PM Internship Scheme 2024: Empowering India's Youth for a Brighter Future

The Prime Minister Internship Scheme 2024 has been inaugurated for youth aged 21-24 years. This one-year paid internship program aims to address youth unemployment and enhance industry readiness among students. Skill development is a crucial need in Indian industries, and this initiative, launched in collaboration with various industrial houses, seeks to bridge the gap. The government has set an ambitious target of benefiting one crore youth over the next five years.

Key Features of the PM Internship Scheme 2024

1. Paid Internship

Interns will receive a stipend of ₹5,000 per month, with the government contributing ₹4,500 and the private sector partner contributing ₹500. Additionally, interns will receive insurance coverage under the Pradhan Mantri Bima Yojana and Pradhan Mantri Suraksha Bima Yojana.

2. Grant for Incidentals

Interns will be eligible for a ₹6,000 grant for incidental expenses, which will be reimbursed.

3. Ineligibility Criteria

The following individuals are not eligible for the internship:
• Graduates from IIMs, IITs, NITs, IIITs, IISc, and other Institutes of National Importance.

• Degree holders in CA, CS, CWA, CMA, CFA, MBBS, BDS, MBA, or any master’s or higher degree.

• Students enrolled in government skill or apprenticeship programs.

• Students covered under NATS (National Apprenticeship Training Scheme) or NAPS (National Apprenticeship Promotion Scheme).

• Individuals from families with an annual income exceeding ₹8 lakh.

• Members of regular government employees' families.

4. Eligible Candidates

Candidates must have one of the following qualifications:

• High School (10th Pass) or Higher Secondary School (12th Pass)

• ITI Certification

• Diploma from a Polytechnic Institute

• Graduate degrees such as BA, B.Sc, B.Com, BCA, BBA, B.Pharm, etc.

5. Selection of Companies

The government has selected 500 companies based on recommendations from the Ministry of Corporate Affairs, CII, and FICCI, considering their average CSR expenditure over the last three years.

6. Administrative and Training Costs

• Administrative Cost: Up to 5% of CSR expenditure can be allocated.

• Training Cost: Companies will bear training expenses from their CSR funds.

7. Implementation Process

A dedicated online portal developed by the Ministry of Corporate Affairs will facilitate the implementation of the scheme.

• Posting of Opportunities: Partner companies will list internship opportunities and eligibility criteria on a dedicated dashboard.

• Registration: Eligible candidates will register on the PM Internship October 2024 Scheme portal, which will generate a resume for them.

Why This Initiative Matters

Youth Employment & Skill Development

India boasts a large pool of graduates and skilled manpower who contribute to the growth of developed nations. However, previous industrial policies post-independence followed a socialist, highly regulated model that lacked emphasis on employment and growth.

With the Make in India and Start-up India initiatives, Indian youth now have more opportunities to become innovative, skilled, and employable. The PM Internship Scheme 2024 further enhances their industry readiness.

Higher Education and Industry Readiness

India has 993 universities, 10,725 standalone institutions, and 39,931 colleges, with 61% located in rural areas. With 38 million students enrolled, the graduate workforce is the primary target of this internship program.

Out of 3.5 million graduates annually, 2.6 million are STEM graduates. This scheme provides them with industry experience, making them more employable and self-sustainable within a year.

Key Improvements in India’s Employment Ecosystem

• Flexible and experiential learning

• Focus on creativity and innovation

• Multiple formats of continuous education

• Stronger alumni contribution

Student Journey Through the PM Internship Program 2024

1. As a Student → Gaining academic knowledge.

2. As an Intern → Acquiring hands-on industry exposure.

3. As a Project Trainee → Working on live projects.

4. As a Skilled Workforce Member → Contributing to India's economic growth.

Shortlisting & Selection Process

Candidates will be shortlisted through the online portal based on eligibility criteria. Special emphasis will be given to:

• Underprivileged and backward-class students

• Persons with disabilities (PwD)

Grievance Redressal Mechanism

A dedicated call center has been set up to address concerns of all stakeholders.

• Timely grievance resolution will enhance the scheme’s success.

• IT tools will ensure easy registration and real-time tracking of complaints.

Monitoring & Evaluation of the Scheme

A steering committee under the Ministry of Corporate Affairs will oversee the program:

• Establishing a mandatory framework for corrective actions.

• Evaluating performance indicators and scorecards regularly.

• Appointing independent evaluators to ensure success.

Conclusion
The PM Internship Scheme 2024 is a transformative initiative that empowers Indian youth, equipping them with practical skills, real-world exposure, and employment opportunities. By bridging the gap between education and industry, this scheme ensures that young Indians contribute effectively to the nation's economic growth.

If you are a recent graduate, this internship could be your gateway to a brighter career!

Discover career-defining courses and stay informed with Sanjeev Agrawal Global Educational (SAGE) University Bhopal. Visit www.sageuniversity.edu.in now!

Dr. Apurva Bhatnagar

Associate professor

School of Management

SAGE University Bhopal