Union Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2024-25, announced a landmark internship scheme aimed at providing opportunities to one crore youth in the top 500 companies over the next five years. This initiative is designed to bolster skill development and employment prospects for the nation’s young workforce.
Under the new scheme, an internship allowance of ₹5,000 per month and a one-time assistance of ₹6,000 will be provided to the interns. The companies participating in the scheme will bear the training costs and utilize their Corporate Social Responsibility (CSR) funds for this purpose. “Interns will get exposure to a real-life environment and an allowance every month,” Ms. Sitharaman stated.
In her speech, the Finance Minister outlined nine priorities in the Union Budget 2024-25 aimed at generating job opportunities across the Indian economy. These priorities include productivity, jobs, social justice, urban development, energy security, infrastructure, innovation, and reforms.
Ms. Sitharaman also announced three schemes for employment generation, proposing the creation of nearly 4.1 crore jobs over the next five years. “Scheme for first-timers to provide one-month wage to all persons newly entering the workforce in all sectors. First-time employment scheme to benefit 2.1 crore youth,” she said, adding that ₹2 lakh crore will be allocated for this initiative.
In a bid to enhance skill development, the Finance Minister allocated ₹1.48 crore for the upskilling of 20 lakh youth over five years. Additionally, over 1,000 industrial training institutes will be upgraded.
To boost women’s participation in the economy, the government proposes to establish working women hostels and crèches in collaboration with industries. “We will facilitate higher participation of women in the workforce by setting up working women hostels in collaboration with industries and establishment of crèches. In addition, the partnership will seek to organize women-specific skilling programs and promotion of market access for women SHG enterprises,” Ms. Sitharaman said.