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The Indian government has taken a significant step towards promoting youth employment and skill development by integrating the Prime Minister's Internship Scheme into the Corporate Social Responsibility (CSR) guidelines for Central Public Sector Enterprises (CPSEs). This move underscores the government's commitment to utilizing CSR funds effectively and aligning them with national priorities.
The inclusion of the PM's Internship Scheme as a common theme for CPSEs' CSR spending for the fiscal year 2024-25 signifies a strategic shift in the utilization of these funds. CPSEs are now mandated to allocate 60% of their CSR budget towards initiatives related to 'health and nutrition' and the PM's Internship Scheme. This signifies a direct link between CSR activities and the government's overarching goals for youth empowerment and economic development.
The PM's Internship Scheme, launched in the 2024-25 Union Budget, aims to provide internship opportunities to 1 crore youth over five years. The program focuses on youth within the age group of 21-24 years, offering them valuable practical experience in various fields while providing them with life insurance coverage. The scheme includes a monthly financial assistance of Rs 5,000, with Rs 4,500 disbursed by the government and Rs 500 contributed by the participating company from its CSR funds. This financial assistance provides a safety net for interns, ensuring they can focus on their professional development without financial constraints.
The integration of the PM's Internship Scheme into the CSR guidelines is a crucial step in achieving the scheme's objectives. By leveraging the financial resources of CPSEs, the government aims to expand the program's reach and offer internship opportunities to a larger pool of youth. The involvement of CPSEs also signals a commitment to nurturing a skilled workforce and contributing to the nation's economic growth.
The government's approach to aligning CSR spending with national priorities demonstrates a commitment to leveraging private sector resources for public good. The inclusion of the PM's Internship Scheme as a common theme for CPSEs' CSR activities reflects a strategic vision for harnessing CSR for social and economic development. This initiative will not only create employment opportunities for young Indians but also contribute to a skilled and future-ready workforce capable of driving India's economic growth.