Empowering Youth: Budget 2024 Internship Opportunities Unveiled
Updated: 28-01-2025 at 6:33 AM
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Unemployment has recently been off the charts in India, the unemployment rate has risen to 8.1% as of April 2024. Individuals with good degrees are finding it difficult to find jobs in India and the public has been pressured because of the lack of response and initiation of new govt internship schemes.
To tackle this current situation and prepare the youth for getting jobs, the Indian government has announced a plan to offer internship opportunities in 500 top companies to nearly 1 crore young people all across the country. The initiative to launch this government scheme was a part of the 2024 Interim-Union budget of India.
What Is This Govt Internship Scheme?
Unemployment amongst the youth has been a persistent problem in India, but as of recently, the struggle to find jobs that match their qualifications has been harder. To tackle this, in the recent key Budget announcements, Nirmala Sitharaman announced the significant steps being taken by the government to bridge the gap between education and unemployment.
The government is offering various internships to the youth to enhance employment and prepare them youth to face the competitive job market.
Watch Now: Internship In Fortune 500 Company! What's In The New Budget 2024?
In the speech given by Finance Minister Nirmala Sitharaman, she announced nice priorities in the Union Budget 2024. She announced three govt schemes for employment generation for nearly 4.1 crore youth over the next five years.
"Scheme for first-timers to provide one-month wage to all persons newly entering the workforce in all sectors. First-time employment scheme to benefit 2.1 crore lakh youths," said Finance Minister Nirmala Sitaraman. She also mentioned that Rs. 2 lakh crore will be allocated for this.
The government has also allocated around Rs. 1.5 crore for 20 lakh youth for skill development. Over 1000 industrial training institutes will be upgraded according to Nirmala Sitharaman.
This employment scheme aims to collaborate with 500 top companies across various industries and sectors to increase the reach among the youth. This initiative will maximise opportunities and meet the diverse interests and skills of the youth. Stipends of Rs. 5000 will be given every month to interns and one-time assistance of Rs. 6000 will be provided under this govt internship scheme.
The top companies conducting these internships will provide training to the interns and the cost of training will be borne by the company using their CSR funds (Corporate Social Responsibility). This way interns can learn new skills, get experience and also get exposure tore the real-life work environment. Stipends will motivate them and help them get life experience.
This govt internship scheme also aims to encourage women’s participation. Nirmala Sitaraman has announced that the government is planning to set up working women hostels for women as one of the major reasons why women cannot work is due to the lack of facilities.
"We will facilitate higher participation of women in the workforce by setting up working women hostels in collaboration with industries and establishment of creches in addition the partnership will seek to organise women-specific skilling programmes and promotion of market access for women SHG enterprises," said Nirmala Sitaraman.
Benefits Of The Internship Program
The youth will get the following benefits under the internship program.
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Practical Experience
Internships will help the youth to get practical experience and will also get a chance to use the skills and techniques taught to them in school and college. This allows them to practically apply what they have learnt in theory.
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Skill Development
With more exposure, interns will get to enhance their hard and soft skills. They not only get to enhance their work skills but also other skills like communication, teamwork, problem-solving, etc.
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More Opportunities
The government aims to tackle the unemployment rate and help the youth prepare for their future. The youth will gain knowledge and enhance their skills under this program, which will further help them in the future to find jobs.
Conclusion
This initiative by the government will help broaden employment opportunities and create a more skilled and employable workforce in India. Investing in the future is always a must as it ensures the future growth and development of the nation. With India investing in the youth and providing various internship opportunities, this will surely help the country’s economic growth and development.
To read more about the key highlights of the Union Budget 2024, click here and make sure to check out Jaagruk Bharat for more articles on the Budget.
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