Top CSR spending Companies to lead government’s internship scheme
Top spenders on corporate social responsibility (CSR) obligations, such as Reliance Industries, Tata Consultancy Services, HDFC Bank, ONGC, Infosys and NTPC could get to train more candidates, as the government prepares to launch the PM’s Internship scheme in coming days. The top 500 companies to offer internships to 10 million youths under the scheme could be chosen based on their average annual spending on CSR obligations over three years through 2022-23.Industry players had given the suggestion to choose the top 500 companies on the basis of their CSR spending, and the government has accepted it. Additional criteria are also being finalised. The Ministry of Corporate Affairs (MCA), which is spearheading this initiative, is in talks with stakeholders to roll out this scheme within a month. MCA has also established a dedicated cell for this initiative.
The higher the CSR spending, the larger could be the intake of interns for companies. On an average, each company would be expected to accommodate 4,000 interns a year for five years under the scheme where the government will bear most of the cost. The current employee strength of large companies would be evaluated for their absorption capacity. The government could ask state-run banks, which are not formally categorised as companies as they are not governed by the Companies Act, to join this scheme as well. Given that the adoption of the scheme will be voluntary, the MCA is engaged in talks with various stakeholders to persuade large companies to do their bit for this programme. PSUs (public-sector units) will have to play a greater role if some private companies back out or don’t show much interest. A new portal will be launched to implement the scheme. Internship aspirants can apply directly to the companies through this portal. Each selected intern will get a monthly allowance of Rs. 5,000 for one year, on top of a one-time aid of Rs. 6,000. The government would bear Rs. 54,000 towards monthly allowance and the one-time aid – spending Rs. 60,000 for each intern. Participating companies would pay for the training cost and 10% of the monthly allowance (amounting to Rs. 6,000 for each candidate) from their CSR funds.
