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Current Affairs-Topics
PM Internship Scheme: Boosting Youth Employment in India
The PM Internship Scheme, launched in October 2024, aims to provide 1 crore internships over five years with top 500 companies in India. The scheme, managed by the Ministry of Corporate Affairs, aims to bridge the gap between academic learning and industry requirements. |
Scheme Overview and Objectives
- PM Internship Scheme launched on October 3, 2024, as part of the Union Budget 2024-25
- Aims to provide 1 crore internships over five years with top 500 companies
- Pilot project offering 1.25 lakh internships for FY 2024-25
- Budget allocation of Rs 800 crore for the pilot phase
- Managed through an online portal by the Ministry of Corporate Affairs
- Designed to bridge the gap between academic learning and industry requirements
- Focuses on providing practical business exposure to young graduates
Eligibility and Application Process
- Age criteria: 21-24 years old
- Educational qualifications: High School, Higher Secondary, ITI diploma, or graduate degrees (BA, BSc, BCom, BCA, BBA)
- Excludes full-time students, employed individuals, and graduates from premier institutes (IITs, IIMs, NLUs)
- Registration period: October 12-25, 2024
- Application portal: pminternship.mca.gov.in
- Selection process: October 27 - November 7, 2024
- Offer letters: November 8-15, 2024
- First batch starts: December 2, 2024
- Reservation policies applied for SC, ST, and OBC candidates
Benefits and Structure
- One-year internship duration
- Monthly stipend of Rs 5,000 (Rs 4,500 from government, Rs 500 from company CSR funds)
- One-time grant of Rs 6,000 upon joining
- Insurance coverage under PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana
- At least 50% of internship time spent in real-world job environments
- Companies selected based on CSR expenditure over the last three years
- Participating companies include Mahindra & Mahindra, Max Life, and Alembic Pharma
- Multilingual helpline (1800-116-090) and grievance redressal mechanism available
Implementation and Future Outlook
- Pilot project implemented across seven districts in Maharashtra, Uttarakhand, Telangana, and Gujarat
- 111 companies out of top 500 already enrolled in the program
- 1,077 internship positions listed across various sectors
- Companies can collaborate with suppliers or affiliated entities to provide internships
- Dedicated dashboard for companies to post internship opportunities
- Scheme expected to expand to more companies and sectors in future phases
- Aims to address youth unemployment and enhance skill development
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