Govt launches Prime Minister’s Internship scheme, aims to provide 1.25 lakh internships in FY 2024-25

On Thursday, the government launched the pilot phase of the ambitious Prime Minister’s Internship Scheme, which aims to provide 1.25 lakh internship opportunities during the fiscal year 2024-25. According to government sources, the scheme will involve the participation of the top 500 companies in India.

First announced in the Budget 2024-25, the scheme envisions creating one crore internship opportunities for young people in top companies over the next five years. The initiative will be managed through an online portal developed by the Ministry of Corporate Affairs (MCA), accessible at www.pminternship.mca.gov.in.

The pilot project has already generated significant interest, with over 1,000 internship offers from leading companies like Mahindra & Mahindra, Max Life, and Alembic Pharma as of Thursday morning. Registration for the internships will be open from October 12 to October 25, 2024, and selected candidates will be notified between October 27 and November 7, 2024. Internship offers will be sent out by companies between November 8 and November 15, with the first batch of internships set to commence on December 2, 2024.

The companies participating in the scheme were selected based on their average Corporate Social Responsibility (CSR) expenditure over the last three years, and their involvement in the scheme is voluntary. Additionally, other companies, banks, and financial institutions can apply to participate with MCA approval. In cases where partner companies cannot offer internships in-house, they are allowed to collaborate with suppliers, customers, or other entities in their value chain.

The internships, which will last for 12 months, will focus on real-world job environments, with at least half of the internship period dedicated to hands-on work experience. Interns will receive a monthly stipend of ₹5,000, with ₹4,500 provided by the government and ₹500 contributed by the company from its CSR funds. A one-time grant of ₹6,000 for incidental expenses will also be provided by MCA when interns join their workplace.

Interns will be insured under government schemes like PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana, with the government covering the premium costs. Partner companies may offer additional accidental insurance coverage if desired.

Youth between the ages of 21 and 24 are eligible to apply, provided they are Indian nationals not employed full-time or engaged in full-time education. The scheme is open to candidates who have completed their high school or hold degrees such as BA, B.Sc, B.Com, BCA, BBA, B.Pharma, and various diplomas. However, graduates from top institutions like IITs, IIMs, and those holding higher qualifications like MBA, CA, CMA, and MBBS are ineligible.

A grievance redressal mechanism and a multilingual helpline (1800-116-090) have been established to support applicants and ensure a smooth internship process. The scheme aims to equip young people with practical experience, boosting their employability in India’s growing job market.