Government Launches Internship Initiative for Youth in Top 500 Companies, Here’s What You Should Know
Government Launches Internship Initiative for Youth in Top 500 Companies, Here's What You Should Know
In a bold move to bridge the gap between education and employment, the Finance Minister announced a groundbreaking internship scheme aimed at empowering one crore youths by placing them in the top 500 companies across the country. The scheme, unveiled during the budget speech, is designed to offer young individuals aged 21-24 invaluable exposure to business environments over 12 months.
Empowering Youth through Business Exposure
Under this initiative, interns will receive a monthly allowance of Rs 5,000, complemented by a one-time aid of Rs 6,000 to help with initial expenses. The scheme is structured in two phases: the first phase will span two years, followed by a more extensive three-year second phase. This phased approach ensures the scheme’s sustainability and allows for adjustments based on initial feedback and outcomes.
Corporate Social Responsibility at the Core
The innovative scheme mandates that the companies cover the training expenses and 10% of the internship costs using their corporate social responsibility (CSR) funds. This not only ensures that the interns receive quality training but also promotes a culture of corporate involvement in social development.
Application and Selection Process
Prospective interns will be able to apply through an online portal, with detailed instructions to be announced soon. The scheme is particularly targeted at youth who are neither employed nor engaged in full-time education, providing them with a much-needed opportunity to gain work experience and improve their employability.
Selection will be based on objective criteria with a focus on candidates from lower employability backgrounds, ensuring that the opportunities reach those who need them the most. However, participation is voluntary for companies, and the selection process will be fair and transparent.
Exclusions and Eligibility
To maintain the scheme’s focus on those who genuinely need the opportunity, certain exclusions apply. Candidates holding qualifications from premier institutions like IIT, IIM, or IISER are not eligible. Additionally, individuals whose family members hold government jobs or are income tax assessees will also be excluded from the scheme.
A Step Towards Inclusive Growth
This internship scheme marks a significant step towards inclusive growth and economic empowerment of the youth. By aligning the interests of the private sector with social responsibility, the government aims to create a robust support system that nurtures talent and bridges the employment gap.
