New Delhi [India], October 3 : The government rolled out the pilot project of the ambitious scheme Prime Minister's Internship Scheme on Thursday. The top 500 companies will be providing 1.25 lakh internship opportunities during FY 2024-25, said govt sources.

The Prime Minister's Internship Scheme in Top Companies (Scheme) was announced in the Budget 2024-25 which aims to provide internship opportunities to one crore youth in the Top 500 companies over 5 years.

This will be implemented through an online portal developed by the Ministry of Corporate Affairs (MCA), accessible at www.pminternship.mca.gov.in. Sources said that this pilot project has received massive responses from the interns and till the morning 1077 offers of Internship were ready by companies like Mahindra & Mahindra, Max Life, and Alembic Pharma.

According to sources website will be open for youths from 12-25 October where they can register themself for internship on the portal. Between 27 October to November 7, they will be selected by the companies, and by 8-15 November companies will be sending offers to interns. According to the sources Rs 800 crores will be spent in FY 2024-25 on 1.25 lakh interns.

The first batch of internships will commence on December 2, 2024.

The top companies for this Pilot Project have been identified on the basis of the average CSR expenditure of the last 3 years. Participation of the companies in this Scheme is voluntary.

Apart from these, any other company/ bank/ financial institution desirous of participating in the Scheme may do so with the approval of the MCA, which would take a view considering sectors and areas underrepresented by the above-mentioned 500 companies.

In case the Partner Company cannot provide such internships in its own company, it may tie up with entities in its forward and backward value chain (e.g. suppliers/ customers/ vendors) or with other companies/institutions in its group or otherwise.

Further, while the internship may be undertaken in associated entities, such as sister companies, suppliers, or vendors of major corporations, the internship programme shall be under the supervision of the Partner Companies, ensuring a quality learning experience.

Duration of the internship shall be 12 months. At least half of the internship period must be spent in the actual working experience/ job environment, and not in the classroom.

The Scheme is designed to provide an opportunity for the interns to experience real-world business environments, thereby equipping them with practical experience that enhances their employability.

A certificate of internship will also be given by the Partner Companies to the interns upon completion of the internship, giving interns an advantageous association with reputable companies on their resume, which can be a significant boost to their career prospects.

According to the scheme the interns will be provided with financial assistance of Rs. 5,000 per month, of which Rs. 4500 will be disbursed by the government, and Rs. 500 per month will be paid by the company from its CSR funds.

Additionally, a one-time grant of Rs. 6,000 for incidentals will be disbursed by MCA to each intern, upon joining the place of internship. Expenditures associated with the training of interns under the Scheme would be borne by the company from its CSR funds, as per the extant rules.

In case, any Company wishes to provide monthly assistance over and above Rs.500, it may do so from its own funds.

Sources said that Insurance coverage shall be provided to each individual intern under insurance schemes of the Government of India, PM Jeevan Jyoti Bima Yojana, and PM Suraksha Bima Yojana, for which premium amount shall be provided by the Government.

In addition, the company may also provide additional accidental insurance coverage to the interns. Partner Companies will have a dedicated dashboard on the Portal where they can post internship opportunities, detailing location, nature, required qualifications, and any facilities provided.

Eligible candidates may register on the Portal, where their details will be used to generate a resume. Candidates can browse internships based on their preferred sectors, roles, and locations and apply for up to five opportunities.

Youth aged between 21 and 24 (as of the last date for submission of application), belonging to Indian nationality, who are not employed full-time and not engaged in full-time education. Candidates enrolled in online/ distance learning programs are eligible to apply.

Educational Qualifications Candidates who have passed High School or Higher Secondary School, possess a certificate from an ITI, hold a diploma from a Polytechnic Institute, or are graduates with degrees such as BA, B.Sc, B.Com, BCA, BBA, B.Pharma, etc. are eligible.

Candidates who are Graduates from IITs, IIMs, National Law Universities, IISER, NIDs, and IIITs, those having qualifications such as CA, CMA, CS, MBBS, BDS, MBA, any master's or higher degree are ineligible to apply.

Those undergoing any skill, apprenticeship, internship, or student training programme under Central Government or State Government schemes are ineligible to apply.

(Those who have completed apprenticeship, training under National Apprenticeship Training Scheme (NATS) or National Apprenticeship Promotion Scheme (NAPS) at any point are ineligible to apply. If the income of any of the family members of the candidate exceeds Rs 8 lakh for FY 2023-24 are also ineligible to apply.

The scheme envisages a dedicated grievance redressal mechanism which will ensure timely resolution of issues and enhance user satisfaction. Additionally, a multilingual tele helpline, reachable at 1800-116-090, has been set up to provide assistance and facilitation to the stakeholders, ensuring accessible support for users in different languages.