The Indian government is taking proactive steps to enhance youth employment opportunities by creating a task force for internships under the corporate affairs ministry.
This task force aims to design a comprehensive roadmap for companies to hire interns, providing valuable work experience and skill development.
The Proposed Internship Scheme
Finance Minister Nirmala Sitharaman announced in the Union Budget 2024-25 that the government plans to offer one-year internship opportunities in the top 500 companies to 10 million youth over five years.
Here are the key features of the proposed scheme:
- Each intern will receive a monthly allowance of ₹5,000.
- Additionally, they will receive a one-time assistance of ₹6,000.
- The government will bear ₹54,000 towards the monthly allowance and the one-time assistance, totaling ₹60,000 per intern per year.
- Companies will need to cover the training cost and contribute 10% of the monthly allowance (₹6,000 annually) from their corporate social responsibility (CSR) funds.
- Interns will gain exposure to real-life business environments, varied professions, and employment opportunities.
- The scheme aims to bridge the gap between theoretical education and practical skills.
Role of Task Force in Internship
The proposed task force will play a pivotal role in shaping the internship scheme:
- Mapping Industry Around Colleges:
- The task force will collaborate with the Ministry of Education and the Department for Promotion of Industry and Internal Trade (DPIIT).
- Their mission is to map industry clusters around colleges and encourage companies in those catchment areas to hire interns.
- Nudging Companies to Participate:
- By identifying industry hubs near educational institutions, the task force will actively engage with companies.
- Their goal is to encourage participation and create internship opportunities.
- Developing Guidelines and Best Practices:
- The task force will establish guidelines for companies on structuring internships effectively.
- They will also promote best practices to ensure a meaningful experience for both interns and employers.
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Phased Implementation
The internship scheme will be rolled out in two phases:
- Phase I (First Two Years):
- Enrollments will occur during the first two years.
- The estimated expenditure for this phase is ₹19,000 crore.
- The goal is to provide internships to three million candidates.
- Phase II (Next Four Years):
- While enrollments will continue for three years, the expenditure will be spread over four years.
- Phase II aims to offer internship opportunities to seven million candidates.
- The estimated expenditure for this phase is ₹44,000 crore.
The central allocation for the entire scheme is ₹63,000 crore. Over the next five years. Each of the 500 participating companies is expected to provide internships to an average of 20,000 candidates.
The scheme will empower youth, enhance employability, and contribute to India’s skilled workforce.
Conclusion
The task force’s efforts will lay the foundation for a robust internship ecosystem, benefiting both students and companies. By bridging the gap between academia and industry, India can nurture a talent pool ready to drive innovation and economic growth.
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