The government has introduced a pilot internship program aimed at providing financial assistance to youth between the ages of 21 and 24. The initiative offers an annual stipend of Rs 66,000 and aims to benefit one crore young people over the next five years. The program, estimated to cost around Rs 800 crore, is set to start on December 2, 2024, and will cover 1.25 lakh candidates by the end of the current financial year.
What is the PM Internship Scheme?
Announced in the 2024 Union Budget, the Prime Minister’s Internship Scheme is designed to provide youth with opportunities to work in 500 leading companies across India over a span of five years. Participants will gain hands-on experience in various professions, giving them exposure to real-world business environments and potential employment opportunities.
Interns will receive a monthly stipend of Rs 5,000 along with a one-time allowance of Rs 6,000. The companies participating in the program are expected to cover the cost of training and 10% of the internship expenses, utilizing their Corporate Social Responsibility (CSR) funds.
A set of eligibility criteria has been established, including a negative list that excludes candidates from families with an annual income exceeding Rs 8 lakh. Those enrolled in online or distance learning programs can also apply.
Eligible candidates include those who have completed High School, Higher Secondary School, or possess qualifications such as an ITI certificate, Polytechnic diploma, or degrees like BA, B.Sc, B.Com, BCA, BBA, or B.Pharma.
How to Apply for the PM Internship Scheme?
The scheme will be implemented through an online portal, developed by the Ministry of Corporate Affairs.
Link: www.pminternship.mca.gov.in,
Date To Apply: From October 12 to 25,
Shortlisting: October 26,
Company Selections: October 27 and November 7.
Candidates can receive up to three internship offers, and successful applicants must accept an offer between November 8 and 15.
111 Companies Sign Up for the Program
According to reports, 111 private companies have already joined the PM Internship Scheme, which was introduced in the 2024-25 Budget to help bridge the gap between education and industry. The top 500 companies for the scheme were chosen based on their CSR spending over the past three years. So far, companies like Alembic, Mahindra & Mahindra, and Max Life Insurance have made 1,077 internship offers.
The government-owned BISAG-N has been tasked with running the project, which is voluntary for companies. The internship will last 12 months, with participants spending at least half of the time in an actual work environment rather than in classrooms.
Initially, the program has been rolled out in seven districts across four states, including Telangana, Uttarakhand, Gujarat, and Maharashtra.
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