The government has launched a pilot internship scheme to support young people aged 21 to 24. This initiative offers an annual stipend of Rs 66,000 and aims to benefit one crore youth over the next five years. The program, which has a budget of approximately Rs 800 crore, will kick off on December 2, 2024, and is expected to cover 1.25 lakh candidates by the end of the current financial year.
What is the PM Internship Scheme?
The Prime Minister’s Internship Scheme was announced as part of the 2024 Union Budget. It provides youth with opportunities to work in 500 leading companies across India over five years. Through this program, participants will gain practical experience in various fields, giving them a chance to understand real-world business operations and explore potential job prospects.
Interns will receive a monthly stipend of Rs 5,000, along with a one-time allowance of Rs 6,000. Companies participating in the scheme will bear the cost of training and contribute 10% of the internship expenses using their Corporate Social Responsibility (CSR) funds.
Eligibility for the program includes a set of criteria that excludes candidates whose family income exceeds Rs 8 lakh per year. Applicants enrolled in online or distance education programs are also eligible.
Candidates who have completed High School, Higher Secondary School, or hold qualifications like ITI certificates, Polytechnic diplomas, or degrees such as BA, B.Sc, B.Com, BCA, BBA, or B.Pharma can apply.
How to Apply for the PM Internship Scheme
Applications will be accepted through an online portal developed by the Ministry of Corporate Affairs. Key details are as follows:
Application Link: www.pminternship.mca.gov.in Application Dates: October 12 to 25 Shortlisting Date: October 26 Company Selections: October 27 to November 7 Internship Offer Acceptance: November 8 to 15Candidates can receive up to three internship offers, and successful applicants must choose an offer during the specified acceptance period.
111 Companies Join the Scheme
As of now, 111 private companies have signed up for the PM Internship Scheme, which was introduced in the 2024-25 Budget to bridge the gap between education and industry. The top 500 companies were selected based on their CSR spending over the past three years. Notable companies like Alembic, Mahindra & Mahindra, and Max Life Insurance have already made 1,077 internship offers.
The government agency BISAG-N will oversee the project, which is voluntary for companies. The internship will last for 12 months, with interns spending at least half of their time working in actual business environments instead of classroom settings.
Currently, the program has been rolled out in seven districts across four states: Telangana, Uttarakhand, Gujarat, and Maharashtra.
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