Key details of PM Internship Scheme 2024

Overview

The PM Internship Scheme 2024, a significant initiative by the Indian government, aims to provide substantial internship opportunities to young professionals across the country. Launched on October 3, 2024, the scheme targets to offer 1.25 lakh internships during the financial year 2024-25, as part of a broader goal to provide one crore internships over the next five years within India's top 500 companies. This move aims to enhance youth employability by allowing participants to gain practical exposure in real-world business settings. Recently announced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman, the scheme underscores the government's commitment to bridge the gap between education and employment, especially in an economy where academic qualifications alone often do not suffice for professional entry. It comes with a well-structured plan, including financial stipends and support systems to encourage participation from diverse backgrounds.

Recent Developments

October 3, 2024: The PM Internship Scheme was officially launched by the Ministry of Corporate Affairs. It aims to bring together youth with top Indian companies for internship opportunities that last up to 12 months.
October 12-25, 2024: Registration for candidates will be open. Interested applicants can register on the official portal, enabling them to apply for internship positions.
October 27 - November 7, 2024: Companies will begin the selection process, evaluating candidates based on their qualifications and suitability for the roles offered.
December 2, 2024: The first batch of internships is set to commence, marking a new chapter for many aspiring professionals entering India's workforce.
Pilot Phase Reception: The project has seen a strong response with over 1,077 internship openings already confirmed by companies like Mahindra & Mahindra, Max Life Insurance, and Alembic Pharma.
Monthly Stipend: Selected participants will receive a monthly stipend of Rs.4,500 from the government, with an additional Rs.500 provided by companies as part of their corporate social responsibility (CSR) initiatives. In addition to the monthly stipend, applicants will receive a one-time financial assistance of Rs. 6,000 to cover incidental expenses.
Participation of Companies: Top firms based on their average CSR expenditure over the last three years are prioritized, showcasing private sector enthusiasm to support this government-led initiative. Adani Group, Coca-Cola, ITC, Reliance Retail, TCS, Eicher, Deloitte, Mahindra Group, Maruti Suzuki, PepsiCo, HDFC, Wipro, ICICI, Hindustan Unilever, Samsung and Hewlett Packard are among 500 firms to have listed themselves under the scheme.
Financial Allocations: The government has budgeted Rs 800 crore for effective implementation during this pilot phase.

Timeline

Pre-Launch Preparations (July 23, 2024): The PM Internship Scheme was first announced during the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman, highlighting the focus on employment and skill development for youth.
Launch of Pilot Portal (October 3, 2024): The internship portal was inaugurated to facilitate online applications and manage the internship lifecycle efficiently.
Company Registration Phase (October 3-12, 2024): During this period, companies were invited to list their available roles for potential interns, ensuring a wide range of opportunities are accessible to participants.
Application Window (October 12-25, 2024): Candidates across the nation will register and apply for internship positions using the dedicated online portal.
Selection and Shortlisting (October 27 - November 7, 2024): Based on AI-assisted selections, companies will shortlist candidates; offers will be extended subsequently.
Acceptance and Finalization (November 8-15, 2024): Candidates will have this window to accept internship offers. Multiple offers may be made to ensure optimal placements.
Internship Inception (December 2, 2024): The first cohort of interns will commence their roles, potentially catalyzing career trajectories across various sectors.
Evaluation and Feedback (Throughout the Year): Regular assessments and feedback will be organized to ensure both companies and interns benefit maximally from the engagement.
Expected Expansions and Adjustments (Beyond December 2024): Insights from the pilot phase will shape broader rollouts and sustainability strategies for the subsequent batches.

PM Internship Scheme 2024 Eligibility

Eligibility for this scheme is specifically tailored to younger demographics aged between 21 and 24 years. Applicants must be residents of India, not engaged in full-time work, and meet educational benchmarks such as completion of high school, with potential benefits for those with diplomas or degrees. Individuals from families earning beyond Rs 8 lakh or those with members holding government jobs are generally excluded. Graduates from prestigious institutions like IITs, IIMs, or those with qualifications such as CA or CMA are excluded.

Digital India Internship Scheme 2024

This initiative complements the PM Internship Scheme by providing advanced digital skills training and internship opportunities in the tech sector, underscoring the ongoing digital transformation in India. The focus here is on equipping youth with digital literacy, thus boosting employability in IT and related fields.

Summary

The PM Internship Scheme 2024 is a pivotal government project designed to enhance employment prospects for young Indians by providing them with practical work experiences in top companies. With a focus on skill development, the scheme emphasizes a dynamic learning environment paired with financial support. It initially targets 1.25 lakh interns for FY 2024-25, paving the way for a total of one crore internships over five years. As it unfolds, insights from its execution will optimize future phases, with emphasis on inclusivity and connectivity in India's diverse demographic.