Why in news?
The Ministry of Corporate Affairs announced that the Corporate Mitra scheme will start with 2,000 participants, including 200 from the North East. Young graduates up to the age of 30 will receive six months of classroom training followed by six months of on‑the‑job experience. The programme aims to create a cadre of professionals who can help micro, small and medium enterprises (MSMEs) meet regulatory requirements.
Background
Compliance with laws such as GST, accounting standards and company regulations is often challenging for small businesses. In the 2026‑27 Union Budget the government proposed the Corporate Mitra scheme to fill this gap. The Institute of Chartered Accountants of India, the Institute of Company Secretaries and the Institute of Cost Accountants, along with IIT Madras, will jointly run the course. Participants will pay a subsidised fee of ₹3,000 plus GST, with a 50 percent fee concession for women and for candidates from the North Eastern states, Himalayan regions, Andaman and Nicobar Islands and Lakshadweep.
Key features
- Eligibility: Indian citizens up to 30 years of age with a graduate degree can apply. A special quota is reserved for candidates from the North East.
- Training structure: The course includes six months of academic instruction and six months of practical work under practising professionals.
- Curriculum: Participants learn about GST, income‑tax filing, accounting, cost accounting and corporate law. They also receive mentoring on communication and digital tools.
- Role of corporate mitras: After training, these professionals will assist MSMEs with statutory filings, bookkeeping, cost control and secretarial compliance. They will charge nominal fees, making professional services affordable for small businesses.
- Partnership model: Professional institutes will certify the candidates and provide industry placements. The government expects this to create new employment opportunities and improve ease of doing business.
Conclusion
By training young graduates as compliance facilitators, the Corporate Mitra scheme seeks to bridge the gap between MSMEs and complex regulatory requirements. If implemented well, it could generate jobs and reduce the burden of paperwork on small entrepreneurs.