The Prime Minister’s Internship Scheme was officially launched on October 3. Announced in the Union Budget 2024, the Prime Minister's Internship Scheme will also provide insurance coverage to interns.

Highlights of Prime Minister’s Internship Scheme:

• The PM Internship Scheme aims to offer internship opportunities to one crore youth in the top 500 companies over the next five years.

• Youth aged between 21 and 24 years who are not employed full-time and also not engaged in full-time education are eligible for the scheme.

• Apart from the monthly financial assistance of Rs 5,000 for one year, there will be a one-time grant of Rs 6,000 for the interns.

• The duration of the internship will be 12 months. 

• The top companies for the pilot project have been identified based on the average Corporate Social Responsibility expenditure of the last three years. 

• Participation of the companies in this scheme is voluntary.  

• Apart from this, any other company, bank or financial institution desirous of participating in the scheme, may do so with the approval of the Ministry of Corporate Affairs. 

Benefits of the PM Internship Scheme

• On-Job Training: Provides youth with hands-on experience and training in a real-life work environment, enhancing their practical skills.

• Exposure to Real-World Scenarios: Interns gain insight into workplace dynamics and industry operations, preparing them for future employment.

• Skill Development: The scheme focuses on bridging the skills gap, equipping interns with relevant skills that meet industry demands.

• Pipeline of Skilled Workforce: It creates a steady supply of work-ready youth, making it easier for industries to find qualified candidates post-internship.

• Support for Various Enterprises: Benefits both large companies and micro, small, and medium enterprises (MSMEs), fostering growth across different sectors.

• Economic Growth: By enhancing employability, the scheme contributes to sustainable economic growth and development in India.

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