According to sources in the Ministry of Corporate Affairs, opportunities under Prime Minister's Internship scheme increased from around 16,000 on 7 October to nearly 50,000 by 9 October
The Prime Minister’s Internship scheme, announced in the Budget 2024-25, has seen a substantial rise in the number of available internships. According to sources in the Ministry of Corporate Affairs, opportunities increased from around 16,000 on 7 October to nearly 50,000 by 9 October. Companies have until 12 October to list internship openings for youth on the portal, which was launched on 3 October.
Part of a broader initiative, the scheme is one of five programs designed to provide opportunities for 1 crore youth over five years. It focuses on offering internships in the country’s top 500 companies. Interns will gain 12 months of exposure to real-world business environments, receiving a monthly allowance of Rs 5,000, along with a one-time assistance of Rs 6,000.
“Over 130 companies have already come on board, including major private sector players such as Jubilant Foodworks, Eicher Motors, Larsen & Toubro, Tech Mahindra, Mahindra & Mahindra, Bajaj Finance, and Muthoot Finance,” says an official, requesting anonymity. These companies are expected to cover the training costs and contribute 10 per cent of the internship expenses through their corporate social responsibility (CSR) funds.
“We have calculated that the CSR expenditure of the top 100 companies alone is Rs 12,000 crore out of the total Rs 26,000 crore. It would not require a massive reorientation of CSR towards this. If they spend, let us say, 40 per cent of their CSR on skilling initiatives, it will be sufficient,” former secretary of finance and expenditure, and current cabinet secretary T.V. Somanathan had told Outlook Business in an interview following the presentation of the budget.
After the scheme was announced, Union Minister of Finance and Corporate Affairs Nirmala Sitharaman had clarified in interviews that participation in the scheme would be voluntary.
Opportunities are spread across 22 sectors, with the largest share in the oil, gas and energy sector, followed closely by travel and hospitality. Other sectors include automotives, banking and financial services, infrastructure and construction, manufacturing and industrial, aviation and defence, among others. Internships are available in over 20 fields, such as operations management, production and manufacturing, maintenance, sales and marketing, sources add.
The first pilot phase of the scheme, which involves multiple stages of profile matching, candidate selection, and offer letters, aims to provide internships to 1.25 lakh candidates. This phase is expected to cost the government around Rs 800 crore. By early December, around 1 lakh youth are anticipated to be enrolled in the program. Internships will commence on 2 December and will last for a period of one year.
Youth aged between 21 and 24 years who are not employed or studying full-time will be eligible to apply. Eligible candidates include those who have completed high school, diplomas from polytechnic institutes, or undergraduate degrees. The scheme will follow the same reservation structure as government jobs.
Candidates will be ineligible for the internship if any of their family members earned over Rs 8 lakh in the financial year 2023-24, or if any family member is a permanent or regular government employee. Graduates from prestigious institutions will also not be eligible to apply for the scheme. “The internship scheme will improve employability, especially for those who may not come from premier institutions, where recruitment happens directly from campuses,” Sumita Dawra, secretary, Union Ministry of Labour and Employment told Outlook Business in a recent interview.
As of the opening day of the portal, positions were listed for four states – Maharashtra, Gujarat, Telangana, and Uttarakhand.