Finance Minister Nirmala Sitharaman has urged India’s top 500 companies to step up their participation in the Prime Minister’s Internship Scheme, pointing out that many of them are yet to engage with the programme.
FM Sitharaman on March 17 sought greater involvement from leading companies, calling it essential to maximise the scheme's impact and help the youth meet industry’s expectations.
Speaking at the launch of the PM Internship Scheme app, Sitharaman said the scheme does not impose any compulsion on companies, and neither does it interfere with the management processes. Greater participation from India’s top 500 companies would enhance the scheme’s success, FM added.
"There is no compulsion on industry, no interference in the management process. But we still have some way to go for the top 500 companies to participate in the scheme," Sitharaman said. "Companies are not expected to cut profits; we would want top 500 companies to pitch in."
The PM Internship Scheme - aiming to bridge the gap between industry requirements and job market readiness - has so far attracted participation from 300 companies in the first pilot phase, and 325 companies in its second pilot phase. These companies have cumulatively offered 1.18 lakh internship opportunities, even as the scheme received six lakh applications since the two pilot projects, according to the Ministry of Corporate Affairs (MCA).
The portal for the scheme remains open for applications until the end of March, FM added.
The Finance Minister stressed that greater engagement from India’s top companies is crucial to fully leverage India’s demographic dividend. "Indian industry should participate in the scheme. A large demographic dividend should be available for the industry," she said.
The PM Internship Scheme aims to create a robust talent pool by encouraging non-IIT and non-premier institute students to gain industry exposure. Sitharaman said that increasing participation from top 500 firms would provide greater exposure to students from smaller towns and less privileged backgrounds, aligning them better with industry requirements.
Closing the Skill Gap
FM Sitharaman said that the scheme aims to address the shortage of skills aligned with industry expectations, particularly as industries are undergoing rapid transformation due to technological advancements such as artificial intelligence (AI), internet-based learning, and robotics. "The industry is going through a big churn by bringing AI, internet-based learning, and robotics. There is still a shortage of industry expectations in the applicants. This problem has been recognised through the PM Internship Scheme," Sitharaman said.
The scheme is designed to provide practical exposure to youth, particularly from tier II and tier III cities, helping them understand the job market requirements and employment opportunities. "The scheme provides a bridge for industry and youth to meet the expectations of the job market. Youth will get an understanding of job market expectations and the scope of job availability through the scheme," Sitharaman said.
Expansion of the Scheme
The second pilot of the PM Internship Scheme has been expanded to cover 735 districts across India. FM Sitharaman stated that the government hopes to cover one crore youth under the scheme over the next five years.
To further streamline the application process and enhance accessibility, an app has been launched to allow applicants to upload their details and enable real-time monitoring through a dedicated dashboard. An automated system has been implemented to place interns within their home districts wherever possible.
FM Sitharaman also emphasised the importance of making the scheme available in multiple languages to ensure broader accessibility. "We cannot limit the PM Internship Scheme to Hindi and English; it should be available in all languages," she added.
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