PM Internship Scheme: A significant update has emerged regarding the Prime Minister’s Internship Scheme ahead of the Union Budget 2025. The Ministry of Corporate Affairs is considering involving state governments in the preparations for the scheme’s second phase, aiming to boost the number of applicants.
An update to come?
Reports suggest that an announcement about this update could be made during the budget presentation, potentially expanding the range of incentives offered. Currently, around 280 companies are working to implement the scheme, which will create internship opportunities across various districts.
125,000 internship opportunities!
The scheme is still in its experimental phase, having offered fewer than 100,000 internships so far, compared to the 127,000 opportunities provided in the first phase. Reports indicate that the government is looking to enhance the program’s appeal and reach. A target has been set to provide 125,000 internship opportunities by March 2025, with discussions underway to adjust certain criteria, such as increasing the age limit and relaxing educational requirements, to attract a larger pool of applicants.
For the financial year 2024-25, Rs 2,000 crore has been allocated to the Pradhan Mantri Internship Scheme, with Rs 6.04 crore already spent as of November 20. The initiative is being executed in collaboration with the top 500 companies, based on their average corporate social responsibility spending over the past three years. While participation is voluntary, the scheme aims to create a broader platform for youth, providing them with valuable experience and connecting them to future employment opportunities.
Selected candidates will receive a one-time allowance of Rs 6,000, along with a monthly stipend of Rs 4,500, and an additional Rs 500 per month from participating companies.