The government-assisted scheme to provide internship opportunities for India’s youth in top Indian companies, announced in Union Budget FY25, has got a head start with over 100 firms — 111 at last count – having already evinced interest in it. The companies that are on board include a who’s who of Corporate India – Reliance Industries, TCS, HDFC Bank, ONGC, Infosys, NTPC, TATA Steel, ITC, Indian Oil, ICICI Bank, Wipro, Mahindra and Mahindra, HUL, JSW Steel etc.
The scheme will have 50% reservation for SC/ST and OBCs, as in government jobs, according to official sources.
These companies have made a total of 1,077 offers on the the designated ministry of corporate affairs’ (MCA) portal, which will go live on October 12 for the candidates to apply for training and skill development, the sources added.
The government formally rolled out the scheme on Thursday on a pilot basis. Virtual training of the company executives (trainers) has also commenced.
The scheme envisage top 500 companies in terms of their average CSR spend in the past three years to offer internship options to the youth. The intent behind it is to increase their access to potential employers and making them more employable.
According to the sources, the scheme aims to provide internship opportunities to 1,25,000 youth in FY25, and entails a financial outgo of Rs 800 crore. The scheme has a tall target of providing opportunities to 10 million youth over a five year period. The participation of companies under the scheme is voluntary.
The actual training of selected interns will commence from December 2, and the duration of the training will be 12 months.
In case the 500 “partner companies” can’t provide internships, they may tie-up with entities in its forward and backward value chain (suppliers/vendors) for the purpose, the sources added. However, the partner companies will oversee the implementation of the scheme.
Candidates who have passed Grade 10 (High School) and beyond and in the age group of 21-24 years are eligible to apply subject to riders. For instance, graduates from IITs, IIMs, NLUs and those having qualifications such as CA, CMA, MBBS, BDS, and MBA are not eligible. Also, those undergoing any skill, apprenticeship training under central/state government schemes are ineligible. Besides, individuals who have any family member whose income exceeds Rs 8 lakh (in FY24), or has a member who is a permanent/regular government employee, can’t apply for the internship programme.
As per the scheme, the candidates will have to register themselves on the dedicated online portal, which will automatically shortlist twice the number of vacancies available in the industry for each position. This shortlist will be based on the candidates’ profiles, preferences, and eligibility. Once the portal has shortlisted the candidates, the industry (or the participating companies) will review the list and select candidates from the shortlist and send them an offer letter.
The Confederation of Indian Industry (CII) said that since a majority of the economically marginalised people belong to the SC/ST/OBC communities, the 50% reservation will promote inclusivity and create a supportive environment for them. By adding the reservation piece, the government has taken affirmative action that will go a long way to promote inclusiveness,” said Sougata Roy Choudhury, executive director (skills, AA & IR) at CII.
The interns will receive financial assistance of Rs 5,000 per month, with Rs 4,500 provided by the government and Rs 500 contributed by the company from its CSR funds. Additionally, each intern will be given a one-time grant of Rs 6,000 for incidental expenses, disbursed by the ministry when they begin their internship.
The company will cover the expenses related to intern training through its CSR funds. Insurance coverage for all interns will be provided under the Union government’s schemes, PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana, with the premium paid by the government.
Partner companies will have a dedicated dashboard on the portal to post internship opportunities, including details such as location, job nature, qualifications required, and any provided facilities. Eligible candidates can register on the portal, where their details will be used to generate a resume. They can explore internships based on sector, role, and location preferences and apply for up to five opportunities.