NEWS – The PM Internship Scheme, recently launched as part of the Union Budget announcement by the Finance Minister, is designed to enhance employability among India’s youth. The scheme aims to provide structured internship opportunities and hands-on training in real-world business environments.

HIGHLIGHTS

Key Features

1. Objective:
   • To bridge the skills gap and drive sustainable growth by offering on-the-job training.
   • To expose youth to business environments through internships in top 500 companies.
2. Scope:
   • Targets one crore youth over the next five years.
   • Internships are offered through an online portal managed by the Ministry of Corporate Affairs (MCA).
3. Stipend and Financial Benefits:
   • A monthly stipend of ₹4,500 provided by the central government through Direct Benefit Transfer (DBT).
   • An additional ₹500 from the company’s CSR fund.
   • A one-time grant of ₹6,000 at the start of the internship.
   • Insurance coverage under PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana.
4. Internship Duration:
   • One year of training and exposure in industry environments.

Eligibility Criteria

1. Age Limit:
   • Candidates must be between 21 to 24 years of age.
2. Educational Qualifications:
   • Open to individuals who have passed class 10 or higher.
3. Exclusions:
   • Not open to those engaged in full-time employment or post-graduates.
   • Excludes candidates from households with government jobs or those who earned an income of ₹8 lakh or more in 2023-24.
   • Graduates from premier institutes like IIT, IIM, IISER, and candidates with CA or CMA qualifications are also not eligible.

Benefits for Youth and Industry

1. Skill Development:
   • Offers hands-on training and exposure to real-life work environments for skill development.
2. Industry Benefits:
   • Provides industries, including large and micro, small, and medium enterprises (MSMEs), with a pipeline of skilled, work-ready youth for future employment.