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The Indian government's new PM Internship Scheme, launched on October 3, has gained traction with leading companies from various sectors, signifying a positive step towards addressing youth unemployment. The scheme aims to partner with the private sector to create employment opportunities for young individuals between the ages of 21 and 24. Companies like ITC, Reliance Retail, and TCS are actively participating in the program, hiring interns for roles in sales, marketing, entrepreneurship, and agriculture.
To be eligible for the internship program, candidates must have passed at least Class 10, not hold full-time employment, and have an annual household income of less than ₹8 lakh. The scheme excludes post-graduates. The government's goal is to offer a monthly stipend of ₹5,000 for a year to 1 crore interns over the next five years. These interns will be placed in the top 500 companies identified based on their CSR expenditure in the last three years.
The process for applying to the PM Internship Scheme involves registering on the Ministry of Corporate Affairs (MCA) portal. Candidate profiles are then matched with company requirements based on skills and needs. Over 2,200 internship opportunities have been listed on the portal, highlighting the scheme's initial success. Notable companies participating in the scheme include Adani Group, Coca-Cola, Eicher, Deloitte, Mahindra Group, Maruti Suzuki, PepsiCo, HDFC, Wipro, ICICI, Hindustan Unilever, Samsung, and Hewlett Packard. The Mahindra Group is set to hire 2,100 interns across various sectors, with a significant portion coming from the auto and farm equipment sectors. Mahindra Finance is also participating by offering 100 internship positions.
While the initiative has garnered positive responses from both companies and the government, concerns about the stipend amount have emerged. Some industry experts believe that the ₹5,000 monthly stipend is inadequate and should be increased to attract more applicants and incentivize companies. Given the involvement of prominent companies, there is a possibility that they may increase the stipend amount independently. Overall, the PM Internship Scheme is a promising step towards tackling youth unemployment and promoting collaboration between the government and private sector. It remains to be seen how the scheme will evolve and whether it will effectively address the challenges of providing meaningful work experience and fostering long-term career opportunities for young individuals.
Source: Adani, Mahindra, other top conglomerates sign up for PM Internship Scheme