Prime Minister's Internship Program: Budget 2024 Overview

Finance Minister Nirmala Sitharaman announced today that the government will introduce a new scheme, the fifth under the Prime Minister’s package. This scheme aims to provide internship opportunities in "500 top companies" to ten million youth over the next five years.

Under this initiative, students will get the chance to experience real-world business environments and explore diverse career paths for a period of 12 months. Additionally, they will receive a monthly internship allowance of Rs 5,000 along with a one-time assistance of Rs 6,000.

The scheme aims to offer young people in the country valuable opportunities for exposure and improved employment prospects.

Phase 1 of the scheme will span two years, followed by Phase 2 which will continue for three years.

As part of their participation, companies will be required to cover the training expenses and 10 percent of the internship costs using their corporate social responsibility (CSR) funds.

To apply for the internship, interested candidates will need to submit their applications through an online portal. The specific details of this portal will be announced at a later date.

Eligibility Criteria

This scheme is open to individuals who are not currently employed or enrolled in full-time education, and who fall within the age bracket of 21 to 24 years.

Participating companies offering internships will be required to select candidates based on objective criteria, with a focus on those who have lower employability prospects.

It's important to note that the involvement of companies in this scheme is voluntary.

 Ineligibility Criteria

According to the guidelines provided by the government, the following individuals are not eligible for the internship:

• Candidates holding qualifications from institutions such as Indian Institutes of Technology (IIT), Indian Institutes of Management (IIM), Indian Institutes of Science Education and Research (IISER), CA, CMA, etc.
• Candidates who have a family member employed in a government job or who are income tax assesses.

These criteria are established to ensure fair access to internship opportunities for a broad spectrum of youth across the country.

Internship Requirements

Companies offering internship opportunities must ensure that participants gain practical experience in a skill directly relevant to the company's operations.

A significant portion, at least half of the internship duration, should involve actual work experience within a job environment rather than classroom-based learning. If direct provision of such experience is not feasible, the company must collaborate with entities in its forward and backward supply chain (such as suppliers or customers) or other companies/institutions within its group or network. 

This ensures that interns receive valuable hands-on training aligned with real-world business practices.

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