Ministry of Corporate Affairs sets up a dedicated team to implement internship scheme

The Ministry of Corporate Affairs has set up a dedicated team of officers to implement the proposed internship scheme that was announced in the Union Budget 2024-25.

It has recently transferred and posted three officers of the Indian Corporate Law Service for the internship scheme in top companies. The transfer is with immediate effect and “until further orders”, said an official order by the ministry.

The ministry is spearheading the scheme and has also begun discussions with industry representatives on feedback on the model and details of the scheme. According to sources, the scheme will be voluntary for companies and will look to include the Top 500 companies based on their average spending on corporate social responsibility in the last three years.

It is expected to be implemented before the end of the year, sources said, adding that this is a top priority for the ministry at present.  

On July 23, Finance Minister Nirmala Sitharaman had announced in the Union Budget the internship scheme as part of the PM’s package on employment and skilling. The comprehensive scheme would provide internship opportunities in 500 top companies to 10 million youth in five years, she had said, adding that this would enable them to 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. Companies will be expected to bear the training cost and 10% of the internship cost from their CSR funds,” she had further noted.   

The scheme will have a Central allocated of Rs 54,000 crore over a period of five years and two phases. For the current fiscal, the ministry of corporate affairs has been allocated Rs 2,000 crore but this could be increased as required.