PM Internship Scheme

Prime Minister’s Internship Scheme

The Prime Minister’s Internship Scheme recently launched by the Ministry of Corporate Affairs is a significant initiative announced in the Union Budget 2024. Its primary aim is to tackle youth unemployment by providing valuable internship opportunities to young individuals across the country.
 Key Features of the Scheme:

• Internship Opportunities:
  The scheme intends to offer internships to 1 crore young people over the next five years, addressing the challenge of youth unemployment by providing hands-on experience and skill-building.
• Stipend and Financial Support:
  Participants will receive a monthly stipend of ₹4,500 from the government. Additionally, companies participating in the scheme will contribute ₹500 per month as part of their Corporate Social Responsibility (CSR) activities, making the total stipend ₹5,000.
• One-time Enrollment Grant:
  Interns will also receive a one-time grant of ₹6,000 upon their enrollment in the scheme.
• Insurance Coverage:
  The scheme offers insurance coverage under two government-run schemes:
  • PM Jeevan Jyoti Bima Yojana (life insurance)
  • PM Suraksha Bima Yojana (accident insurance)

Eligibility Criteria:

• Age:
  Applicants must be between 21 to 24 years of age.
• Educational Qualifications:
  Candidates should have completed at least Class 10th. However, individuals who have completed their graduation from premier institutions (such as IITs, IIMs) or hold professional qualifications (e.g., CA) are excluded from the scheme.
• Employment Status:
  Applicants must not be in full-time employment at the time of applying.
• Income Restrictions:
  The family income of applicants must not exceed ₹8 lakh annually. Additionally, families of government employees are ineligible for the scheme.

Benefits of the Scheme:

• Skill Development:
  Interns will gain practical, real-world experience, helping them build crucial skills and enhance their employability in various sectors.
• Financial Support:
  The stipend and grants provided under the scheme will offer financial assistance to the youth, making it easier for them to gain professional experience without facing financial constraints.

The Prime Minister’s Internship Scheme is a step toward fostering youth employment, enhancing skills, and offering financial support to young individuals, thus making them more competitive in the job market.

Mind Sprint