Budget 2024: Nirmala Sitharaman announces internship scheme to one crore youth in top 500 companies - Check details

Budget 2024: Presenting the Union Budget 2024-25 on Tuesday, Union Finance Minister Nirmala Sitharaman announced an internship scheme that will benefit one crore youth over a period of five years.

Nirmala Sitharaman announced measures to promote manufacturing and services and said internships will be provided to youth in the top 500 companies.

“The government to launch a comprehensive scheme to provide internship opportunities in top 500 companies to one crore youths in five years,” said Nirmala Sitharaman in her Budget speech.

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Sitharaman said that youth will gain exposure for a period of 12 months in real-life business environments, varied professions, and employment opportunities.

“An internship allowance of ₹5,000 will be provided per month, whereas one-time assistance of ₹6,000 will be given,” the Finance Minister added.

The Finance Minister stated that companies will bear training costs and 10 percent of internship costs from CSR funds.

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Reacting to the announcement, Congress leader Jairam Ramesh claimed that the Finance Minister had taken a leaf out of the INC's Nyay Patra 2024, with its internship program clearly modelled on the INC's proposed Apprenticeship Programme that was called ‘Pehli Naukri Pakki’.

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The finance minister also said that the government will facilitate investment in a ready-to-plug-and-play industrial park with complete infrastructure in or near 100 cities in partnership with states and the private sector.

The Union Minister said the government will sanction 12 industrial parks under the National Industrial Corridor Programme. 

“Rental housing with dormitory-type accommodation for industrial workers will be facilitated in PPP mode,” said she. 

In the Union Budget 2024-25, the government has identified nine priorities: productivity and resilience in agriculture, employment and skilling, social justice, manufacturing & services, urban development, energy security, infrastructure, innovation R&D, and next generational reforms.