On Thursday, the government officially launched the Prime Minister’s Internship Scheme, a pilot project aimed at providing 1.25 lakh internship opportunities during FY 2024-25 in India’s top 500 companies. The scheme was first announced in the Union Budget 2024-25, to offer internships to one crore youth over five years.
Massive Response from Companies and Interns
The Ministry of Corporate Affairs (MCA) is managing the scheme through an online portal (www.pminternship.mca.gov.in). As of Thursday morning, companies such as Mahindra & Mahindra, Max Life, and Alembic Pharma had already posted 1,077 internship offers. Youth can register on the portal between October 12 and 25, while companies will select candidates between October 27 and November 7. Selected interns will receive offers by mid-November, with internships starting on December 2, 2024.
A total of Rs 800 crore will be allocated for the scheme in FY 2024-25. Each intern will receive financial assistance of Rs 5,000 per month, with Rs 4,500 provided by the government and Rs 500 contributed by participating companies through their Corporate Social Responsibility (CSR) funds. Interns will also receive a one-time grant of Rs 6,000 for incidentals.
Eligibility and Internship Details
The internships will last 12 months, with at least half the period spent in a working environment. Eligible candidates, between 21 and 24 years old, can apply for up to five internships. Graduates from certain prestigious institutions like IITs and IIMs are ineligible, as are individuals with family incomes exceeding Rs 8 lakh for FY 2023-24. The scheme offers a unique chance for youth to gain practical business experience, enhancing their employability and career prospects.
The government will provide insurance coverage under schemes such as PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana, and companies may offer additional coverage. A grievance redressal system and multilingual helpline will ensure support for interns throughout the program.