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Key Government Initiatives
One of the flagship initiatives fueling this growth is the Internship Scheme, which was introduced in the Union Budget 2024-25. This program aims to offer one crore internship opportunities to Indian youth over the next five years, focusing on top 500 companies. These 12-month internships are designed to bridge the gap between academic knowledge and practical industry experience, preparing young Indians for the evolving demands of the workforce.
The pilot phase of this program was launched on October 3, targeting 1.25 lakh internships in the fiscal year 2024-25. Companies participating in the program were selected based on their Corporate Social Responsibility (CSR) contributions, and the scheme functions independently of other government skill development programs. A dedicated portal opened for applications on October 12.
Comprehensive Support for Interns
Interns selected for the Scheme receive financial and logistical support throughout their tenure. Each intern is provided a monthly stipend of ₹5,000, with ₹500 contributed by the company’s CSR fund and ₹4,500 transferred directly by the government to the intern’s Aadhaar-linked bank account. Additionally, a one-time grant of ₹6,000 for incidental expenses is provided when the intern joins. The company covers training costs from its CSR funds, ensuring that interns are well-prepared for the workplace.
Interns are also insured under government schemes, with companies having the option to provide additional accidental coverage. This approach ensures that young professionals are financially supported and protected during their internships, promoting a safe and structured learning environment.
Indian Institute of Skills: Preparing for Industry 4.0
In addition to the internship program, the establishment of the Indian Institute of Skills (IIS) represents a significant effort in preparing India’s youth for Industry 4.0. Opened in Mumbai, the IIS offers training in cutting-edge fields such as factory automation, artificial intelligence, digital manufacturing, mechatronics, and data analytics. These programs are designed to develop an industry-ready workforce that is capable of adapting to modern technological advancements.
Both the Internship Scheme and the IIS are part of a larger government strategy to bolster the employability of India’s youth and equip them with the skills necessary for the future workplace.
