Why in the news?

• While the PM Internship Scheme’s pilot project has exceeded its target of pro viding 1.25 lakh internship opportunities in a year, it has found few takers among India’s youth, data presented to Parliament show.

PM Internship Scheme

• Aim: Aim to provide 1.25 lakh internship opportunities during the fiscal year 2024-25.
• The scheme will involve the participation of the top 500 companies in India.
• First announced in the Budget 2024-25.
• The pilot phase has already generated significant interest with over 1,000 internships offered by leading companies like Mahindra & Mahindra, Max Life, and Alembic Pharma.
• Eligibility:
  • Open to Indian nationals aged 21-24, who are not employed full-time or pursuing full-time education.
  • Graduates and diploma holders (BA, B.Sc, B.Com, BCA, BBA, B.Pharma, etc.) are eligible.
  • Top graduates from institutions like IITs, IIMs, and holders of MBA, CA, CMA, MBBS, etc. are ineligible.
• Internship Details:
  • 12-month internships focused on real-world job environments.
  • At least 50% of the time dedicated to hands-on work.
  • Monthly stipend of ₹5,000: ₹4,500 from the government and ₹500 from companies.
  • A one-time grant of ₹6,000 for incidental expenses provided by MCA.
• Company Participation:
  • Involvement of companies based on their Corporate Social Responsibility (CSR) expenditure.
  • Companies can collaborate with suppliers, customers, or value-chain partners to offer internships if they cannot host interns themselves.
  • The scheme is voluntary for companies.
• Insurance and Support:
  • Interns will be insured under schemes like PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana.
  • Additional accidental insurance may be offered by partner companies.
  • A grievance redressal mechanism and a multilingual helpline (1800-116-090) have been established to support applicants.

Source: The Hindu