PM Internship Scheme: Finance Minister Nirmala Sitharaman has presented the Union Budget 2024-25. In this budget, she has made many big announcements, one of the important announcements is to motivate the youth for internship and increase internship opportunities for them. Finance Minister Nirmala Sitharaman has announced in the budget that internships will be promoted in 500 big companies under the 5th new scheme of the Modi government. 1 crore youth will benefit from the government’s internship scheme.
Table of Contents
There is still a round of ifs and buts regarding the 5 thousand month internship scheme announced in the budget for the youth of the Modi government. Every day some new thing is coming out on how this internship will be available and which companies will give it. Now the latest update is that the government is in talks with 500 companies on this and it is being told that a voluntary quota system has been agreed upon.
Who is eligible for internship?
Youth between the age of 21 and 24 years can apply for this internship. For this, the applicant should not be involved in any job or full-time education. At the same time, candidates qualified from institutions like IIT, IIM, IISER, CA, CMA are also not eligible for this.
No member of the family of the candidate applying for the internship should be an income tax payer or a government employee. The duration of this internship will be a total of 12 months. During this time, companies will have to introduce the intern to their work.
How much money will you get for the internship
The government will pay Rs 5,000 every month through this internship scheme. Because the duration of the internship will be 12 months. In this sense, the total cost for the 12-month internship will be Rs 60,000. Apart from this, an extra Rs 6,000 will also be given for other expenses.
Out of which Rs 54,000 will be given as monthly allowance and Rs 6,000 as contingency grant. Companies will have to bear Rs 6,000 (10% of internship allowance) and training cost from the CSR fund.
Under which system will the internship be provided?
Finance Secretary TV Somanathan told The Indian Express that the “quota system” will be based on the corporate social responsibility (CSR) expenditure of these companies. The details are yet to be worked out, and will be done in consultation, Somanathan said. “We will probably have some kind of voluntary quota system that is mutually agreed upon, we will also allow them to use our backward and forward supply chain for skill development.” The government is keen to ensure that people from the margins can make the most of this internship scheme. The finance secretary said trainees will be selected through “objective criteria”.
We will be open to suggestions on how best to do it. He said that since these are top 500 companies, they have to maintain their reputation and hence the quality (of internship) will also be good. According to sources involved in preparing the plan, it was Prime Minister Narendra Modi’s idea to involve the private sector in the skill part of the schemes under the package.
On the condition of anonymity, a source said, “It was the Prime Minister’s idea to involve the private sector in skill schemes. Based on his experience, he was of the opinion that the skill part in these schemes has to be done by the private sector and the government cannot do it alone.”
