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On Thursday, the government launched an internship program aimed at providing financial support of ₹60,000 per year to 1 crore young people over the next five years.In the year 2024-25, the pilot project is expected to cost around ₹800 crore and aims to offer internships to 1.25 lakh candidates, according to government sources on Thursday.
Announced in the Union Budget 2024, the Prime Minister's Internship Scheme in Top Companies will also include insurance coverage for interns. The scheme will be managed through an online portal created by the corporate affairs ministry. Youth aged 21 to 24 will be eligible for the program, subject to certain conditions, according to sources. The internship program is set to begin on December 2.
According to sources, partner companies will be able to offer internship opportunities through the portal. The top companies selected for the pilot project were chosen based on their average CSR spending over the past three years.Candidates looking for internship opportunities can register on the portal starting in the second week of October.
Participation in the scheme is voluntary for companies, and the internship will last for 12 months. At least half of this time must be spent in a real job environment rather than in a classroom setting. Any other company, bank, or financial institution can join the scheme with the ministry's approval, which will consider factors like sectors and areas that are under-represented among the top 500 companies.
Interns will receive financial support of ₹5,000 per month, with ₹4,500 funded by the government and ₹500 contributed by the company from its CSR funds. Additionally, each intern will receive a one-time grant of ₹6,000 for incidentals upon starting their internship. Companies will cover training expenses using their CSR funds. Each intern will also have insurance coverage under the Union government's PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana, with the premium paid by the government.
Candidates enrolled in online or distance learning programs are eligible to apply, according to sources. Those who have completed High School, Higher Secondary School, hold an ITI certificate, possess a diploma from a Polytechnic Institute, or have degrees such as BA, B.Sc, B.Com, BCA, BBA, or B.Pharma can also apply. Partner companies will have a dedicated dashboard on the portal to post internship opportunities, including details about location, job nature, required qualifications, and available facilities.
Eligible candidates can register on the portal, which will help generate their resumes. They can browse internships based on their preferred sectors, roles, and locations, and apply for up to five opportunities.