Context
The Prime Minister’s Internship Scheme (PMIS) was introduced by Union Finance Minister Nirmala Sitharaman during her 2024-25 Budget speech. The primary goal of the scheme is to boost youth employability by offering practical exposure to actual business environments. A pilot phase for the scheme began on October 3, 2024, with the aim of creating 1.25 lakh internship opportunities during the 2024-25 financial year.
Body
Objective and Scope
- Objective: The scheme intends to offer internships to one crore young individuals over a five-year period in the top 500 companies in India.
- Scope: It is designed for individuals aged 21-24 who are not engaged in full-time education or employment. The program aims to address the skills gap and support India’s sustainable development.
Implementation
- Pilot Project: This will be managed through an online portal overseen by the Ministry of Corporate Affairs (MCA).
- Stipend: Interns will receive a monthly stipend of ₹4,500 from the central government via Direct Benefit Transfer (DBT), along with an additional ₹5,000 covered by the participating companies’ Corporate Social Responsibility (CSR) funds.
- Eligibility: Candidates are required to have educational qualifications such as high school diplomas, ITI certificates, or undergraduate degrees (e.g., BA, B.Sc., B.Com).
Participating Companies
- Top Companies: The scheme involves participation from India’s leading 500 companies, determined by their average CSR spending over the past three financial years.
- Prominent Firms: Organizations such as Britannia, HDFC Bank, Mahindra & Mahindra, Max Life Insurance, and Alembic Pharma are among the participants.
- Public Sector: State-owned enterprises like the Steel Authority of India Limited (SAIL) and Jindal Steel & Power (JSPL) are also onboard.
Expected Outcomes
- Skill Development: By providing hands-on work experience, the scheme aims to improve the employability of young people.
- Economic Growth: Addressing the skills gap is expected to contribute to sustainable economic growth in India.
- Social Inclusion: The scheme ensures inclusivity by offering reservations for SC, ST, OBC, and differently-abled categories.
Examples
- Britannia: Offering internships across various departments under the PMIS.
- HDFC Bank: Providing internships in areas like finance, marketing, and operations to give interns practical experience.
- Mahindra & Mahindra: Offering internships in fields such as engineering, design, and management to provide hands-on knowledge.
Conclusion
The Prime Minister’s Internship Scheme is a groundbreaking effort to enhance the employability of India’s youth by bridging the skills gap. With a focus on real-world business experience, the scheme aims to contribute to the nation’s sustainable economic development and promote social inclusion.
