PM Internship Scheme: In a major move aimed at addressing youth unemployment, the government has now announced the guideline’s and eligibility criteria of Prime Minister’s Internship Scheme for top companies. The government will shell out Rs 800 crore for the pilot project of the internship scheme.
As per official announcement, 1 crore young individuals will get the chance to intern at 500 top companies over five years, bridging the gap between education and employment.
The scheme’s pilot project launched today. It is an online portal developed by the Ministry of Corporate Affairs (MCA). This portal will serve as a centralised platform for managing internships and is now open for companies to offer positions.
As per government sources, companies will participate in the internship scheme from October 3 until October 10. The MCA portal on the internship scheme will be active on October 12, the day of Vijayadashami.
Interested individuals will be able to register on the portal by midnight of October 12. A list of shortlisted candidates will be available for the companies by October 26.
Companies will make the final selection by November 27 and the internships will begin from December 2 for 12 months.
Notably, only candidates whose family income is below Rs 8 lakh for FY 2023-24 are eligible to apply.
So far, 111 companies have come on board. Maharashtra, Uttarakhand, Telangana and Gujarat too are on board. As of Thursday morning, 1,077 offers were already on the website.
Companies have shared preferences for production-related and maintenance-related vacancies.
The selection of partner companies is based on their Corporate Social Responsibility (CSR) expenditure, though other firms may join upon approval by the MCA. Internships may also be arranged with associated entities in a company’s supply chain, ensuring diverse exposure.
In the 12-month internships, half the time, at least, will be spent in real work environments. Interns will receive financial assistance, including a Rs 5,000 monthly stipend, with Rs 4,500 from the government and Rs 500 from the company’s CSR funds. Additionally, interns will receive Rs 6,000 one-time grant for incidentals.
The scheme also provides insurance coverage through government schemes, ensuring financial security for interns. Eligible youth between 21-24 years old, meeting certain educational and employment criteria, can apply.
With a dedicated grievance redressal mechanism and a multilingual helpline, this internship scheme promises to offer a pathway to career success while fostering industry-ready skills for India’s young workforce.