The government is set to introduce a new initiative to simplify the internship process for college and university students. The program, announced in the Budget 2024-25, aims to provide internships to 1 crore youth over the next five years through India's top 500 companies.
The initiative, announced in the Budget 2024-25, will collaborate with India's top 500 companies under a 'volunteer quota system'. This system requires companies to take a certain number of interns based on their Corporate Social Responsibility (CSR) spending. The goal is to provide valuable work experience and skills to India's youth.
Stipend:
Interns will receive a monthly allowance of Rs 5,000 and a one-time assistance of Rs 6,000. They will gain exposure to real-life business environments and various professions over 12 months.
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Selection criteria:
The program has specific criteria for intern selection, which will be based on ‘objective criteria’. Candidates like IIT, IIM graduates, chartered accountants, and children of government employees will be excluded from the program.
The programme’s specifics will be refined over time, with room for suggestions on its design. Given the involvement of the top 500 companies, the quality of internships is expected to be high, as these companies have reputations to uphold.
The government will also offer access to its backward and forward supply chain for skill development.
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