Synopsis: The Ministry of Corporate Affairs (MCA) is in discussions with the industry to implement a government-backed internship scheme, targeting the top 500 companies based on their average Corporate Social Responsibility (CSR) spending over three years.
The Union Budget 2024-25 has unveiled an ambitious plan to provide internship opportunities to 1 crore youth across India over the next five years. The Ministry of Corporate Affairs (MCA) will lead the initiative, targeting the top 500 companies based on their average Corporate Social Responsibility (CSR) spending over the past three years.
To implement the scheme, the MCA has begun discussions with industry representatives. A recent interaction, organized by the Confederation of Indian Industry (CII), was attended by over 100 executives from India's top corporations, along with MCA Secretary Manoj Govil and other senior officials. The deliberations focused on gathering feedback from the industry and fine-tuning the scheme's modalities.
The selection of the top 500 companies is based on the CSR data already available with the MCA, making it a logical criterion for participation. Each company will be expected to contribute to the scheme by offering internship opportunities, bearing the training costs, and covering 10% of the internship cost from their CSR funds.
As part of the scheme, interns will gain practical experience in real-life business environments for 12 months, covering various professions and employment opportunities. The government will provide an internship allowance of Rs. 5,000 per month, along with a one-time assistance of Rs. 6,000. Of the Rs. 5,000 allowance, Rs. 500 will be paid by the company based on the intern's satisfactory performance, triggering a Rs. 4,500 payment by the government through direct benefit transfer.
Companies will also be encouraged to extend soft skills training to interns, enhancing their overall employability.
In addition, companies can leverage their supply chains and ecosystems to provide training across various locations, ensuring a comprehensive learning experience for the interns.
The scheme is voluntary for companies, with top-performing candidates and companies set to receive recognition for their efforts.
The program aims to bridge the gap between academic skills and real-world job requirements, ensuring that the youth are well-prepared to enter the workforce.
In conclusion, the government's internship scheme, spearheaded by the MCA, represents a significant step towards enhancing youth employability in India.
By leveraging the resources and expertise of the country's top 500 companies, the scheme aims to provide valuable job exposure and training to 1 crore youth.
As the MCA continues its consultations with the industry, the scheme is poised to become a cornerstone of India's efforts to skill its young workforce and boost employment opportunities.
Disclaimer: The information provided in this article is based on the latest available details and discussions. The final implementation of the scheme may vary as the Ministry of Corporate Affairs and industry stakeholders continue to refine the plan. Readers are advised to stay updated with official announcements for the most accurate and current information.
