Know the rules, as not everyone will receive 5000 rupees
PM Internship Scheme: Our Finance Minister Nirmala Sitharaman initiated this scheme in the budget. That is, the details of the Budget 2024 PM Internship Yojana were presented in the budget. Under this scheme, it was mentioned that there will be an opportunity for internships in the top 500 companies.
Under this scheme, students who intern in major companies will receive 5000 rupees per month from the government. This article will discuss this in detail so that all types of information related to this scheme can reach you.
Finance Minister Nirmala Sitharaman presented the budget for 2024-25 in Parliament on Tuesday, in which she mentioned several schemes under the Prime Minister’s package aimed at promoting employment and skill development across the country.
One of these schemes is an internship program for at least one crore youths. Under the fifth scheme of the Prime Minister’s package, Finance Minister Nirmala Sitharaman announced on July 23 that the government will launch a comprehensive scheme to provide internship opportunities to one crore youths in “500 top companies” over five years.
In the first phase of this scheme, internships will be provided for two years, and in the second phase, for three years. Companies are expected to bear 10 percent of the training and internship costs from their Corporate Social Responsibility (CSR) funds. Through this article, we will give you detailed information about the PM Internship Scheme so that the correct information can reach you.
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Details of Prime Minister Internship Scheme 2024
Applications for the internships will be made through an online portal, the details of which are yet to be announced. Students will gain real business environment experience, various professions, and employment opportunities for 12 months. They will also be provided with an internship allowance of 5,000 rupees per month and a one-time assistance of 6,000 rupees.
The Union Budget 2024 made numerous new announcements for the youth, with the announcement of the Prime Minister Internship Scheme being the most special. Under this scheme, the country’s top companies will provide skill training to one crore youths through internships over the next 5 years.
During this period, the Government of India will provide these youths with a monthly allowance of 5,000 rupees, which will continue for the entire one-year training period. But what will be the eligibility for the PM Internship Scheme? Who and how will benefit from this? Read the full details for every important piece of information.
Prime Minister Internship Scheme 2024
| Post For | Prime Minister Internship Scheme 2024 |
|---|---|
| Scheme By | Government of India |
| Mode | Online |
| Announced By | Union Finance Minister, Smt. Nirmala Sitharaman |
| Who Can Apply | Unemployed Youth who are Domicile of India |
| Age Limit | Above 18 Years |
| Number of Companies | 500 Top Companies |
| Beneficiary Targeted | 1 crore youth in 5 years |
| Scheme Amount | Rs. 5,000 per month + One-Time Assistance of Rs. 6,000 |
| Must Have | Documents Asked |
| Motive of Scheme | Foster skill development, enhance employability, & permanent employment |
| Helpline Number | To Be Updated Soon |
| Official Website | To Be Announced Soon |
Main Objectives of the PM Internship Scheme:
The Government of India brings various schemes to make youths self-reliant and to advance the country, one of which is this scheme that offers internships in top companies. This will help them become self-reliant and contribute to the country, which is why this scheme has been initiated.
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Companies providing internship opportunities must provide real work experience and skill development sessions. At least half of the internship time should be spent in a job environment, not in a classroom.
Eligibility for the Budget 2024 Internship Scheme:
Only those youths aged between 21 and 24 who are neither employed nor pursuing full-time education will be eligible for this scheme. Candidates who have completed studies from the Indian Institutes of Technology (IIT), Indian Institutes of Management (IIM), and Indian Institutes of Science Education and Research (IISER) will not be eligible for this internship.
Which Top 500 Companies will be Included?
The decision on which 500 companies will be included in the PM Internship Scheme will depend on the companies themselves. They will decide whether to participate in this scheme or not. This scheme will operate in two phases: the first phase for two years and the second phase for three years.
Government and Companies will Share the Costs:
Under this scheme, the government will provide a monthly allowance of 54,000 rupees and a grant of 6,000 rupees. Companies will provide a monthly allowance of 6,000 rupees from their CSR funds and will bear the entire training cost. The Finance Ministry has stated that where necessary, this scheme will be linked with relevant state government initiatives.
