6.21 LAKH APPLICATIONS FOR 1.27 LAKH OPPORTUNITIES UNDER THE PM INTERNSHIP SCHEME
- The Prime Minister’s Internship Scheme witnessed an overwhelming response in its pilot phase, with 6.21 lakh applications received for 1.27 lakh internship opportunities offered by the Union Corporate Affairs Ministry.
- The Ministry, in a release on December 29, 2024, confirmed that the selection process for these internships is ongoing.
- The scheme was initially announced in the 2024 Union Budget as part of a broader initiative aimed at enhancing employability and providing young individuals with real-life business exposure.
- The application surge highlights the growing demand among youth for opportunities that will allow them to gain professional skills and practical experience in top companies.
OVERVIEW OF PM INTERNSHIP SCHEME
The Prime Minister’s Internship Scheme was introduced with the goal of providing internship opportunities to one crore youth over the next 5 years in the top 500 companies. The scheme is designed to offer young people hands-on exposure in various business environments across different sectors and professions, significantly boosting their future career prospects.
- Target Audience: The scheme is open to youth across India, providing opportunities to students and fresh graduates.
- Internship Duration: Internships will last for 12 months, with the possibility of learning in varied roles and industries.
FINANCIAL SUPPORT FOR INTERNS
Interns selected under this scheme will receive financial assistance to support their learning journey:
1. Monthly Stipend:
-
- ₹5,000 per month for each intern.
- ₹4,500 of this amount will be provided by the Union Government.
- ₹500 per month will be contributed by the partner companies through their Corporate Social Responsibility (CSR) funds.
2. Incidentals Grant: Interns will also be entitled to a one-time grant of ₹6,000 to cover incidental expenses upon joining the internship.
LAUNCH & PROGRESS OF THE SCHEME
- Pilot Phase: The Pilot Project of the scheme, which is targeted to provide 1.25 lakh internship opportunities in 2024-2025, was officially launched on October 3, 2024.
- Online Portal: Internships are being offered through the online platform at pminternship.mca.gov.in , where the partner companies have posted a total of 1.27 lakh internship opportunities.
Applicant Statistics
- Applications Received: As of December 2024, 6.21 lakh applications have been submitted for the 1.27 lakh opportunities available in the pilot phase.
- Registrations: Approximately 4.87 lakh youths have completed their Know Your Customer (KYC) process and registered on the portal.
IMPACT & BENEFITS
- Exposure to Top Companies: The internship scheme aims to give participants real-world exposure to some of India’s top 500 companies, enhancing their employability and business acumen.
- Increased Youth Participation: The overwhelming number of applications demonstrates the eagerness of youth to participate in skill-building initiatives that promise valuable industry experience.
- Financial Support: The financial assistance and incidental grant will help reduce the economic burden on interns, encouraging broader participation from various socio-economic backgrounds.
FUTURE PLANS & EXPECTATIONS
- The Prime Minister’s Internship Scheme is expected to grow significantly over the next 5 years, with a target to provide internship opportunities to one crore youth.
- This ambitious initiative aligns with the government’s broader skill development and employment generation strategies, aiming to equip youth with the necessary tools for success in the evolving job market.
- The scheme also emphasizes the importance of collaboration between the government and corporate entities, leveraging Corporate Social Responsibility (CSR) to create opportunities for young talent.
Note: Connect with Vajirao & Reddy Institute to keep yourself updated with latest UPSC Current Affairs in English.
Note: We upload Current Affairs Except Sunday.
