280 Companies Register 1.27 Lakh Internship Offers Under PM Internship Scheme
Approximately 280 companies have participated in the PM Internship Scheme (PMIS), collectively offering 1.27 lakh internship opportunities, according to reports.
The onboarding window for corporates, which opened on October 3, has now closed. However, the registration period for youth began on October 12 and is expected to remain open until early November.
Announced in the Union Budget 2024 by Finance Minister Nirmala Sitharaman, the scheme has an outlay of Rs 800 crore and aims to tackle youth unemployment, benefiting around 10 million young people over the next five years by connecting them with companies seeking talent.
Administered by the Ministry of Corporate Affairs (MCA), the PMIS allows the top 500 corporates by average CSR spending over the past three fiscal years to participate, providing valuable internship opportunities for youth.
Prominent companies involved include Mahindra & Mahindra, Tata Consultancy Services, Larsen & Toubro, Reliance Industries, HDFC Bank, Maruti Suzuki, Tech Mahindra, ONGC, Bajaj Finance, Eicher Motors, Max Life Insurance, Muthoot Finance, and Jubilant Foodworks.
The sectors with the highest number of internship opportunities include oil, gas, and energy; automotive; travel and hospitality; banking and financial services; as well as metals and mining. Other significant sectors offering internships are manufacturing, infrastructure and construction, IT and software development, FMCG, and telecom.
Internship opportunities are available in 737 districts across 28 states and 8 Union Territories. Selected youths will be eligible for internships in the top 500 companies in India for a year, receiving a monthly stipend of Rs 5,000 and a one-time grant of Rs 6,000.
Of the Rs 5,000 stipend, Rs 500 will be contributed by companies through their Corporate Social Responsibility (CSR) funds, while the remaining Rs 4,500 will be provided by the government.
