The Government of India launched the Prime Minister’s Internship Scheme on October 3, 2024, offering 1.25 lakh internships in top companies for the financial year 2024-25. A part of a larger initiative aimed at creating one crore internships over five years, this pilot project seeks to bridge the gap between academic knowledge and industry needs by providing young graduates hands-on business exposure. The Ministry of Corporate Affairs (MCA) is responsible for managing the scheme through a dedicated online portal.
Key Highlights of the PM Internship Scheme
The Prime Minister’s Internship Scheme was first announced in Budget 2024-25 and has been allocated a substantial budget of Rs 800 crore. It connects young graduates with 500 of India’s top companies, including names like Mahindra & Mahindra, Max Life, and Alembic Pharma, which have already made 1077 internship offers. This initial response signifies strong industry interest in the scheme.
Objectives of the Scheme
The core objective is to equip fresh graduates with practical experience that will make them job-ready, closing the gap between classroom learning and real-world industry requirements. In doing so, it will contribute to reducing youth unemployment and building a skilled workforce. With internships being a stepping stone to permanent job roles, this initiative also enhances long-term career prospects for young individuals.
Eligibility and Application Process
Who Can Apply?
- The scheme is open to candidates aged between 21-24, with at least a High School or Higher Secondary certificate, an ITI diploma, or a graduate degree (BA, BSc, BCom, BCA, or BBA).
- Applicants currently enrolled in full-time education or employed full-time are ineligible for the internships.
- Graduates from premier institutes like IITs, IIMs, and National Law Universities are also excluded, ensuring the opportunity reaches a broader range of graduates.
Application Process:
- Candidates must register between October 12 and October 25, 2024, via the official MCA portal: pminternship.mca.gov.in.
- The selection process will occur between October 27 and November 7, followed by internship offers issued between November 8 and 15. The first batch of interns will begin their year-long internship on December 2, 2024.
Benefits of the Internship
Interns under this scheme will receive Rs 5,000 per month, with Rs 4,500 contributed by the government and Rs 500 by the participating companies. In addition to this financial assistance, interns will also receive:
- A one-time joining grant of Rs 6,000.
- Insurance coverage under the PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana.
These financial incentives and insurance coverages not only make the internship attractive but also ensure that young graduates have access to safety nets during their internship tenure.
Reservation and Inclusivity
The Prime Minister’s Internship Scheme stands out in its commitment to inclusivity. The MCA has confirmed that the Centre’s reservation policy for Scheduled Castes, Scheduled Tribes, Other Backward Classes, and individuals with disabilities will be implemented for all internships offered under this scheme. This ensures that underrepresented groups in society have an equal opportunity to benefit from these internships, furthering the government’s mission to provide equitable opportunities for all.
Corporate Social Responsibility (CSR) and Internship Offers
Companies participating in this scheme have been chosen based on their CSR expenditure over the past three years. This selection process ensures that socially responsible companies are engaged in fostering young talent. As a result, the scheme not only benefits the interns but also encourages companies to align their CSR efforts with youth skill development and employment generation.
Conclusion
The Prime Minister’s Internship Scheme is a groundbreaking initiative aimed at empowering young graduates by offering them invaluable industry experience. With a clear focus on inclusivity, financial support, and bridging the gap between academic learning and industry expectations, the scheme promises to create long-term benefits for both the interns and the companies participating in it. By fostering a skilled workforce, this initiative marks a significant step towards reducing unemployment and enhancing the employability of young Indians.
As the scheme rolls out, it will be exciting to see the impact it has on India’s youth and the broader economy. For aspiring interns, this is an opportunity to take a significant leap toward a successful career in some of the country’s most prestigious companies.
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