The Center’s program will offer young people internships at the top 500 companies | Photo: Shutterstock
The Union Ministry of Corporate Affairs has stepped up efforts to implement the ambitious youth internship programme, which was announced by Union Finance Minister Nirmala Sitharaman in her Budget 2024-25 speech.
The Ministry has created a team of Indian Corporate Law Service (ICLS) officials to implement the internship scheme, according to a CNBC TV18 In addition, the Ministry has also made several new appointments for this purpose. The Ministry is also holding discussions with corporate HR leaders in Delhi and Mumbai to finalise the contours of the scheme.
The officials in charge of implementing this programme will be based at the ministry’s headquarters in New Delhi and will be responsible for managing the implementation and administration of the internship programme, ensuring its seamless integration with the participating companies.
Under the scheme, young people will be offered internships in the top 500 companies. During discussions with human resources officials, the ministry has been suggested to decide which of these 500 companies will be chosen based on their average CSR expenditure over the past three years.
The ministry also plans to set up a help desk to address issues and complaints related to the scheme. Participating companies are also likely to be asked to appoint a nodal officer to ensure effective implementation of the scheme, the report added.
What is the Youth Internship Program?
In her Union Budget 2024-25 speech, Union Finance Minister Nirmala Sitharaman announced an ambitious youth internship programme to address the pressing issue of youth unemployment while also offering valuable work experience.
In the first phase of the programme, 30 lakh (three million) youth will be offered internships for two years, with an allocated budget of Rs 19,000 crore. Each intern will be entitled to a monthly stipend of Rs 5,000.
In her budget speech, the finance minister said that internships will be offered in the top 500 companies. However, the speech did not specify that the 500 companies offering internships must be publicly listed entities.
First published: August 13, 2024 | 12:29 pm IS
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