The government has introduced a pilot internship scheme, aiming to offer financial assistance to 1 crore young individuals over the next five years. This program, titled the Prime Minister’s Internship Scheme in Top Companies, was announced in the Union Budget 2024 and includes a provision of Rs 60,000 per annum for each intern. The initiative will kick off in December 2024, with an initial focus on 1.25 lakh candidates in the first year, backed by a budget allocation of Rs 800 crore.
The scheme, implemented through an online portal by the Ministry of Corporate Affairs, invites youth aged 21-24 to participate, with eligible candidates able to register starting in the second week of October. Companies participating in this initiative are selected based on their average CSR expenditure over the past three years, and they will offer internships for up to 12 months. The goal is for at least half of this period to be spent in actual work environments rather than classroom settings.
The financial support structure is designed to benefit both companies and interns. Interns will receive Rs 5,000 per month, with the government contributing Rs 4,500 and companies providing Rs 500 from their CSR funds. In addition, a one-time grant of Rs 6,000 will cover incidental expenses. Interns will also be insured under the PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana, with premiums covered by the government.
Eligible candidates include those who have completed High School, ITI certifications, or hold diplomas and graduate degrees. Through the portal, candidates can browse internship opportunities based on their preferred sectors and apply for up to five positions. Partner companies will use a dedicated dashboard to list these opportunities, creating a streamlined process for both applicants and employers.
