Union Finance Minister Nirmala Sitharaman has unveiled a new internship scheme aimed at providing one crore youth with opportunities across the top 500 companies over the next five years.
In her presentation of the Union Budget 2024-25, Sitharaman detailed that the initiative will offer a monthly allowance of ₹5,000 and a one-time support of ₹6,000 for each intern.
Participating companies will cover the training expenses of their interns using their Corporate Social Responsibility (CSR) funds. The scheme promises practical experience and financial support for the interns.
Sitharaman also outlined nine key priorities for the 2024-25 Budget, focusing on enhancing productivity, creating job opportunities, promoting social justice, and advancing urban development, energy security, infrastructure, innovation, and reforms.
Among the budgetary proposals, three schemes were introduced for job creation, targeting nearly 4.1 crore youth over five years. The “Scheme for First-Timers” will offer a one-month wage to individuals entering the workforce for the first time, benefiting 2.1 crore youths, with an allocation of ₹2 lakh crore.
For skill development, ₹1.48 lakh crore has been allocated to upskill 20 lakh youth over the next five years, and over 1,000 industrial training institutes will be upgraded.
To boost women’s participation in the economy, the government plans to establish working women hostels and creches in collaboration with industries. Additionally, targeted skilling programs and market access initiatives for women’s self-help group enterprises will be introduced.
