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: ₹ 5,000 (₹ 4,500 by government + ₹ 500 from company CSR)
  • One-time grant: ₹ 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 ₹ 8 lakh per annum.

Funding & Budget:

• FY25: Allocated ₹2,000 crore in Budget Estimates (BE), revised to ₹380 crore in Revised Estimates (RE).
• FY26: Allocated ₹10,831 crore.