Prime Minister’s Internship Scheme Launches with Top 500 Companies in India
The government has introduced the Prime Minister’s Internship Scheme, aiming to provide 1.25 lakh internship opportunities in the fiscal year 2024-25. This initiative, announced in the 2024-25 budget, targets one crore youth over five years in the top 500 companies. The scheme is managed through an online portal by the Ministry of Corporate Affairs.
Internship Details
Companies like Mahindra & Mahindra, Max Life, and Alembic Pharma have already prepared 1077 internship offers. The portal will be open for registration from October 12-25, with selections from October 27 to November 7, and offers sent by November 8-15. The first batch starts on December 2, 2024.
Eligibility and Benefits
Youth aged 21-24, not in full-time employment or education, can apply. Eligible candidates include those with high school diplomas, ITI certificates, or certain degrees. Interns receive Rs. 5,000 monthly, with Rs. 4,500 from the government and Rs. 500 from company CSR funds, plus a Rs. 6,000 one-time grant. Insurance coverage is provided under government schemes.
Company Participation
Participation is voluntary, with companies selected based on CSR expenditure. Companies can partner with others to provide internships. The program ensures a quality learning experience, with at least half the internship in a real work environment. Interns receive a certificate upon completion.
Support and Grievance Redressal
A grievance redressal mechanism and a multilingual helpline (1800-116-090) are available for support. The scheme aims to enhance employability by providing practical business experience.
Doubts Revealed
Internship -: An internship is a short-term work experience offered by companies to help students or young people learn about a job or industry.
Top 500 Companies -: These are the biggest and most successful companies in India, known for their large size and influence in the market.
FY 2024-25 -: FY stands for Fiscal Year, which is a one-year period that companies and governments use for financial reporting. FY 2024-25 means the financial year starting in 2024 and ending in 2025.
Ministry of Corporate Affairs -: This is a part of the Indian government that deals with companies and businesses, making sure they follow the rules and laws.
One crore -: In India, a crore is a unit in the Indian numbering system equal to ten million (10,000,000).
Grievance redressal system -: This is a way for people to complain or report problems they face during the internship, and get help to solve them.
Helpline -: A helpline is a phone service that people can call to get help or information about the internship scheme.