About 280 companies participated in the PM Internship Scheme (PMIS) and offered 1.27 lakh internship opportunities, according to reports.
The Centre has now closed the onboarding window for corporates’ participation in the Scheme, which opened on October 3 for corporates to register their internship offerings.
However, the window for youth registration, which commenced on October 12 is expected to remain open until early November.
The scheme was announced in the Union Budget 2024 by Finance Minister Nirmala Sitharaman with an outlay of Rs 800 crore for the pilot initiative. It will address youth unemployment by benefitting around 10 million young people over the next five years. It will also connect young people with companies that are seeking talent.
Administered by the Ministry of Corporate Affairs (MCA), the PMIS scheme allows the top 500 corporates by average CSR spending over the last three fiscal years to participate, providing valuable internship opportunities for youth.
Prominent companies participating in the scheme include Mahindra & Mahindra, Tata Consultancy Services, Larsen & Toubro, Reliance Industries, HDFC Bank, Maruti Suzuki, Tech Mahindra, ONGC, Bajaj Finance, Eicher Motors, Max Life Insurance, Muthoot Finance, and Jubilant Foodworks.
Oil, gas, and energy; automotive; travel and hospitality; banking and financial services; and metals and mining are the sectors with the highest number of internship opportunities. Other key sectors offering internships are manufacturing, industrial, infrastructure and construction, IT and software development, FMCG, and telecom.
The internship opportunities are currently available in 737 districts across 28 States and 8 Union Territories.
The selected youths will be eligible for internship in the top 500 companies in India for a year and also get an allowance of Rs 5,000 per month and Rs 6,000 as a one-time grant.
Of the Rs 5,000 stipend, Rs 500 will come from companies as part of their Corporate Social Responsibility (CSR) funds, and the remaining Rs 4,500 will be provided by the government.
