The Government has introduced a new internship scheme for 500 top companies in India. It aims to skill 10 million youth over the next five years through this initiative. While joining the scheme is voluntary, it offers many benefits for companies looking to build a skilled workforce. The internship period will be 12 months.
Who Can Apply?
To qualify for the internship, individuals must be between 21 to 24 years old, unemployed, and not engaged in full-time education. Graduates from IITs, IIMs, IISERs, and professionals like CAs and CMAs cannot apply. Also, candidates should not have any family members who pay income tax or are government employees.
Interns will get practical work experience in skills directly related to the company's operations. At least 50% of the internship time must involve real work experience, not classroom training. If a company cannot provide direct experience, it must partner with other organisations in its supply chain or group.
Government Subsidy
The monthly internship allowance under the scheme is INR 5,000, totalling INR 60,000 for a 12-month internship. Additionally, there is a one-time payout of INR 6,000 for incidentals. The Government will cover INR 54,000 of the monthly allowance and the INR 6,000 grant for incidentals. Organisations will have to cover INR 6,000 (10% of the allowance) and the training cost from their Corporate Social Responsibility (CSR) funds. They can also use CSR funds to cover other administrative expenses.
How to Apply
Applications will be submitted through an online portal. Companies will select candidates based on objective criteria and will have to prioritise those with lower employability. The list of candidates will be available on the portal for organisations to review.
