Source: BS
Context:
The Ministry of Corporate Affairs (MCA) is working to refine the Prime Minister Internship Scheme (PMIS) to enhance its appeal and ensure a successful launch in the current financial year.
Objective: The revision aims to make the scheme more youth-friendly, inclusive, and aligned with industry skill requirements.
What is the PM Internship Scheme?
- The PMIS is an initiative by the Ministry of Corporate Affairs (MCA) launched in the Union Budget 2024-25 to provide youth with industry experience.
- Launch date: 3 October 2024.
- Implementing ministry (nodal ministry): Ministry of Corporate Affairs (Government of India).
- Goal: Provide 1 crore (10 million) internship opportunities over five years with India’s top companies.
- Pilot phase launched in October 2024.
Key Features of the Scheme
- Internship Duration: 12 months, of which at least half must be in a real-work/industry environment.
- Companies Involved: Internship placements in top 500 firms across sectors like manufacturing, banking, travel, etc.
- Monthly Stipend & Grant:
- Monthly stipend: â‚ą 5,000 (â‚ą 4,500 by government + â‚ą 500 from company CSR)
- One-time grant: â‚ą 6,000 at joining.
- Insurance Cover: Interns are covered under schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
- Geographical Reach: Across 700+ districts, with efforts to make the scheme accessible to weaker sections and remote areas.
Eligibility & Application
- Indian citizens, aged 21-24 years.
- Must not be in full-time education or full-time employment (but distance/online learning may be allowed).
- Educational qualifications: minimum 10th pass, 12th pass, or certificate/diploma/degree (ITI, polytechnic, graduation) depending on stream.
- Family income criteria: Often reported as less than â‚ą 8 lakh per annum.
Funding & Budget:
- FY25: Allocated â‚ą2,000 crore in Budget Estimates (BE), revised to â‚ą380 crore in Revised Estimates (RE).
- FY26: Allocated â‚ą10,831 crore.
