In a major move aimed at addressing youth unemployment, the government has now announced the guidelines and eligibility criteria of the Prime Minister’s Internship Scheme for top companies. The government will shell out Rs 800 crore for the pilot project of the internship scheme.
As per official announcement, 1 crore young individuals will get the chance to intern at 500 top companies over five years, bridging the gap between education and employment.
It is an online portal developed by the Ministry of Corporate Affairs (MCA). This portal will serve as a centralised platform for managing internships and is now open for companies to offer positions.
As per government sources, companies will participate in the internship scheme from October 3 until October 10. The MCA portal on the internship scheme will be active on October 12, the day of Vijayadashami.
This platform will allow partner companies to offer internships to unemployed individuals from the Economically Weaker Section (EWS) who are currently without jobs. Each intern will receive financial assistance of Rs 5,000 per month under the scheme, as per a government official.
This was launched as part of the government’s initiative to combat youth unemployment. It was introduced in the Modi government’s first Union Budget after securing its third consecutive victory in the Lok Sabha elections 2024. The scheme will be rolled out in two phases, with the first phase lasting two years and the second phase extending to three years.
The scheme also outlines that companies offering internships will cover the cost of training the youth, with 10 percent of the internship costs covered by their Corporate Social Responsibility (CSR) funds. An online portal for applications will be introduced, though its specifics are yet to be disclosed.
To ensure a quality experience, companies have been directed to provide actual work experience, with at least half the internship time spent in a job environment rather than a classroom setting. The scheme is open to those aged between 21 and 24 who are not currently employed or engaged in full-time education.
However, graduates from elite institutions like IIT, IIM, and IISER are ineligible for the programme. Candidates who have passed High School, Higher Secondary School, possess a certificate from an ITI, hold a diploma from a Polytechnic Institute, or are graduates with degrees such as BA, B.Sc, B.Com, BCA, BBA, B.Pharma, etc. are eligible.