On Thursday, the government initiated the pilot phase of the Prime Minister’s Internship Scheme, which seeks to provide 1.25 lakh internship opportunities in the fiscal year 2024-25. This ambitious initiative will involve participation from the top 500 companies in India, according to government officials.
This is came into existence during the Budget 2024-25, the scheme aims to create one crore internship opportunities for young individuals over the next five years. The program will be managed via an online platform developed by the Ministry of Corporate Affairs (MCA), accessible at www.pminternship.mca.gov.in.
Early Interest from Top Companies
As of Thursday morning, the pilot phase has already attracted interest, with over 1,000 internship offers from renowned companies such as Mahindra & Mahindra, Max Life, and Alembic Pharma. Registration for internships will be open from October 12 to October 25, 2024. Selected candidates will be informed between October 27 and November 7, with internship offers being extended from November 8 to November 15. The first batch of internships is scheduled to begin on December 2, 2024.
Selection Criteria for Participating Companies
The companies participating in the scheme have been chosen based on their average Corporate Social Responsibility (CSR) expenditure over the past three years. Participation in the scheme is entirely voluntary. In addition to the top 500 companies, other companies, banks, and financial institutions can apply to join, subject to MCA approval. If a company cannot offer in-house internships, they may collaborate with suppliers, customers, or other entities within their value chain to provide the required opportunities.
Internship Structure and Stipend
The internships will last for 12 months, with at least half of the period devoted to hands-on work experience. Interns will receive a monthly stipend of ₹5,000, with ₹4,500 provided by the government and ₹500 coming from the company’s CSR funds. Additionally, MCA will offer a one-time grant of ₹6,000 to cover incidental expenses when interns begin their placements.
Insurance Coverage for Interns
Interns will be covered under government schemes such as PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana, with the government handling the premium payments. Partner companies are also permitted to provide additional accidental insurance coverage if they choose.
Eligibility Criteria for Applicants
Youth aged 21 to 24 years are eligible to apply for the scheme, provided they are Indian nationals and not currently employed full-time or engaged in full-time education. Applicants should have completed their high school education or hold degrees like BA, B.Sc, B.Com, BCA, BBA, B.Pharma, or various diplomas. However, graduates from top institutions like IITs and IIMs, as well as those holding advanced degrees such as MBA, CA, CMA, and MBBS, are not eligible to apply.
Support and Grievance Redressal
To ensure a smooth process for applicants, a grievance redressal system and a multilingual helpline (1800-116-090) have been established. The PM Internship Scheme aims to equip young people with practical, real-world experience, enhancing their employability in India’s competitive job market.
With inputs from agencies
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