Prime Minister’s Internship Scheme was announced by Union Finance Minister Nirmala Sitharaman during her Budget speech on July 23 and officially launched on October 3, 2024. The scheme aims to provide internship opportunities to one crore youth in the top 500 companies over the next five years. KEY OBJECTIVES The PM Internship Scheme seeks to enhance youth employability in India by offering hands-on exposure to real-world business environments. It represents a transformative opportunity to bridge the skills gap and drive sustainable growth in the country. Financial Support
  • Monthly Stipend: Interns will receive a stipend of ₹4,500 from the central government via Direct Benefit Transfer (DBT).
  • Company Contribution: An additional ₹500 will be provided by the company’s Corporate Social Responsibility (CSR)
ELIGIBILITY CRITERIA To be eligible for the PM Internship Scheme, candidates must meet the following criteria:
  • Age: Candidates should be between 21 and 24 years
  • Employment Status: Must not be engaged in full-time employment.
  • Education: Must have passed class 10 or higher.
  • Exclusions:
    • Individuals from families with government jobs are excluded.
    • The scheme is not open to post-graduates.
    • Graduates from premier institutes (IIT, IIM, IISER) or those with CA or CMA qualifications are ineligible.
    • Candidates from households where an individual earned an income of ₹8 lakh or more in the fiscal year 2023-24 are not eligible.

APPLICATION PROCESS

  • Portal Registration: Candidates can register and apply for internships on the portal: mca.gov.in.
  • Application Timeline: The portal will be opened for applications on October 12, with the first application window closing on October 25.
  • Data Submission: Candidates must share and self-certify their educational qualifications and residential pin codes.
  • AI Matching: Candidates' data will be matched with companies’ requirements using Artificial Intelligence tools to generate a shortlist for consideration.
  • Application Tracking: Applicants can check the status of their applications on the portal once submitted.

BENEFITS

  • On-the-Job Training: The scheme aims to provide valuable on-job training and exposure to a real-life work environment.
  • Industry Advantage: It will create a pipeline of skilled, work-ready youth who can be employed post-internship in both large enterprises and micro, small, and medium enterprises (MSMEs).
  • Sustainable Growth: By enhancing employability and skills, the scheme supports sustainable growth in India’s economy.