Union Budget 2024: Internship with Rs 5,000 monthly allowance announced for 1 crore youth

NEW DELHI: Union Finance Minister Nirmala Sitharaman on Tuesday said that in order to provide on-job training to youths, the government will launch an internship scheme to provide opportunities to one crore youths in top 500 companies over the next five years.

Nirmala Sitharaman proposed that for the interns to get exposure to real life environment an internship allowance will be provided of Rs 5000 per month. Companies facilitating the internship, she said, will bear training and 10 per cent of the training cost from their respective Corporate Social Responsibilty (CSR) funds.

The rules in Section 135 of the Companies Act 2013 make it mandatory for companies of a certain turnover and profitability to spend 2 per cent of their average net profit for the past three years on corporate social responsibility activities.

Union Finance Minister Nirmala Sitharaman, in her Budget speech, proposed the creation of employment of about 4.1 crore youth over the next five years. Towards this, the finance minister said the government has made an allocation of Rs 2 lakh crore.

Similarly, for skilling youth so as to generate job opportunities, she proposed Rs 1.48 crore. Twenty lakh youth will be skilled over a five-year period. A total of 1,000 industrial training institutes will be upgraded, she announced.

She proposed in her speech that a one-time wage would be provided to all first time employees in all sectors. The incentive for first-timers would be provided through Direct Benefit Transfer (DBT) Sitharaman said employment, skilling, MSME, and middle class are among key focus areas of this Budget. (ANI)