The Union Budget 2024-25 has unveiled a groundbreaking initiative aimed at providing practical experience to India’s youth through internships in the top 500 companies in India.
This move is set to benefit more than 1 crore job seekers, offering them valuable exposure and professional development opportunities. Here’s a concise look at this pivotal program.
Read more on Union budget 2024-25 internships scheme for job seekers
Key highlights of Union budget 2024-25 internships announcement
1. Massive internship
Program scope: Over 1 crore job seekers to benefit.Duration: Internships ranging from 6 to 12 months.
Sectors: IT, finance, healthcare, manufacturing, and more.
2. Comprehensive experience
Hands-on training: Interns will work on real projects, gaining practical skills.
Mentorship: Guidance from experienced professionals to foster career growth.
Professional Development: Workshops and training sessions included.
3. Financial support
Stipends: Monthly stipends ranging from ₹10,000 to ₹15,000 to support interns financially.
4. Career opportunities to job seekers
Full-time employment: High absorption rate with 25% of interns likely to be offered full-time positions based on performance.
Networking: Opportunities to build professional networks and gain industry insights.
5. Digital platforms
Application process: Simplified application process through newly launched digital employment platforms.
Career Counseling: Access to career advisors and resources to help interns navigate their career paths. Candidates should stay updated by seeking through Digital India, skill India and Government job portals in India.
Union Budget 2024-25 internships in education and employment budget
All newly appointed employees in all formal sectors will be given one month’s salary under education budget under union budget 2024-25. First-time employees registered with EPFO will receive a benefit transfer of one month’s salary within three instalments, up to a maximum of ₹15,000. The eligibility limit for this scheme is a monthly salary of ₹1 lakh. This scheme is expected to benefit 21 million youth.
The current education and employment scheme will encourage additional employment in the manufacturing sector, linked to first-time employment. Both the employees and employers will receive incentives related to their EPFO contributions for the first four years of employment. This scheme is expected to benefit 3 million first-time employees and their employers.
Employment budget
Under this current education and employment budget scheme, additional employment in all sectors will be included. All additional employment with a monthly salary up to ₹1 lakh will be counted. The government will compensate employers up to ₹3,000 per month for EPFO contributions for two years for each additional employee. This scheme is expected to promote additional employment for 5 million youth.
Skill training budget
Under the Prime Minister’s package, organized by the state government and industries, for skill training. Over a period of 5 years, 2 million youth will receive skill training. Industrial training institutes will be upgraded in a hub-and-spoke model with a focus on industry needs, curriculum content, and local development to meet new emerging demands.
Education loan
The model skill loan scheme will be revised to provide loans up to ₹7.5 lakh with government-backed guarantees. This measure is expected to assist 25,000 students annually. For those not eligible for any benefits under government schemes and policies, I am announcing financial assistance for higher education loans up to ₹10 lakh for domestic institutions. One lakh student per year will receive e-vouchers for a 3% annual interest subsidy on the loan amount.
Key learning
The Union Budget 2024-25’s internship initiative in the top 500 companies is a significant step towards enhancing youth employment in India. By providing practical experience, financial support, and potential career opportunities, this program aims to equip young professionals with the skills and exposure needed to succeed in their careers.
Call to action
Young job seekers should grab this opportunity by applying for internships through the designated digital platforms and making the most of the mentorship and professional development resources available. This initiative is a gateway to a brighter and more prosperous future for India’s youth. This resolve the major issue of for fresher who get rejected by firms lack of experience.
