The Indian government has introduced the ambitious PM Internship scheme, targeting the placement of one lakh youth in internships with leading companies by December 2, 2024. This initiative, driven by the Ministry of Corporate Affairs, was announced during the Union Budget by Finance and Corporate Affairs Minister Nirmala Sitharaman. The scheme aims to offer young Indian talent an opportunity to work with some of the top 500 companies in the country, based on their CSR spending.

The registration process for companies and youth participants has already begun. On the first day of the pilot program, 111 companies registered, including well-known names such as Mahindra & Mahindra (M&M), Alembic, and Max Life, offering a total of 1,079 internships. These internships are currently focused on production and maintenance roles, with facilities located in states such as Maharashtra, Telangana, Gujarat, and Uttarakhand. However, the program is open to participation from other companies as well, and internships will soon be available in more regions.

Eligibility and Application Process

The PM Internship scheme targets young aspirants aged 21 to 24, who can apply online. However, certain groups are excluded from the program, such as graduates from IITs, IIMs, and professionals like chartered accountants (CAs) and doctors. The scheme specifically aims to help youth from financially weaker sections, with eligibility restricted to those whose parents or spouse earn up to ₹8 lakh annually (around US$ 9,527).

One of the highlights of the program is its inclusivity through reservation policies. A portion of the internships is reserved for SC/STs, OBCs, and persons with disabilities, ensuring that socially disadvantaged groups have access to these career-building opportunities.

The online registration for candidates will be open from October 12 to 25, 2024, and the Ministry of Corporate Affairs will shortlist applicants on October 26. Companies will have time until November 7 to select the candidates, after which the shortlisted individuals will have a week to accept their offers.

Financial Assistance and Structure

The PM Internship scheme is designed not just to provide work experience, but also financial support to the interns. Each intern will receive US$ 786 (₹66,000) over the course of a year, broken down into monthly stipends of ₹5,000 (around US$ 59). In addition to this monthly financial assistance, the interns will also receive a one-time grant of ₹6,000 (around US$ 71).

The total budget allocated for the pilot phase of the program is ₹800 crore (around US$ 95.90 million), which will help in covering the stipends and other costs related to the internship program. One of the key features of this scheme is its attempt to provide internships close to the candidates’ homes or within their home districts or nearby areas, minimizing the need for relocation and making the internships more accessible to a wider range of youth.

Company Participation and CSR Linkage

The top 500 companies in India, identified based on their CSR (Corporate Social Responsibility) spending, are encouraged to participate in this internship program. Companies like Mahindra & Mahindra, Alembic, and Max Life have already registered on the dedicated portal set up by the Ministry of Corporate Affairs, and 1,079 internship roles have been made available within just the first day of registration.

This scheme is not just beneficial for the youth, but it also allows companies to fulfill part of their CSR obligations while contributing to the nation's development by helping create a skilled workforce. With opportunities primarily in production and maintenance roles, it is expected that these internships will equip the participants with hands-on experience that can be valuable in their future careers.

Long-Term Vision and Impact

The PM Internship scheme has the potential to significantly impact India's workforce by providing structured, paid internships to one lakh young people across the country. These internships will serve as a stepping stone into the formal job market, helping to bridge the gap between education and employment, particularly for youth from economically weaker sections of society.

By placing a strong emphasis on inclusivity through reservation policies for SC/STs, OBCs, and persons with disabilities, the scheme ensures that marginalized communities are not left behind in this initiative. Furthermore, the financial support provided through the monthly stipend and one-time grant is expected to make these internships more accessible to individuals who may otherwise struggle with unpaid internships or lack the financial resources to participate in such programs.

Additionally, by linking the internships to CSR activities, the government is encouraging companies to play an active role in addressing unemployment and providing real-world experience to the next generation of Indian workers. This initiative could become a model for other countries looking to combine corporate social responsibility with youth employment programs.

With registration underway and 1,079 internships already offered, the PM Internship scheme is set to make a substantial difference in the lives of thousands of young Indians.

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