Union Budget 2024-25: New Internship Scheme to Benefit 1 Crore Youth

New Delhi: In a significant move to enhance employment opportunities and professional exposure for the youth, the Union Finance Minister, Nirmala Sitharaman, announced the launch of a comprehensive internship scheme as part of the Prime Minister’s package. This announcement was made while presenting the Union Budget 2024-25 in Parliament today.

The new scheme, which is the fifth under the Prime Minister’s package, aims to provide internship opportunities in 500 top companies to 1 crore youth over the next five years. “This initiative will offer young individuals a 12-month exposure to real-life business environments, varied professions, and diverse employment opportunities,” Smt. Sitharaman stated.

Under the scheme, an internship allowance of ₹5,000 per month will be provided to the youth, along with a one-time assistance of ₹6,000. This financial support is designed to help interns cover their basic expenses while gaining valuable work experience.

The Finance Minister emphasized that participating companies will be expected to bear the training costs and contribute 10% of the internship cost from their Corporate Social Responsibility (CSR) funds. This collaboration between the government and the private sector is intended to ensure that the internships are both meaningful and sustainable.

The comprehensive internship scheme is set to create significant employment opportunities for young individuals across the country. By offering practical experience in top companies, the scheme will equip the youth with the skills and knowledge required to thrive in their chosen careers. The financial support provided will also alleviate the burden on interns, enabling them to focus on their professional development.