BENGALURU: The government will launch a comprehensive scheme that will provide internship opportunities to one crore youth in 500 top companies in five years. FM Nirmala Sitharaman said in her budget speech that youth will gain exposure for one year to real-life business environments, varied professions and employment opportunities. Apart from this, an internship allowance of Rs 5,000 per month along with a one-time assistance of Rs 6,000 will be provided.Sitharaman also mentioned that the First Timers scheme will provide one-month wage to all persons who are entering the workforce in all formal sectors. “The direct benefit transfer of one-month salary in three instalments to first-time employees, as registered in the EPFO, will be up to Rs 15,000. The eligibility limit will be a salary of Rs 1 lakh per month. The scheme is expected to benefit 210 lakh youth,” she said.Ramesh Alluri Reddy, CEO at TeamLease Degree Apprenticeship, said the budget’s emphasis on skill development is a game-changer for the country’s employment landscape, especially with the central theme being centered around employment, skilling, and MSMEs. “With over four crore jobs for youth set to be created over five years under five schemes with an outlay of Rs 2 lakh crore, the government’s initiative is poised to transform the workforce. A provision of Rs 1.48 lakh crore has been made for education, employment, and skilling, highlighting a robust commitment to addressing the skills gap and improving employability,” he said.The finance minister also announced a financial support for loans upto Rs 10 lakh for higher education in domestic institutions. “E-vouchers for this purpose will be given directly to one lakh students every year for annual interest subvention of three per cent of the loan amount,” she added.”The budget takes into consideration increasing the participation of women in the workforce as a priority and organizing women-specific dormitories and hostel arrangements, also focusing on women-specific skilling programs will definitely improve the working conditions of the women in India,” Suchita Dutta, Executive Director, Indian Staffing Federation, said.The budget’s special focus on skilling 20 lakh youth over the next five years through centrally sponsored schemes, the upgradation of 1,000 training institutes, and the provision of skilling loans are steps in the right direction, say experts.Online learning platform Coursera said the budget’s special focus on skilling 20 lakh youth over the next five years through centrally sponsored schemes, the upgradation of 1,000 training institutes, and the provision of skilling loans are steps in the right direction. Raghav Gupta, Managing Director, APAC and India, Coursera, said, “I am particularly excited about the provision for one crore youth to gain industry experience through internships with 500 top companies this will bridge the gap between theory and practice. The cross-sector collaboration can address the rapidly growing skills gap and social inequities, ensuring students transition smoothly into high-demand job roles.”
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