On October 3rd, 2024, the Ministry of Corporate Affairs announced that over 1 lakh individuals are anticipated to join the workforce under the Prime Minister’s Internship Scheme by December 2 of this year. The scheme was initiated in the Union Budget for 2024. The scheme intends to place interns at recognized businesses and will include insurance coverage for the applicants.
Two leading businesses, Mahindra & Mahindra and Max Life Insurance, have already formulated 1,077 internship positions, following the announcement. The execution of the scheme will be carried out through an online portal, developed by the Ministry of Corporate Affairs (MCA).
What the Prime Minister’s Internship Scheme Provides?
According to government sources, this pioneering initiative is expected to cost approximately INR 800 crore. The internship program will commence on December 2, aiming to reach 1.25 lakh aspirants, by the end of the fiscal year in March 2025.
The duration of the internship is 12 months. The interns will receive financial support of INR 5000 per month. Of this amount, the government will provide INR 4,500. The corporation will contribute the remaining amount i.e., INR 500 through its Corporate Social Responsibility (CSR) funds. Additionally. each intern will receive a one-time incidental stipend of INR 6000 upon starting their internship.
Additionally, the MCA states that a cabinet note will be made based on the insights gathered from this project. Students participating in the program will get a life insurance policy. However, since it is an internship program, they will not get any employment-related benefits. There won’t be any transfer of candidates outside of the state, instead, placement will be given based on the district’s pin codes.
What is the Registration Process?
Register Through the Online Portal
The website for the PM Internship scheme has been launched. Online registration for aspirants will be accessible from October 12 to October 25. The Ministry will shortlist the candidates on October 26. As per the sources, companies can choose applicants, till November 7. Following this, the candidate will have a week to accept their offers.
Documents Required
- Adhar Card
- E-Mail Id
- PAN Card
- Mobile Number
- Ration Card
- Address Proof
What is the Eligibility Criteria?
As per the MCA’s guidelines:
- The candidate must be between the ages of 21 and 24.
- The candidate should not engage in full-time employment.
- Candidates from families with government employees can not apply
- Regarding education, the candidate must have completed High School, or Higher Secondary School.
- The candidate must possess an ITI certificate or a diploma from a Polytechnic Institute. Graduates with degrees BA, B.Sc., B.Com., BCA, BBA, or B.Pharma are also eligible to enroll.
- However, students from prestigious colleges like National Law University, IIT, and IIM are not eligible.
Guidelines for Companies
The top companies selected for this initiative are on the basis of their average CSR expenditure over the past three years. The participation of the companies is voluntary. The duration of the program is 12 months, with half of the time spent in the real job environment.
So far, the businesses that have signed up for the program, include notable companies like Alambic, Max Life, and Mahindra & Mahindra.
Partner Companies
If a Partner Company (businesses in collaboration) is not able to offer internships within its organization, it may tie up with entities in its forward and backward value chain, like suppliers, customers, or vendors. Furthermore, it can partner with businesses or organizations within its group or externally.
Other Companies
Any other company/bank/financial institution, willing to be part of the scheme can enroll after the approval from the MCA. The MCA will further consider these requests by looking at sectors and areas, not presented by the 500 companies already involved in the program.
The Prime Minister’s Internship scheme is a great initiative from authorities, which aims at providing valuable job experience to candidates. Additionally, a multilingual helpline number has been setup for any query: 1800-116-090.
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Naina Jaggi is an author deeply rooted in Journalism, mainly writing on lifestyle, entertainment, travel, politics and financial markets. This diverse experience has allowed her to blend rich details with engaging narratives that capture the essence of various worlds. When she is not crafting tales, you’ll find her immersed in music and enjoying the company of dogs. She is also into K-dramas, thriller and horror movies that fuel her imagination, bringing the same spark to her stories.
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