The Narendra Modi-led central government has launched a significant initiative, the PM Internship Scheme, aimed at shaping the future of the country’s youth by providing them with practical, real-world experience.
Under this scheme, young individuals will have the opportunity to undergo a 12-month internship with India’s top companies. The online registration process for this scheme is expected to begin soon.
Features of the Scheme:
- Financial Assistance: Interns will receive a monthly stipend of ₹4500 from the Government of India and ₹500 from the participating industry. Additionally, a one-time grant of ₹6000 will be provided for incidental expenses.
- Insurance Coverage: Each intern will be covered under the Pradhan Mantri Jeevan Jyoti Bima Yojana and the Pradhan Mantri Suraksha Bima Yojana.
- Stipend: Interns will receive a monthly stipend of ₹5000, along with an annual one-time payment of ₹6000.
With 1 crore internship opportunities across 500 companies and one-month wage support for first-time formal job entrants, the scheme is now empowering over 20 crore young Indians, giving them the essential skills and experience needed for a brighter future.
This scheme is considered highly significant for young individuals who are just beginning their careers. The announcement made by Finance Minister Finance Minister Nirmala Sitharaman announced this scheme during her budget speech on July 23, 2024. Following this, the government launched the scheme on a pilot basis on October 3, with a budget allocation of ₹800 crore.
A dedicated portal has also been launched to streamline the application process. Participation of Major Companies According to sources from the Ministry of Corporate Affairs (MCA), 111 companies, including Mahindra & Mahindra, Max Life Insurance, and Alembic Pharma, signed up within hours of the portal’s launch. These companies have already offered internships to 1077 students.
The government’s goal is to provide skill training to 1 crore youth over the next five years. In the fiscal year 2024-25, the target is to offer internships to 1,25,000 young individuals between the ages of 21 and 24.
Efforts are being made to ensure that interns receive placements in their home districts or nearby regions whenever possible. The scheme will not only help young individuals develop professional skills but also pave the way for their self-reliance, marking a significant step toward empowering the youth of India.
