A recent report has revealed that over 80% of India’s corporate sector supports the PM Internship Scheme 2024.
This initiative, introduced in the Union Budget 2024-25, aims to enhance youth employability and align corporate social responsibility (CSR) initiatives with the scheme.
The report, based on insights from 932 companies, highlights the growing importance of internships in bridging skill gaps and advancing employability for India’s youth.
PM Internship Scheme Overview
The Prime Minister’s Internship Scheme 2024 mandates the top 500 companies to provide internship opportunities to one crore youth over the next five years.
Each intern is entitled to a monthly stipend of Rs 5,000, with companies allowed to use CSR funds to cover a portion of this stipend and associated training costs.
The scheme aims to create meaningful opportunities for interns and address India’s critical employability challenges.
The report indicates that 81% of companies advocate for expanding the scheme to include all corporates. This reflects widespread enthusiasm for the initiative.
A majority of respondents (73%) consider short-to-medium-term internships, lasting 1-6 months, as optimal for balancing meaningful skill development.
These internships are also seen as efficient for program implementation.
Additionally, 32.43% of companies expressed a preference for partnerships with both universities and other corporates.
This emphasizes the role of collaboration in bridging the gap between academia and industry.
Financial Commitment and Focus on Tech Roles
The scheme underscores a financial commitment from India Inc. About 34.43% of companies plan to allocate up to 20% of their CSR budgets to internship programmes.
This reallocation reflects a growing acknowledgment of internships as a powerful tool for societal impact and skill development.
Over 54% of companies anticipated a measurable social return on investment (SROI) from CSR-driven internships within 1-2 years.
This indicates optimism about the tangible benefits of these programmes.
The report reveals that over 76% of companies are prioritizing tech roles within their internship programmes.
This showcases the industry’s focus on digitally skilled talent to meet evolving demands.
Nearly 73% of companies intend to absorb at least 10% of their interns as full-time employees upon the completion of the programmes.
This demonstrates the strategic role internships play in addressing talent supply chain challenges while contributing to workforce readiness.
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