Who is Not Eligible for the PM Internship Scheme?
According to the list shared by the government, candidates with qualifications from IIT, IIM, IISER, CA, CMA, etc., are not eligible for this internship. Additionally, those whose family members are in government jobs or are income tax payers will also not be eligible for this scheme.
Important Points Related to the PM Internship Scheme:
Finance Minister Nirmala Sitharaman proposed job creation for approximately 4.1 crore youths over the next five years in her budget speech. For this, the government has allocated ₹2 lakh crore. She mentioned that companies organizing internships will bear 10% of the training costs from their CSR funds.
Under Section 135 of the Companies Act 2013, companies with a certain turnover and profitability are required to spend 2% of their average net profit over the previous three years on CSR activities. She announced that a total of 1,000 industrial training institutes will be upgraded. In her speech, she proposed a one-time salary assistance for first-time job seekers.
This incentive will be provided directly through Direct Benefit Transfer (DBT). Under this scheme, students interning in major companies will receive 5,000 rupees per month from the government. Mrs. Sitharaman said that employment, skill development, MSMEs, and the middle class are among the main focus areas of this budget.
Sitharaman announced a new centrally sponsored initiative aimed at enhancing the skills of the country’s youth. Under this program, 20 lakh youths will be provided with skill development opportunities over five years. She said, “In collaboration with states and industries, a new centrally sponsored scheme for skill development will be implemented; 20 lakh youths will be trained over five years.”
Application Process and Website for the PM Internship Scheme:
The scheme was launched on July 23, and the government has stated that this scheme is specifically started for the youth to move towards self-reliance and contribute to the country. However, no information has yet been provided about the application process or the website for this scheme.
FAQs on PM Internship Scheme
- What is the PM Internship Scheme?
- The PM Internship Scheme is a government initiative announced in the Budget 2024 to provide internship opportunities to one crore youths in the top 500 companies over five years. The scheme aims to promote employment and skill development.
- Who is eligible for the PM Internship Scheme?
- Youths aged between 21 and 24 who are not employed or pursuing full-time education are eligible. Candidates from IITs, IIMs, IISERs, and those with CA or CMA qualifications, or those whose family members are in government jobs or are income tax payers, are not eligible.
- What benefits will interns receive under this scheme?
- Interns will receive a monthly allowance of 5,000 rupees from the government and a one-time assistance of 6,000 rupees. They will also gain real business environment experience and skill development opportunities.
- How long will the internships last?
- The internships will be provided in two phases: the first phase for two years and the second phase for three years.
- How will the application process work?
- Applications for the internships will be made through an online portal. The details of this portal and the application process are yet to be announced by the government.
- Which companies are participating in the PM Internship Scheme?
- The scheme will include the top 500 companies in India. These companies will decide whether to participate in the scheme and will be expected to bear 10% of the training and internship costs from their CSR funds.
- Will the companies bear any costs for the internships?
- Yes, companies are expected to bear 10% of the training and internship costs from their Corporate Social Responsibility (CSR) funds. They will also cover the entire training costs.
- What is the main objective of the PM Internship Scheme?
- The main objective is to provide youths with real work experience and enhance their skill capacity, making them self-reliant and better prepared for future employment opportunities.
- When was the PM Internship Scheme announced?
- The scheme was announced by Finance Minister Nirmala Sitharaman on July 23, 2024, during the presentation of the budget for 2024-25.
- What are the key focus areas of the budget related to youth employment?
- The budget focuses on employment, skill development, MSMEs, and the middle class. It includes a comprehensive plan to create job opportunities for approximately 4.1 crore youths over the next five years with an allocation of ₹2 lakh crore.
Conclusion:
The purpose of this scheme is to provide real work experience to the youth and enhance their skill capacity so that they can get better employment opportunities in the future. This partnership between the government and companies is a significant step that will assist in the career development of the youth. Such schemes not only encourage individual development but also contribute to the overall progress of the nation. If there is any information related to this scheme, we will keep updating you, so stay tuned to our website.