Budget 2024: Internship scheme with ₹5,000 monthly allowance announced for one crore youth

Union Finance Minister Nirmala Sitharaman announces internship scheme for one crore youth in top 500 companies over five years.

Union Finance Minister Nirmala Sitharaman on July 23 said that in order to provide on-job training to youth, the government will launch an internship scheme to provide opportunities to one crore youth in top 500 companies over the next five years.

Ms. Sitharaman proposed that for the interns to get exposure to real life environment an internship allowance will be provided of ₹5,000 per month.

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Companies facilitating the internship, she said, will bear training and 10% of training cost from their respective Corporate Social Responsibilty funds.

The rules in Section 135 of the Companies Act 2013 make it mandatory for companies of a certain turnover and profitability to spend 2% of their average net profit for the past three years on corporate social responsibility activities.

Union Finance Minister Sitharaman in her Budget speech proposed the creation of employment of about 4.1 crore youth over the next five years.

Towards it, the Finance Minister said that Government has made an allocation of ₹2 lakh crore. Similarly, for skilling youth so as to generate job opportunities, she proposed ₹1.48 crore. 20 lakh youth will be skilled over a five-year period.