Union Budget 2024: Govt announces internship scheme in 500 top companies to 1 crore youth in next 5 years

Sitharaman announced an internship scheme for students which will provide assistance of ₹5,000 per month. The proposed scheme will be implemented in the next five years and aims to provide an internship opportunity to one crore youth in 500 top companies in India. A one-time monetary help of ₹6,000 will also be provided, the FM announced.

The companies are expected to spend funds from their corporate social responsibility (CSR) buckets to bear the training costs as well as 10% of the internship cost for the scheme.

According to a report by Internshala, named ‘The Annual Internship Hiring Trends Report 2024’, India has seen a 200% increase in internship opportunities available in the last five years.

Boost for education and employment

The FM made many favourable announcements for boosting education like the allocation of ₹1.48 lakh crore for education, upskilling and employment. Along with this, education loans up to ₹10 lakh for students enrolled for higher education in domestic institutions will be offered.

• The government will provide ₹3,000 per month to companies for their EPFO contributions for every extra person hired for a salary up to ₹1 lakh per month in the next two years. This scheme has the potential to incentivise employment for almost 50 lakh people.

• Everyone who newly enters the workforce in the formal sector will be eligible to receive a wage for one month up to ₹15,000. This scheme will be implemented in three tranches, benefitting 2.1 crore youth, and will be applicable for those earning salaries up to ₹1 lakh per month.

• 20 lakh youth will be provided with skill training over the next five years.

• The government will focus on employment, skilling, MSMEs, and the middle class. It has extended the PM Garib Kalyan Anna Yojana for five more years which will benefit 80 crore people in the country.