New Delhi:

Union Finance Minister Nirmala Sitharaman announced that the government will launch an internship scheme to provide opportunities to one crore youth in top 500 companies over the next five years.

While presenting the Union Budget 2024-25, Ms Sitharaman said an internship allowance of Rs 5,000 every month and one-time assistance of Rs 6,000 will be provided under the new scheme.

The companies facilitating the internship will bear the cost of training the interns and use their Corporate Social Responsibility (CSR) funds for it. Interns will get exposure to real-life environment and an allowance every month, she said.

In her speech, the Finance Minister announced nine priorities in the Union Budget 2024-25 for generating job opportunities in the Indian economy. The nine priorities include productivity, jobs, social justice, urban development, energy security, infrastructure, innovation and reforms.

Ms Sitharaman announced three schemes for employment generation and proposed the creation of employment 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,” she said, adding that Rs 2 lakh crore will be allocated for the same.

In a bid to increase skill development, the finance minister allocated Rs 1.48 crore for 20 lakh youth to be made skilled over a five-year period. Over 1,000 industrial training institutes will be upgraded, she announced.

To encourage women’s participation in the economy, the government proposes to set up working women hostels, the minister said. “We will facilitate higher participation of women in workforce by setting up of 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,” she said.