PM Internship Scheme has exceeded its initial target of 1,25,000 internship offers within just two weeks of its launch.
This milestone underscores the scheme’s potential to significantly impact youth employability in India.
Launched on October 3, 2024, the scheme aims to provide 10 million internships over the next five years, addressing the pressing issue of youth unemployment and enhancing the employability of young Indians.
PM Internship Scheme: Launch and Objectives
The PM Internship Scheme was announced by Finance Minister Nirmala Sitharaman in the 2024 budget.
The scheme’s primary objective is to offer practical work experience to young graduates, thereby improving their job prospects.
The government has partnered with over 500 top companies to provide these internships.
This ensures a wide range of opportunities across various sectors.
The scheme’s early success is evident from the overwhelming response it has received.
Within just two weeks, over 1,25,000 internship offers have been posted on the government portal, far surpassing the initial target.
This rapid growth highlights the enthusiasm of both companies and applicants.
Large corporations such as Reliance Industries, Maruti Suzuki India, HDFC Bank, Tata Consultancy Services, and ONGC have actively participated, posting numerous internship opportunities.
Stipend and Benefits
The application process for the PM Internship Scheme is straightforward.
Eligible candidates, aged between 21 and 24 years, can apply through the official portal.
The scheme is open to graduates from various educational backgrounds.
This includes those from Industrial Training Institutes (ITIs) and Kaushal Kendras (skill centers).
However, individuals already engaged in full-time employment or those from families with government employees are not eligible.
Selected interns will receive a monthly stipend of ₹5,000 for one year.
Additionally, they will receive a one-time financial aid of ₹6,000 to cover incidental expenses.
Additionally, the government ensures that interns are covered under insurance programs such as PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana, with the premium costs borne by the government.
This comprehensive support package aims to make the internship experience financially viable for all participants.
PM Internship Scheme: CSR Initiatives and Impact
The scheme has seen significant participation from major corporations, many of which are integrating the internships into their Corporate Social Responsibility (CSR) initiatives.
Companies like Hero Motocorp, State Bank of India, Jubilant Foodworks, and Muthoot have joined the scheme, offering a diverse range of internship roles.
This collaboration between the government and the private sector is crucial for the scheme’s success, as it leverages the resources and expertise of established companies to provide meaningful work experiences for young interns.
The PM Internship Scheme is expected to have a profound impact on youth employability in India.
By providing practical work experience, the scheme helps bridge the gap between academic learning and industry requirements.
Interns gain exposure to real-life business environments, varied professions, and employment opportunities, making them more competitive in the job market.
This initiative is particularly important in a country like India, where youth unemployment remains a significant challenge.
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