The Ministry of Corporate Affairs (MCA) is set to introduce an amendment to the Corporate Social Responsibility (CSR) norms to enable large corporations to offer internships to 10 million young individuals over the next five years. This move, which follows a proposal made in the Union budget, marks a significant step toward integrating internships into the CSR spending categories for India’s top 500 companies.
Under this new amendment, companies that fall within the eligibility criteria will be able to direct part of their CSR budgets to fund internships for young job-seekers, preparing them for future employment. This initiative comes at a critical time when concerns over job creation in India’s rapidly growing economy are high, and it is expected to have far-reaching implications for both businesses and young professionals.
The amendment will necessitate changes to Schedule Seven of the Companies Act, which currently lists 12 categories of activities eligible for CSR spending. These categories range from eradicating hunger to promoting gender equality, and from advancing education to supporting environmental sustainability. By including internships and skill development programs under CSR, the government seeks to bridge the gap between formal education and employment, ensuring that young professionals are better prepared to enter the workforce.
