Budget 2024: New internship scheme may target top 500 companies by market cap
Govt hopeful to roll out schemes at the earliest, will also hold industry consultations
- Jul 29, 2024,
- Updated Jul 29, 2024 7:01 PM IST
The top 500 companies by market capitalisation are likely to be included in the new scheme for internship for 10 million youth that was announced in the Union Budget 2024-25.
“The objective is to get them trained at the top companies where these candidates can learn about the best management practices and international best practices,” said a person familiar with the development.
These candidates would then be job ready and would be hired easily, even by smaller firms, where they can then take forward these management practices that they learnt during their internship, the person further said.
As part of the Prime Minister’s package on employment and skilling in the Union Budget 2024-25, the finance minister had announced that internships would be provided to 1 crore youth by India’s top 500 companies.
She had also announced three schemes that are employment linked incentives and based on enrolment in the Employees’ Provident Fund Organisation, that would focus on recognition of first-time employees, and support to employees and employers.
Since the announcement, industry and sectoral experts have been awaiting the details of these schemes to understand their impact on formal sector job creation.
According to sources, the government is hoping to roll out the employment linked incentive schemes and the internship scheme at the earliest.
The ministry of labour and employment is understood to be working on the details and provisions of the three ELI schemes announced in the Union Budget by Finance Minister Nirmala Sitharaman.
“Let the Budget be passed first, the schemes will be rolled out at the earliest," said a person familiar with the development.
The government is also likely to hold consultations with industry to get their feedback before finalising the contours of all these schemes.
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The top 500 companies by market capitalisation are likely to be included in the new scheme for internship for 10 million youth that was announced in the Union Budget 2024-25.
“The objective is to get them trained at the top companies where these candidates can learn about the best management practices and international best practices,” said a person familiar with the development.
These candidates would then be job ready and would be hired easily, even by smaller firms, where they can then take forward these management practices that they learnt during their internship, the person further said.
As part of the Prime Minister’s package on employment and skilling in the Union Budget 2024-25, the finance minister had announced that internships would be provided to 1 crore youth by India’s top 500 companies.
She had also announced three schemes that are employment linked incentives and based on enrolment in the Employees’ Provident Fund Organisation, that would focus on recognition of first-time employees, and support to employees and employers.
Since the announcement, industry and sectoral experts have been awaiting the details of these schemes to understand their impact on formal sector job creation.
According to sources, the government is hoping to roll out the employment linked incentive schemes and the internship scheme at the earliest.
The ministry of labour and employment is understood to be working on the details and provisions of the three ELI schemes announced in the Union Budget by Finance Minister Nirmala Sitharaman.
“Let the Budget be passed first, the schemes will be rolled out at the earliest," said a person familiar with the development.
The government is also likely to hold consultations with industry to get their feedback before finalising the contours of all these schemes.
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