Centre sets up team to implement internship scheme announced in Budget

The Union Ministry of Corporate Affairs is holding discussions with corporate HR leaders in Delhi and Mumbai to finalise the contours of the scheme

The Union Ministry of Corporate Affairs has intensified efforts to roll out the ambitious youth internship programme, which was announced by Union Finance Minister Nirmala Sitharaman in her Budget 2024-25 speech.
 

The Ministry has set up a team of Indian Corporate Law Service (ICLS) officers to implement the internship scheme, according to a CNBC TV18 report. Besides, 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 officers involved in executing this scheme will be based at the ministry headquarters in New Delhi. They will manage the rollout and administration of the internship program, ensuring its seamless integration with participating companies.
 

Under the scheme, youths are to be provided internships in the top 500 companies. During discussions with HR leaders, the ministry has been suggested to decide on these 500 companies based on their average CSR spending over the past three years.

Also, the ministry is planning to set up a helpdesk to address issues and grievances related to the scheme. Separately, participating companies are likely to be asked to appoint a nodal officer to ensure the effective implementation of the scheme, the report added.

What is the youth internship scheme?

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 offering valuable work experience.
 

Under the first phase of the programme, internships will be offered to 30 lakh (three million) youths over two years, with an allocated budget of Rs 19,000 crore. Each intern will be eligible for a monthly stipend of Rs 5,000.
 

In her Budget speech, the Finance Minister said that internships will be provided in the top 500 companies. However, the speech did not specify that the 500 companies offering internships must be listed entities.