The PM Internship Scheme, introduced by Union Finance Minister Nirmala Sitharaman during her Budget speech on July 23, officially launched October 3. The initiative aims to provide internships to one crore youth across the top 500 companies over the next five years. The portal for applications opened October 12.
What is the PM Internship Scheme?
This scheme is designed to boost employability by offering young Indians hands-on experience in real business environments. This scheme addresses the skills gap and is set to drive economic growth by equipping youth with relevant work experience. Each intern will receive a monthly stipend of ₹4,500 from the central government through Direct Benefit Transfer (DBT), with an additional ₹500 offset from the company’s CSR funds.
Eligibility criteria for the PM Internship Scheme
To qualify for the scheme, applicants must meet the following criteria:
- Aged between 21 and 24 years, and not engaged in full-time employment
- Passed class 10 or higher education
- Candidates from families with government jobs or those with post-graduate degrees are not eligible
- Graduates from premier institutes like IIT, IIM, IISER, or those holding qualifications like CA or CMA are excluded
- Applicants from households with an income of ₹8 lakh or more in 2023-24 are ineligible
Also read: Registration for PM Internship Scheme begins; details here
How to apply
The application portal (pminternship.mca.gov.in) will go live on October 12 and remain open until October 25 for the first batch of internships. Candidates must register, provide information about their education, and self-certify data. Using AI tools, the platform will match candidates with internship opportunities based on qualifications and location, ensuring a transparent selection process. Applicants can monitor the status of their applications on the portal.
Benefits of the PM Internship Scheme
The scheme provides young individuals with real-world job training, preparing them for future employment. For companies, it creates a pipeline of skilled, job-ready candidates who can transition into full-time roles in large corporations or micro, small, and medium enterprises (MSMEs) after completing the internship.
Conclusion
The PM Internship Scheme is a significant initiative that offers both youth and industries a pathway toward building a skilled workforce while fostering growth and innovation across various sectors.
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