Youth Internship Scheme Unveiled to Boost Employment

Finance Minister Nirmala Sitharaman announced a scheme to provide internships in 500 top companies for 1 crore youths over five years. An internship allowance of Rs 5,000 per month and a one-time assistance of Rs 6,000 will be given. Companies will finance the training and part of the internship costs through CSR funds.

Finance Minister Nirmala Sitharaman on Tuesday revealed an aggressive new initiative aimed at empowering the youth by creating ample job opportunities. The scheme sets out to offer internships in 500 leading companies to 1 crore young individuals over five years.

Participants will receive a monthly stipend of Rs 5,000 and a one-time assistance payout of Rs 6,000, ensuring financial support during their internships. The interns will get to immerse themselves in a variety of professional environments over a period of 12 months, enriching their exposure to real-world business scenarios and job prospects.

Companies engaging in this program will cover the training costs and contribute 10% of the internship fees, derived from their mandatory Corporate Social Responsibility (CSR) funds as outlined in the Companies Act 2013. Under this Act, certain profitable companies must allocate at least 2% of their three-year annual net profit towards CSR activities in any particular financial year.