In a significant step toward boosting skill development, 111 private sector companies have signed up for the government’s PM Internship Scheme, which aims to provide one crore internship opportunities to economically weaker youth over the next five years. The initiative, announced during the 2024-25 Budget, seeks to bridge the gap between academia and industry by offering practical experience to young professionals.
On October 3, the government launched a pilot project for the scheme in seven districts across Gujarat, Maharashtra, Uttarakhand, and Telangana. "This is an ambitious initiative to bridge the gap between academia and industry. Through this pilot project, we aim to provide hands-on experience to young professionals, ensuring they are better prepared for the workforce," a source from the Ministry of Corporate Affairs (MCA) said.
Pilot Phase and Budget
The pilot phase, which will include 500 companies and involve 1 lakh interns by December 2024, is expected to cost the government Rs 800 crore, the person said.
The financial assistance offered to each intern will be Rs 5,000 per month, with Rs 4,500 covered by the government and Rs 500 contributed by companies through their CSR funds. The 12-month internship will expose interns to real-life business environments across sectors such as agriculture, automotive, and pharma.
A Cabinet decision is expected soon on the full budget outlay for the scheme in FY25, as the government seeks to expand the program nationwide following the pilot’s assessment, the source said.
Eligibility and Registration
Youth aged between 21 and 24, with educational qualifications ranging from High School to Bachelor's degrees (excluding those with elite qualifications like IIT or IIM graduates), are eligible for the scheme. Registration for internships will open in mid-October on a centralised online platform developed by the MCA, accessible at www.pminternship.mca.gov.in.
"The platform allows companies to post internship opportunities while candidates can browse and apply for up to five internships based on their preferred sectors, roles, and locations," the source added.
Additional Benefits
Interns will also receive a one-time grant of Rs 6,000 for incidentals and insurance coverage under the PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana. Upon completion of the internship, companies will provide a certificate, which is expected to significantly boost the career prospects of participating youth.
The government aims to involve 500 of India's top companies in the scheme, though any other interested company may also participate, pending approval from the ministry.
A dedicated grievance redressal mechanism and multilingual helpline have been set up to ensure smooth functioning of the scheme and support for users.
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