The government on Thursday rolled out the internship programme that will provide financial assistance of Rs 60,000 per annum to 1 crore youth over five years.
Total Cost and Objective of the Pilot Project
In 2024-25, the total cost of the pilot project will be around Rs 800 crore and will look to provide internships to 1.25 lakh candidates during this fiscal, government sources said on Thursday.
Announcement and Coverage
Announced in the Union Budget 2024, the Prime Minister’s Internship Scheme in Top Companies will also provide insurance coverage to the interns.
Implementation Through Online Portal
The scheme will be implemented through an online portal developed by the corporate affairs ministry.
Eligibility Criteria
Subject to certain conditions, youth aged between 21 and 24 years will be eligible for the scheme, the sources said.
Internship Commencement Date
The internship programme will commence on December 2.
Portal for Internship Opportunities
Through the portal, the sources said, partner companies can offer internship opportunities, and the top companies for the pilot project have been identified based on the average of their CSR expenditure in the last three years.
Registration for Candidates
Candidates seeking internship opportunities can register on the portal from the second week of October.
Voluntary Participation by Companies
The participation of companies in the scheme is voluntary, and an internship will be offered for 12 months, with at least half of the period to be spent in the actual job environment and not in the classroom.
Companies Participating in the Scheme
So far, 1,111 companies have rolled in, including Max Life, Mahindra and Mahindra, and Alambic.
Eligibility of Other Companies
Any other company, bank, or financial institution can participate in the scheme with the approval of the ministry, which will take into consideration factors like sectors and areas under-represented by the top 500 companies.
Financial Assistance for Interns
The interns will be provided a financial assistance of Rs 5,000 per month, with Rs 4,500 disbursed by the government and Rs 500 paid by the company from its CSR funds.
One-Time Grant for Incidentals
A one-time grant of Rs 6,000 for incidentals will be disbursed by the ministry to each intern upon joining the place of internship.
Training Expenses
Expenses associated with the training of interns under the scheme will be borne by the company from its CSR funds.
Insurance Coverage
Insurance coverage will be provided to each intern under insurance schemes of the Union government, PM Jeevan Jyoti Bima Yojana, and PM Suraksha Bima Yojana. The premium amount in this regard will be offered by the government.
Educational Eligibility
As part of the eligibility criteria, candidates enrolled in online or distance learning programmes are eligible to apply.
Candidates who have passed High School, Higher Secondary School, possess a certificate from an ITI, hold a diploma from a Polytechnic Institute, or are graduates with degrees such as BA, B.Sc, B.Com, BCA, BBA, B.Pharma, etc., are eligible, sources said.
Dashboard for Partner Companies
Partner companies will have a dedicated dashboard on the portal where they can post internship opportunities, detailing location, nature, required qualifications, and any facilities provided.
Application Process for Candidates
Eligible candidates may register on the portal, where their details will be used to generate a resume.
Candidates can browse internships based on their preferred sectors, roles, and locations and apply for up to five opportunities.
(With agency inputs)
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