On July 23, Finance Minister Nirmala Sitharaman released the Union Budget for 2024-25. This budget is her seventh consecutive one, and it’s all about making our economy stronger, ensuring financial stability, and launching important projects to boost development.
FM Sitharaman made some important announcements for internships and skilling of the youth of the nation. A new employment skilling scheme has been launched that aims to provide skills to 20 lakh youth in 5 years.
The union government has exciting news for young folks!
They’re launching a special internship program. Over the next five years, a whopping 1 crore youth will get a chance to work in some of the top companies in the country. Interns won’t just learn; they’ll also earn.
With a central outlay of Rs 2 lakh crore, each month, Interns will receive an allowance of Rs. 5,000. So not only do they get real-world experience, but they also get a little cash in their pockets.
These big companies will cover the costs of training these interns. Plus, they’ll contribute an extra 10% using their Corporate Social Responsibility (CSR) funds.
Union Budget 2024-25: Reactions from Key Stakeholders
SightsIn Plus witnessed mixed reactions from key stakeholders on the internship and skilling announcements from the Union Budget 2024-25. We have listed a few here:
Nilaya Varma, Co-Founder and CEO at Primus Partners
“Jobs have to be at the core of economic growth. It is good to see jobs, skills and education at the core of the Budget speech. Translating the allocation and new initiatives into action, making it demand driven, not supply driven can only ensure success of this intent.”
“Very happy to see skilling pivoting to being demand driven. We have always argued that government needs to incentivize the employer so that skill premium can be institutionalized and skilling ecosystem is more demand driven.”
Akshay Munjal, Founder & CEO, Hero Vired
“I applaud the Government’s strong emphasis on education, skilling, and employment in the Union Budget 2024. Amid growing concerns about the impact of AI on job creation, the substantial allocation of Rs. 1.48 lakh crore for these sectors demonstrates a significant commitment to developing India’s human capital.”
“The introduction of various schemes to promote skilling and job creation is poised to significantly boost economic growth. Additionally, the comprehensive scheme providing internship opportunities in 500 top companies to 1 crore youth over five years, funded partly through CSR, is a welcome initiative.”
“This will give the youth valuable exposure to real-life business environments and diverse professions, further enhancing their employment prospects while ensuring a future-ready workforce.”
Union Budget 2024-25: Sonica Aron, Founder Marching Sheep
“The government’s substantial ₹10,000 crore allocation for skill development reflects a strong commitment to preparing a workforce aligned with modern economic demands. Support for MSMEs through financial incentives and simplified credit is expected to boost job creation.”
“Nirmala Sitharaman introduced a PM Package of five schemes with a ₹2 lakh crore allocation, aiming to enhance employment and skilling efforts. This year, ₹1.48 lakh crore is earmarked for education, employment, and skilling.”
“The Employees’ Provident Fund Organisation (EPFO) will see strengthened capabilities and outreach, and a new scheme will offer internships to 1 crore youth across 500 top companies.”
“We had hoped for allocations and incentives for safety provisions and accessible infrastructure to boost the inclusion of women and persons with disabilities in workforce. These initiatives aim to bridge the skills gap, drive economic growth, and build a resilient, future-ready workforce.”
Mr. Ramesh Alluri Reddy, CEO at TeamLease Degree Apprenticeship
“The Union Budget 2024’s renewed thrust on job creation is both timely and commendable. With the Finance Minister Nirmala Sitharaman announcing that one crore youth will receive internship opportunities in the top 500 companies, with an allowance of Rs 5000 per month and Rs 6000 as one-time assistance.”
“This significant investment in skill development programs and the incentivization of industries to adopt comprehensive apprenticeships lays a solid foundation for a future-ready workforce. Integrating on-the-job training (OJT) as a mandated component of degrees, in collaboration with industry partners, allows students to gain invaluable practical experience, even if the training is not necessarily on-site.”
“This initiative is a welcome move towards formal job creation, bridging the gap between theoretical education and real-world application, making graduates more job-ready. By focusing on employment and skilling, the government is not only addressing the immediate need for employment but also building a sustainable pipeline of skilled professionals for the future.”
Summing Up!
In a nutshell, the Union Budget 2024-25 brings exciting opportunities for young Indians. So, if you’re a budding professional, keep your eyes on those internships. If you would like to share your thoughts on the same, kindly comment below.
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