Govt rolls out internship scheme with Rs 66,000 annual support
New Delhi: The Central government launched a groundbreaking internship programme on Thursday, offering substantial financial assistance to young individuals aged 21-24 years. The initiative, announced in the Union Budget 2024, aims to benefit one crore youth over five years and provides total annual support of Rs 66,000 to each participant.
The Prime Minister’s Internship Scheme in Top Companies, which begins its pilot phase on December 2, is expected to cover 125,000 candidates in the current financial year ending March 2025.
The pilot project comes with an estimated cost of Rs 800 crore and includes insurance coverage for all interns.
Under the comprehensive support package, interns will receive monthly financial assistance of Rs 5,000 for one year, along with a one-time grant of Rs 6,000 for incidentals. The government will also provide insurance coverage under PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana. Of the monthly stipend, Rs 4,500 will be provided by the government, while participating companies will contribute Rs 500 from their Corporate Social Responsibility (CSR) funds. The financial assistance will be transferred directly to interns’ accounts.
The scheme will be implemented through the online portal ‘www.pminternship.mca.gov.in’ developed by the corporate affairs ministry. The registration process for candidates opens from October 12 to 25, with shortlisting scheduled for October 26. Companies will select candidates between October 27 and November 7, after which selected candidates will have until November 15 to accept offers.
The ministry has partnered with government-owned BISAG-N to manage the project. The top 500 companies for the scheme have been identified based on their average CSR expenditure over the last three years. Three companies – Alembic, Mahindra & Mahindra, and Max Life Insurance – have already made 1,077 internship offers.
The program’s initial phase covers seven districts across four states, with three districts in Maharashtra, two in Gujarat, and one each in Telangana and Uttarakhand. The scheme welcomes candidates who have completed various levels of education, including high school, higher secondary school, ITI certification, polytechnic diploma, and graduate degrees such as BA, B.Sc, B.Com, BCA, BBA, and B.Pharma. Those enrolled in online or distance learning programs are also eligible to apply.
However, candidates from families with annual income exceeding Rs 8 lakh for 2023-24 are excluded from participation.
The internship program spans 12 months, with at least half the period dedicated to actual job environments rather than classroom training. Companies’ participation remains voluntary, and they will bear the training expenses through their CSR funds. Each participating company will designate nodal persons for grievance redressal.
The online portal allows candidates to register and generate resumes, explore internship opportunities based on their preferred sectors, roles, and locations, and apply for up to five opportunities. Companies can access dedicated dashboards to post internship opportunities, detailing location, nature of work, required qualifications, and facilities provided. Each candidate may receive up to three offers.
Government officials emphasise that while the scheme focuses on providing valuable internship experiences, it does not guarantee employment.
The selection process will follow existing reservation policies. The initiative maintains flexibility for growth, as additional companies, banks, and financial institutions can join with ministry approval, particularly if they represent sectors and areas underrepresented by the top 500 companies, ensuring broader coverage across industries.
