Union Budget 2024: Top 500 companies based on their average spending through corporate social responsibility for three years are likely to be chosen to be a part of the government’s ambitious internship programme under which 1 crore youth would intern in the next five years. The ministry of corporate affairs, which will be spearheading the scheme, will suggest the number of internship opportunities for each company. “Since the ministry of corporate affairs already has data on CSR spends by companies, taking the top 500 companies based on that is seen to be a suitable criterion,” said a person familiar with the development. According to sources, the modalities of the scheme, which was announced by Union finance minister Nirmala Sitharaman in the Union Budget 2024-25, were discussed at an industry interaction with Ministry of Corporate Affairs that was organised by CII. The two hour session was attended by MCA Secretary Manoj Govil along with senior officials. Over 100 executives from India Inc also participated in the deliberations. These are understood to be part of the MCA’s consultations with industry to get feedback on the proposed scheme. “They will gain exposure for 12 months to real-life business environment, varied professions and employment opportunities. An internship allowance of Rs 5,000 per month along with a one-time assistance of Rs 6,000 will be provided,” the finance minister had said, adding that companies will be expected to bear the training cost and 10% of the internship cost from their CSR funds. Of the Rs 5000 allowance, the company would pay Rs 500 based on satisfactory performance of the candidate. This would trigger payment of Rs 4,500 by the government through direct benefit transfer. Sources said that each company will appoint a nodal officer for the scheme and will have to register on a specially created portal on which candidates will also register. Candidates would be able to apply for up to 10 internship opportunities while those from aspirational districts would be able to apply for 15 opportunities. Companies would be able to offer two internship opportunities per candidate and up to four opportunities for candidates from aspirational districts. Companies can also leverage their supply chain and ecosystem to train the interns in various locations, said the source. The scheme is voluntary for companies. Top performing candidates and companies would be rewarded. Apart from on the job training, companies would also be encouraged to provide soft skills training to these candidates. “Training by industry has been a key ask as companies don’t always want students that are skilled in artificial environment and do not understand the realities of the job,” said the source. The internship scheme is one of the five schemes announced as part of the PM’s package on skilling and employment. The scheme aims to help youth in the age group of 21 years to 24 years to get on the job training and exposure to working environment so that they are skilled and employable and can also find jobs at other companies.