The Union Budget 2024 introduced a significant initiative to provide internship opportunities to 1 crore youth in 500 top companies.

This is a game-changer for fresh graduates seeking to kickstart their careers.

Key Highlights:

1. Internship Opportunities: A massive 1 crore internships will be offered across 500 leading companies.
2. Monthly Stipend: Interns will receive a monthly stipend of Rs 5,000.
3. One-Time Assistance: A one-time assistance of Rs 6,000 will be provided to interns.
4. CSR Funding: Companies will bear the training costs and contribute 10% of the training cost from their CSR funds.

Who Will Provide the Stipend and One-Time Assistance?

The government is likely to be the primary source of funding for the stipend and one-time assistance provided to interns under the announced program. This is a common practice in government-backed internship initiatives.

While the exact mechanism of disbursement hasn’t been explicitly detailed in the information available, it’s possible that:

The stipend might be directly credited to the intern’s bank account by the government or a designated agency.

The one-time assistance could be disbursed through a similar method.
It’s also worth noting that the companies participating in the internship program will likely have a role in administering the process, such as verifying intern eligibility and submitting necessary documentation.

Impact on Freshers:
This initiative is a golden opportunity for fresh graduates to gain practical experience, enhance their skills, and increase their employability. The stipend and one-time assistance will provide financial support during the internship period.

Role of CSR:
The involvement of CSR funds in training costs highlights the government’s commitment to skill development and creating a skilled workforce. This partnership between the government and corporates is expected to benefit a large number of young people.

In essence, the Budget 2024 has taken a significant step towards empowering the youth by providing them with valuable internship opportunities and financial support.