The Prime Minister Internship Scheme has been released by the central government for the youth who is preparing for employment. Young people are provided with practical experience with the top 500 companies across 24 major industries, including oil and gas, banking, financial services, travel, hospitality, automotive, manufacturing, FMCG, etc. With the level of interest in the scheme, the Ministry of Corporate Affairs (MCA) has decided to extend the application process deadline to March 31. This ambitious scheme intends to provide one crore internship opportunities in the next five years.
Objectives and Benefits Prime Minister Internship Scheme
The primary objective of the Prime Minister Internship Scheme is to equip young people for employment with practical exposure in industries. During the internship period, the government offers financial support of Rs. 5,000 per month, out of which Rs. 4,500 is contributed by the government and Rs. 500 by the company sponsoring the internship.
The government also offers a one-time scholarship of Rs. 6,000 as an incentive to begin the internship. Interns are also provided with insurance cover under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
Budget for Prime Minister Internship Scheme (PMIS)
As per the Budget 2024-25 announcement, the PMIS plans to support one crore youth in receiving internships in the top 500 companies in India over the next five years. The Pilot Project (FY 2024-25) commenced with 1.25 lakh opportunities, wherein the focus is to provide paid internships (12 months) to youth aged 21-24, who are not in full-time education or employment. The stipend interns receive is ₹5,000 and a one-time allowance of ₹6,000.
Application Process Prime Minister Internship Scheme (PMIS)
The process of applying for this scheme is completely online. All interested candidates are required to register on the PM Internship Portal (pminternship.mca.gov.in). The process of applying is as given below: The candidate has to first register on the website and enter their personal and academic information. Then candidates can search for internships as per their qualifications and interests and apply for a maximum of five internships.
