On October 3 2024, the Confederation of Indian Industry (CII) is collaborating with the Ministry of Corporate Affairs (MCA) to roll out the pilot phase of ‘Prime Minister’s Internship Scheme 2024’, a key initiative from the 2024-2025 budget, aimed at providing 1.25 lakh internships for Indian youth, with a budget of approximately Rs 800 crore in the Financial Year 2024-25(FY25).
- The aim of the PM Internship Scheme is to generate one crore internships by March 2029. It will provide financial assistance of Rs 60,000 per annum over a period of five years.
- The scheme is implemented in two phases, through an online portal(www.pminternship.mca.gov.in.) managed by the MCA, and registration is scheduled to open between October 12 and October 25, 2024.
Prime Minister’s Internship Scheme 2024:
i.The scheme focuses on providing opportunities to Indian youth aged 21-24 in partnership with 500 top companies.
ii.A candidates whose family income is below Rs 8 lakh for the Financial Year 2023–24(FY24) are eligible to apply for this scheme.
- Full-time employees or students engaged in full-time education are not eligible. However, students pursuing online or distance learning programs can participate.
iii.The PM Internship Scheme targets those who have completed high school, hold undergraduate degrees like Bachelor of Arts(BA), Bachelor of Science(BSc), Bachelor of Commerce(BCom), Bachelor of Business Administration(BBA), Bachelor of Computer Applications(BCA), or Bachelor of Pharmacy(BPharma) or diplomas.
- Graduates from top-tier institutions like Indian Institutes of Technology (IITs) or Indian Institute of Management (IIMs), or those with professional degrees such as Master of Business Administration(MBA), Bachelor of Medicine and Bachelor of Surgery(MBBS), Chartered Accountant(CA), Certified Management Accountant(CMA)Â are ineligible, ensuring that the focus remains on individuals who need opportunities the most.
iv.The internships begin on December 2, 2024. Interns receive a stipend of Rs 5,000 per month: Rs 4,500 is covered by the government, and Rs 500 is contributed by partner companies through their Corporate Social Responsibility (CSR) funds. Furthermore, a one-time grant of Rs 6,000 is allocated to cover incidental expenses.
v.Interns are also provided with insurance under government schemes like the PM JeevanJyoti Bima Yojana and PM Suraksha Bima Yojana, with the government paying the premiums. Companies may offer additional coverage if they wish.
vi.Interns will gain practical skills through a structured 12-month program. To support interns and ensure a smooth process, the scheme includes a multilingual helpline(1800-116-090) and a grievance redressal mechanism.
vii.Overall, the Prime Minister’s Internship Scheme is a strategic effort to address the skill gap and unemployment challenges faced by the youth in India, aligning with the government’s vision of an empowered and skilled workforce. ​
Eligible Companies:
To be eligible to participate in the PM Internship Scheme, companies must have a consistent Corporate Social Responsibility (CSR) expenditure over the past three years.
- They need to demonstrate their commitment to youth development and skill training through their CSR activities.
- Companies can partner voluntarily and are encouraged to provide internships that align with the government’s objective of creating practical work experiences for young people.
- Under the PM Internship Scheme, companies must adhere to the government’s reservation policy. This includes specific quotas for individuals from Economically Weaker Sections (EWS) and Scheduled Castes (SC) and Scheduled Tribes (ST).
Recent Related News:
Union Minister of State(MoS) Jayant Chaudhary(Independent Charge/IC), Ministry of State for Skill Development and Entrepreneurship(MSDE) has launched an enhanced ‘Model Skill Loan Scheme’ for skill development courses with an increased maximum loan limit to Rs 7.5 lakh from Rs 1.5 lakh. It was announced in the Union Budget 2024-2025, the revised scheme aims to benefit 25,000 students annually.
