Budget 2024-25: Scheme to Provide Internship Opportunities to 1 Crore Youth

The first budget of the Modi 3.0 government is unveiled and brings various changes and new opportunities for the Indian youth. The budget aims to boost various economic initiatives in alignment with the Viksit Bharat 2047 Vision while maintaining fiscal prudence.

Presenting the Budget in Lok Sabha, the Finance Minister highlighted that the people of India have reaffirmed their faith in the Modi-led government by re-electing it for a third term. India's Economic Growth remains strong despite global economic uncertainties, according to Sitharaman. She noted that the country's Inflation is stable, reaching 4%, with core inflation at 3.1%.

Amidst everything else, the finance minister also announced exciting internship opportunities for the youth. In this post, let’s look at what’s stored in the budget and how it will benefit the Indian youth.

What was Announced in the Context of Internships?

In a measure aimed at benefiting young individuals, Finance Minister Nirmala Sitharaman unveiled a plan in the Union Budget 2024-25 to provide government-mandated paid internships in the top 500 companies to 1 crore young people over the next five years. The intention behind this scheme is to offer each intern practical business experience. Every intern will receive ₹5,000 per month and a one-time assistance of ₹6,000. The participating companies will cover the cost of training the interns, partially funded through their Corporate Social Responsibility (CSR) budgets.

Top 500 Companies: What Kind of Exposure Can the Youth Expect?

Working at the country's top-ranking companies offers a highly attractive opportunity. Interning at India’s “top 500 companies” allows youth to gain experience in prestigious organisations like Reliance Industries, TCS, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Life Insurance, Hindustan Unilever, and ITC. This experience will significantly enhance their CVs.

Apart from this, here are some more benefits that the youth can get from this scheme:

• Professional Development: Gain exposure to Industry-specific skills and technologies. Learn professional work habits and organisational discipline. Improve communication, teamwork, and problem-solving abilities.

• Networking Opportunities: Build a network with industry professionals. Receive guidance from experienced mentors and leaders.

• Resume Building: Enhance CVs with experience from top-ranking companies. Gain credibility and stand out to future employers.

• Career Insights: Understand the inner workings of leading companies. Explore different career options and industry roles.

• Employment Opportunities: Increase chances of being hired by the host company after the internship. Obtain strong references for future job applications.

• Financial Support: Receive a monthly stipend, reducing financial burdens. Get additional financial support through one-time assistance sums.

• Structured Learning: Participate in well-structured training and development programs. Apply academic knowledge to practical, real-world problems.

• Corporate Culture: Experience the work culture of top companies. Adapt to a professional and competitive work environment.

• CSR Involvement: Learn about CSR initiatives. Understand the role of companies in societal development.

• Confidence Building: Gain confidence by completing challenging tasks. Feel a sense of accomplishment from contributing to significant projects.

How is This Scheme Being Funded?

The government is allocating a substantial fund of ₹1.48 lakh crores to improve education, employment, and skills, ultimately aiming to create 4.1 crore jobs. Additionally, the paid internship scheme will be partially funded through the CSR budgets of participating companies. According to Section 135 of the Companies Act 2013, companies that meet particular Net worth, turnover, and profit criteria must allocate 2% of their average net profit over the past three years towards corporate social responsibility initiatives.

What Does This Promise the Youth?

The opportunity to work in a professional environment will significantly enhance the youth's hard and soft skills as they prepare to enter the workforce officially. The long-term goal of this scheme is to boost employment effectively, not just symbolically.

What Does the Youth Have to Say?

With unpaid internships often seen as free labour, a specified stipend makes this opportunity more attractive to those aspiring to build solid careers. Government assurance ensures that the experience genuinely contributes to the youth's professional development rather than being a mere placeholder.

This initiative sounds promising because many internships are unstructured and chaotic. Companies often provide little help, and interns don't get acknowledged after all their work, making them feel defeated. TThe new scheme will give internships some structure.

Conclusion

Interning at India's top 500 companies offers many benefits for the youth, ranging from professional and personal development to enhanced employability. The structured environment, financial support, and invaluable networking opportunities these internships provide will equip young professionals with the skills and experience needed to thrive in the competitive job Market. Additionally, the exposure to real-world business practices and corporate culture will bridge the gap between theoretical knowledge and practical application, preparing interns for successful careers. Overall, this initiative stands as a powerful step towards nurturing young talent, fostering economic growth, and unlocking the true potential of India's youth.