India’s job landscape is a paradox – on one hand the employers are crying for talent with skills & stability and on the other hand the talent capability, aspiration and mobility is not aligned with the industry demand. The single largest impediment to meet the goals and vision of Viksit Bharat is this lack of alignment.
Aspiration can be infused and mobility incentivized but the skill-capability gap is real and scary. Organization leaders can dispense stories of how the majority of the candidates cannot even cover the basics of their field after years of education – Commerce graduates struggle to talk about the 3 golden rules of accounting, Science graduates cannot recall the basic laws and Computer Science graduates fail when asked to write a few lines of code. The problem is real and the root cause boils down to one simple fact – the traditional learning models are failing both the Student and the Industry.
Learning by Doing is perhaps the most sure shot method of acquiring skills. An extension of this is the model of Work Integrated Degree Programs that blend higher education and work experience. This model is the panacea to solve the talent supply chain crisis, the skill gap and create a real bridge between industry and academia.
With a scorching pace of growth the need for skilled professionals has never been more urgent. Recognizing this, the government has introduced a pioneering internship scheme designed to bridge the gap between education and employment. This scheme not only promises to enhance the employability of young graduates but also incentivizes organizations to invest in the future of India’s human capital.
Key Details of the Internship Scheme
- Providing internship opportunities in 500 top companies
- Cover 1 crore youth in 5 years
- Aim to gain exposure for 12 months to real-life business environment
- Applicable across varied professions and employment opportunities
- Prime Minister’s Internship allowance of ₹ 5,000 /month (i.e ₹ 60,000 /year)
- One-time assistance of ₹ 6,000 will be provided.
- Companies to allocate ₹6,000 i.e 10% of the internship cost from their CSR funds
- Companies to to bear the training cost
Empowering the Youth
The primary beneficiaries of this scheme are the interns themselves. By receiving a stipend, they take care of basic expenses, while they are under training especially those from economically weaker sections. The hands-on experience gained during the internship is invaluable, providing practical skills and industry insights that complement theoretical knowledge.
Encouraging Corporate Participation
The scheme is designed to encourage companies to actively participate in the nation’s skill development agenda. By contributing only 10% of the internship allowance and the training costs, organizations have a viable way to adopt this model. Moreover, the allowance for administrative expenses from CSR funds reduces the financial burden.
Supporting CSR Goals
By channeling CSR funds into internship programs, companies can contribute to community development while building their talent supply chain.
The forward-thinking internship scheme is a master stroke that creates a win-win situation for all stakeholders involved. Interns will gain valuable work experience and financial support, companies will be able to reduce their training overheads and fulfill their CSR obligations, and the government advances its mission of creating a more skilled and employable workforce.
The author is COO & Head of Employability Business, TeamLease Edtech