Companies applaud Budget 2024 proposal to provide internships for one crore youth
Nirmala Sitharaman of a scheme for providing internship opportunities in 500 top companies to one crore youth over five years lays the foundation for a future-ready workforce, creating a pool of skilled professionals in tune with industry demands, said experts.
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This is among the package of five schemes and initiatives outlined to facilitate employment, skilling and other opportunities for 4.1 crore youth over a five-year period with a central outlay of Rs 2 lakh crore. The interns will gain exposure for 12 months to real-life business environments, an internship allowance of Rs 5,000 per month along with a one-time assistance of Rs 6,000. Companies will be expected to bear the training cost and 10 percent of the internship cost from their CSR funds.
“This is a much-wanted initiative,” said Narayanan Ramaswamy, national leader (education and skill development) at KPMG India. “One crore makes up for the final year students across higher education institutions. Getting the CSR spends to (at least partly) cover the stipend is a win-win-win for student-industry- academia. This will also give industry the time to evaluate and recruit their staff.”
Companies too welcomed the move.
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