Union Budget: What Is The Rs 5,000 Monthly Stipend For 1 Crore Internships

by Shambhu Datta Mishra

NEWS HIGHLIGHTS

Finance Minister Nirmala Sitharaman announced that the internship scheme will provide opportunities to one crore youths over the next five years and each intern will receive a monthly allowance of Rs 5,000 and a one-time assistance of Rs 6,000

It will provide 12 months of real-life business exposure, while participating companies can cover training costs and 10 per cent of the internship costs from their Corporate Social Responsibility (CSR) funds

The Finance Minister also proposed the creation of employment for about 4.1 crore youth over the next five years, and Rs 2 lakh crore has been allocated towards it

New Delhi, July 24: In a bid to promote skilling, the Union Budget 2024-25 has launched a comprehensive scheme for providing internship and apprentice opportunities to 1 crore youth in five years in the top 500 companies.

Finance Minister Nirmala Sitharaman, while presenting the Budget in Lok Sabha Tuesday, announced that the internship scheme, under the Prime Minister’s package, will provide opportunities to one crore youths over the next five years, and each intern will receive a monthly allowance of Rs 5,000 and a one-time assistance of Rs 6,000.

"This scheme bridges the gap between academic knowledge and industry requirements, empowering young individuals with practical experience and financial support," said Jayant Chaudhary, Minister of State for Skill Development and Entrepreneurship (Independent Charge) Wednesday.

"It aligns with broader goals of improving employability, stimulating economic growth, and promoting sustainable development," he added.

The Finance Minister also proposed the creation of employment for about 4.1 crore youth over the next five years, and Rs 2 lakh crore has been allocated towards it.

In addition, 1,000 industrial training institutes (ITIs) will be upgraded.

Several experts have hailed the initiatives noting that it underscores the government's commitment to nurturing India's workforce and will help create a more skilled and job-ready workforce.

"The internship programme for Indian students in the top 500 companies, providing tax input for their CSR funds, is a welcome step for industry-academia participation," said Prof. (Dr.) Sanjiv Marwah, Director, Maharaja Agrasen Business School.

"We look forward to the comprehensive internship scheme designed to provide opportunities for one crore youth in 500 top companies over the next five years," Prabhakar Azad, Chief People and Process Officer, Ashwin Sheth Group.

He added that the "initiative is poised to bridge the gap between academic learning and practical industry experience, creating a more skilled and job-ready workforce. Such a workforce is crucial for sectors like real estate, where practical skills and experience are highly valued".

Meanwhile, the government also plans to incentivise 30 lakh youth entering the job market by offering a one-month PF contribution.

"This initiative is a welcome move, and will ease the transition from education to employment, supplemented by the internship allowance of Rs 5,000 per month and a one-time assistance of Rs 6,000," Azad said.

(IANS)

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We Were Fortunate To Get Virat Kohli's Wicket On That Delivery, Says William O'Rourke

by Pabitra Mohan Senapaty

Bengaluru, Oct 18: New Zealand pacer William O'Rourke feels that he was fortunate to take Virat Kohli's dismissal on the ball which was going down the leg in the first Test against India on Thursday.

Kohli departed on a nine-ball duck as he edged the ball which was taken by Glenn Phillips at the leg gully on the second day in Bengaluru. India had an abysmal outing in the first innings under overcast conditions as they were bowled out for just 46 runs, their lowest-ever Test score at home and their third-lowest in history.

"I think just with my angle back in, having that leg gully in place was meant to bring him into play. It was obviously an attacking option for us. We were fortunate to get the wicket. I don’t think that was exactly the delivery I intended, but it worked and I got his wicket, so I’m happy about it," O'Rourke told JioCinema.

The weather conditions and moisture on the pitch supported Kiwi seamers and O'Rourke said he felt like playing at home. "Very similar to the conditions back home. I think we weren't expecting too much assistance in the morning. We were probably going to bat as well if we won the toss. So, it was nice to see the ball nipping around, and I could just run in and do my thing," the pacer said.

"I think we were excellent in the field today. A few diving chances and I think that's what we pride ourselves on. We probably haven't been as good as we wanted to be in the last few Tests. So, coming out here and putting on a show like that was really special," he added.

Playing for the first time in India, O'Rourke returned with the figures of 4-22 in his 12 overs and credited the Sri Lanka series for getting a sense of the subcontinental conditions.

"It’s my first time playing in the subcontinent so it’s obviously a little bit different from back home, but playing those first two Tests in Sri Lanka really helped prepare me to come out here and just focus on doing my own thing," he said.

After dismissing India for a dismal total, the visitors ended day two on 180 for 3, leading by 134 runs. Devon Conway was the standout for the visitors, scoring 91 runs, while Will Young contributed 33. Ravichandran Ashwin, Kuldeep Yadav, and Ravindra Jadeja bagged one scalp each but India face an uphill task to recover from their nightmare start in the series opener.

Union Budget: What Is The Rs 5,000 Monthly Stipend For 1 Crore Internships

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