The government is set to launch the Prime Minister’s Internship Scheme on a pilot basis starting December 2, 2024. Aimed at training one crore youth in top 500 companies over the next five years, this scheme was first announced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman.
To kickstart the program, the Ministry of Corporate Affairs has created a central portal that will manage the internship process. Companies interested in participating have already begun registering their requirements. On the first day of portal access, Mahindra & Mahindra, Max Life Insurance, and Alembic Pharma signed up, offering 1,077 internship opportunities related to production and process works.
Key Dates and Registration Process:
- October 12 (Dussehra): Portal opens for candidate registration.
- November 8-15: Candidates can accept internship offers.
- December 2: Internships begin.
The first phase of candidate registration will last two weeks, after which the Ministry will shortlist candidates and match them with appropriate companies. The goal for the first year is to enroll 1.25 lakh interns.
Internship Benefits and Duration:
- Interns will receive a monthly stipend of ₹5,000 (₹4,500 from the government via direct benefit transfer, and ₹500 from companies through their CSR funds).
- A one-time grant of ₹6,000 for incidental expenses will be provided upon joining.
- Interns will also be covered by PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana insurance schemes.
- The internship will last 12 months, and the scheme targets youth aged 21-24 years from families with an annual income of less than ₹8 lakh.
While the program’s participation is voluntary for companies, it is centered around the top 500 companies based on their CSR expenditure over the last three years. The scheme is expected to be approved by the cabinet before the end of the current financial year and will be entirely funded by the central government, with an estimated expenditure of ₹800 crore for the current fiscal year.
Children or spouses of government employees will not be eligible to apply for the scheme.
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