India introduces a new PM “Internship” scheme, aiming to provide hands-on experience to the youngsters in the top companies of the country and world.
In efforts to push employment in the country by making the youths ‘work-ready’, India’s Finance Minister announced a scheme named as “PM Internship” which aims to provide internship opportunities to one crore youths in India in top 500 companies of the world over the next 5 years.
As the job-market gets narrowing down, though economy shows an expected 7% growth, this effort by government of India might cater the need to the unemployed youths.
PM Internship
The PM Internship scheme will enhance youth employability in India by offering them hands-on exposure to real-world business environments. The opportunity will address the incapability of educated-youngsters to apply the knowledge in real-world situation by giving them prior exposure to the corporate world. Here is all you need to know about the scheme.
#1 Internship Opportunities: The PM Internship scheme is aiming to offer 1.25 lakhs of Internship opportunities from top 500 companies during the fiscal year 2024-25. The Central government has recently launched the pilot phase of the same.
#2 The scheme aims to address youth unemployment by providing internships to 1 crore youngsters in the country over the next five years.
#3 Eligibility: The candidates must meet certain criteria to be eligible for this internship opportunity.
- They should fall in the age range of 21 to 24 years and should not be engaged in full-time employment.
- Individuals from families with government employees and the graduates from prestigious institutions like IITs, IIMs or those with qualifications such as CA or CMA are not eligible.
- Also, no family member should be earning more than ₹8 lakhs per annum.
- Full-time enrolled students are not eligible. However, students who are about to complete their college-education can apply for the same.
#4 Stipend: The participants will receive a monthly stipend of ₹4,500 from the government, with an additional ₹500 provided by companies as part of their corporate social responsibility (CSR) initiatives.
#5 The applicants will also receive a one-time financial assistance of ₹6,000 to cover incidental expenses. The government will also ensure that interns are insured under programs such as PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana, with the government covering the premium costs.
#6 Companies will be shortlisting the candidates based on their preference and the candidate will be able to convey acceptance through the dedicated portal if he/she has been chosen by the company.
#7 The portal will also use tools to give representation to all segments of the population, such as scheduled castes, scheduled tribes, other backward classes as well as persons with disabilities.
#8 The internship period will be 12 months, with over half of the program focusing on hands-on work experience.
#9 Companies are chosen based on the expenditures they made under CSR activities in the last three years. Businesses, banks and financial institutions who are willing to hire interns under this scheme can do so, after receiving approval from Ministry of Corporate Affairs.
#10 The scheme provides internships in 500 companies, including Reliance, Tata, HDFC, Infosys, ITC, Wipro, TCS and so on. The full list of companies can be viewed from HERE.
How to register in PM Internship scheme?
Step 1: Visit the official website — pminternship.mca.gov.in.
Step 2: On the homepage, scroll down and you will see a register option. Select the link and a new page will open.
Step 3: Fill in the registration details and required documents, and select the submit button.
Based on the details shared by the candidate, a resume will be generated automatically and a student can apply to at least five opportunities based on his or her preferences.
Hope you find the page useful. Comment down if you have any query!
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