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TMI BlogA Pathway to Professional Growth: PM’s Internship SchemeX X X X Extracts X X X X X X X X Extracts X X X X ..... A Pathway to Professional Growth: PM’s Internship Scheme - News and Press Release Dated:- 14-10-2024 - News - Skill development and employment are essential needs in India. Our government is continuously working in this direction. -Prime Minister Narendra Modi India is actively recognizing the critical need to equip its youth with the skills necessary to excel in today s fast-paced economy. In line with this vision, the Prime Minister s Internship Scheme was launched on October 3, 2024. This ambitious initiative implemented through an online portal aims to provide one crore young individuals with valuable internship opportunities over the next five years, allowing them to immerse themselves in diverse business environments and explore a v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ariety of professions. Announced in the Union Budget for 2024-25, the scheme kicked off with a pilot project for the financial year 2024-25, targeting 1.25 lakh internships. The internship opportunities span 24 sectors , including oil, gas, energy, travel, hospitality, automotive , and banking and financial services, etc . The companies selected for this pilot were identified based on their corporate social responsibility (CSR) expenditure over the past three years, ensuring that participants are placed in organizations that are committed to social and ethical practices. What sets this Scheme apart is its independence from existing skill development schemes, apprenticeships, and student training initiatives currently implemented across all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... states and union territories of India. By focusing solely on internships, the Prime Minister s Internship Scheme seeks to create a tailored experience that enhances employability and provides young people with real-world exposure. Through this effort, the government aims to equip India s youth with the tools they need to thrive in the job market, fostering a skilled workforce ready to meet the challenges of the future. Ultimately, this initiative reflects a commitment to nurturing talent and unlocking the potential of the next generation, contributing to the nation s overall growth and development. Overview of PM Internship Scheme Eligibility The Pilot Project offers a 12-month internship program designed for youth aged 21 to 24 years, spec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ifically for Indian nationals who are not employed full-time or engaged in full-time education. Candidates enrolled in online or distance learning programs are eligible to apply. Internships can be applied for through the PM Internship Portal , from October 12, 2024 . The Project aims to 1.25 lakh internships for the Financial Year 2024-25. Candidates who have passed High School or Higher Secondary School, have a certificate from an ITI, have a diploma from a polytechnic institute. Graduated with degrees such as BA, B.Sc, B.Com, BCA, BBA, B.Pharma, etc. Ineligibility Graduates from IITs, IIMs, National Law Universities, IISER, NIDs, and IIITs Holders of qualifications such as CA, CMA, CS, MBBS, BDS, MBA, or any master s or higher degree. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ose undergoing skill, apprenticeships, internships, or student training under Central or State government schemes. Individuals who have completed apprenticeships under National Apprenticeship Training Scheme (NATS) or National Apprenticeship Promotion Scheme (NAPS). If the income of any of the family members of the candidate exceeds Rs 8 Lakh for FY 2023-24. Family members of permanent or regular government employees. Criteria for Partner Companies The Ministry have identified top 500 companies based on their average CSR expenditure over the last three years. Other companies, banks, or financial institutions can also participate with approval from the Ministry of Corporate Affairs (MCA) , particularly if they represent underrepresented sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ors. Companies can set up their profiles through the official Portal by following the user manual. If a partner company cannot provide internship opportunities directly, it may collaborate with: Companies in its forward and backward supply chain (e.g., suppliers, customers, vendors). Other companies or institutions within its group. Financial Assistance Interns will receive a monthly stipend of ₹5,000 throughout the internship duration. This consists of: ₹500 contributed by partner companies, contingent on attendance and conduct. The remaining ₹4,500 will be provided by the government via Direct Benefit Transfer (DBT) to the intern s Aadhaar-seeded bank account. Additionally, a one-time grant of ₹6,000 will be disbur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed after joining the internship, also through DBT. Insurance Coverage All interns will be covered under the government s insurance schemes: Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana , with the premium paid by the government. Partner companies may also offer additional accidental insurance coverage. PM Internship Portal The Prime Minister s Internship Scheme is implemented through a centralized online portal. This portal manages the entire internship lifecycle, providing a dedicated dashboard for partner companies to post internship opportunities. Each posting includes details such as location, nature of the internship, minimum educational qualifications, and available facilities. Eligible candidates mu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st register on the portal, where a resume will be generated based on their information. They can browse and apply for up to five internships, selecting based on preferences like location, sector, functional role, and qualifications. The portal facilitates a shortlisting process that considers candidates preferences alongside company requirements, with an emphasis on promoting diversity and social inclusivity . It prioritizes representation from Scheduled Castes, Scheduled Tribes, Other Backward Classes, and Persons with Disabilities. For each internship, approximately two to three times the number of offers will be shortlisted and sent to the company for selection. Companies can then choose candidates based on their own criteria and process ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es. Once an internship offer is extended, candidates can accept the offer through the portal, ensuring a streamlined and efficient internship application experience. Conclusion In conclusion, the internship scheme presents a valuable opportunity for youth to gain real-world experience while benefiting from financial support and comprehensive training. By partnering with leading companies across diverse sectors, the initiative aims to enhance employability and skills among participants. With clear eligibility criteria and structured support through Direct Benefit Transfers, this program not only fosters professional growth but also encourages active participation from businesses committed to corporate social responsibility. The Launch of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... portal stands as a significant step towards empowering the next generation of professionals in India. References: https://pminternship.mca.gov.in/assets/docs/PMIS_Guidelines.pdf https://pminternship.mca.gov.in/assets/docs/Partner_Companies.pdf https://pib.gov.in/PressNoteDetails.aspx?NoteId=153273 ModuleId=3 =3 lang=1 https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2035591 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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