generating 41 million jobs over the next five years. This large-scale funding highlights the government’s commitment to reducing unemployment and enhancing the employability of young Indians.
Additionally, Sitharaman introduced a new centrally-sponsored skill development program designed to further enhance the qualifications of the country’s workforce. This initiative will aim to skill 2 million youth over the next five years, preparing them for various employment opportunities.
Sitharaman noted, “This new scheme for skill development, in partnership with state governments and industries, will equip 20 lakh young individuals with the skills necessary for career advancement over the next five years.”
In an effort to ease the entry of youth into the workforce, the government will offer one-time wage assistance to first-time employees across different sectors. This will be delivered via Direct Benefit Transfer (DBT) and aims to reduce the financial burden on those starting their careers.
