On July 23, Finance Minister Nirmala Sitharaman presented the first budget for the 2024–25 fiscal year of Prime Minister Narendra Modi’s third consecutive NDA government.  

The Prime Minister announced several programs that he intends to implement to boost employment and skill development throughout the country.

An internship program for at least one crore young people was one of these initiatives. 

During the presentation of the Budget, Finance Minister declared that the Central government would allocate Rs 1.48 lakh crore towards education, employment, and skill development.  

Students enrolled in domestic universities will receive financial assistance for loans up to Rs 10 lakh for higher education. A new skill-building program sponsored centrally and in partnership with industry and state governments. Over a five-year period, about 20 lakh young people will gain skills.  

The ITIs will upgarde to match industry skill requirements, and their design and content will be adjusted accordingly.

The youth will receive Rs 6000 as one-time assistance and Rs 5000 as a monthly allowance under the scheme. The plan will have two years for its first phase and three years for its second phase. The plan states that the corporations will pay for the youth’s training and that their corporate social responsibility (CSR) funds will cover 10% of the interns’ expenses.  

The online application portal will be used for the process; specifications have not been released.  

In a field where the business is actively running, the organization is suppose to provide the candidate with real-world work experience.

Most of the time will be spent outside of the classroom, in an actual workplace or working experience. If the company is unable to accomplish this directly, it must collaborate with businesses that are either suppliers or customers in its forward and backwards supply chains, or with other businesses or organizations within its group. 

Who is eligible? 

Individuals between the ages of 21 and 24 who are not working and not enrolled in full-time education are eligible for the program. Employers offering internships will have to choose candidates from a shortlist using objective standards.

Who is not eligible?  

Candidates with qualification from IIT, IIM, IISER, CA, CMA, etc. are not eligible for the internship, as per the government’s indicative list. 

The allocation of Rs 1.48 lakh crore for education, employment, and skill development in the Union Budget 2024-2025 is groundbreaking. It’s encouraging to see such a strong commitment to improving the infrastructure of education and generating new employment opportunities. 

It presents an adaptive and hopeful picture of Indian youth, giving them ample chances to advance and flourish. Through the organized support and initiatives outlined in this budget, young people will acquire important skills and experiences, making them more competitive in the job market.