Govt Unveils Internship Scheme for Top 500 Companies With CSR Support

The government announced an internship program in the Union Budget 2024, offering stipends and CSR-supported training. The scheme aims to benefit 100 million youth over the next five years, with significant allocations for employment and skill initiatives.

Government sources have confirmed that the top 500 companies will not be mandated to participate in the new internship programme announced in the Union Budget 2024. As outlined by Finance Minister Nirmala Sitharaman, the internship initiative will include a government-provided stipend.

"No company will be forced into the internship programme as announced in the budget. The government will provide money for internships, while companies will bear the cost of training the interns through corporate social responsibility (CSR)," government sources told ANI on Wednesday.

Finance Minister Nirmala Sitharaman announced on Tuesday that the government will launch a scheme to offer internship opportunities to youth in the top 500 companies in India as part of the Union Budget 2024-25. The scheme, which will be implemented over the next five years, is expected to benefit 100 million youth. Interns will receive a monthly stipend of Rs 5,000 and a one-time assistance of Rs 6,000. Companies will cover training costs and 10 per cent of the internship costs from CSR funds.

The announcement was part of a broader package aimed at boosting employment and enhancing India's skilling capacity. In her budget speech, Sitharaman proposed creating job opportunities for about 4.1 crore youth over the next five years. To support this, the government has allocated Rs 2 lakh crore for employment initiatives and Rs 1.48 crore for skilling programmes, aiming to skill 20 lakh youth over the same period.

Additionally, 1,000 industrial training institutes will be upgraded, and a one-time wage incentive will be provided to all first-time employees across sectors through Direct Benefit Transfer (DBT). Sitharaman emphasised that employment, skilling, MSMEs, and the middle class are key focus areas of this budget.