4.87 lakh youth register for PM’s internship scheme in top companies

Context: The Prime Minister’s internship scheme, launched in October through an
online portal this year, has thrown open 1.27 lakh internship opportunities
from top companies for which approximately 4.87 lakh youths have completed
their KYC and registered themselves, according to the year-end review of the
Ministry of Corporate Affairs. The interns will be provided with financial
assistance of Rs 5,000 per month, of which Rs 4,500 will be disbursed by the
Union government, and Rs 500 per month will be paid by the company from its CSR
funds. Additionally, a one-time grant of Rs 6,000 for incidentals would be
disbursed by the Ministry of Corporate Affairs (MCA) to each intern, upon
joining the place of internship. The duration of the internship under the PM
Internship Scheme is 12 months.

Key points

·       Overview: The government
launched the pilot phase of the ambitious Prime Minister’s Internship Scheme,
which aims to provide 1.25 lakh internship opportunities during the fiscal year
2024-25.

·       Origin: Announced in
Budget 2024-25 as part of the Prime Minister’s Package for Employment and
Skilling.

·       Aim: To provide 1
crore youth with hands-on work experience in top 500 companies over five years,
enhancing employability and skill development.

·       Budget: ₹2 lakh crore
overall, with ₹2,000 crore allocated for the fiscal year 2024-25.

·       Criteria: Youth aged
21-24 who are not in full-time employment or education. Must hold
qualifications like high school diplomas, ITI certificates, or graduate degrees
(e.g., B.A., B.Sc., B. Com). Excludes candidates from IITs, IIMs, and those
holding advanced degrees (e.g., MBA, CA).

·       Features: 12-month
internships with a stipend of ₹5,000 (₹4,500 from the government, ₹500 from
companies). Interns are insured under government schemes like PM Jeevan Jyoti
Bima Yojana. Multilingual helpline and grievance redressal system.

·       Significance: Enhances
practical experience for youth, improving employability. Focuses on skill
development in real-world job environments across sectors like pharma, auto,
and agriculture. Supports the government’s vision of self-reliance (Atmanirbhar
Bharat) by developing skilled manpower.