New Delhi, October 3: The Prime Minister’s Internship Scheme 2024, announced by Union Finance Minister Nirmala Sitharaman during her Budget speech on July 23, will be officially launched today, October 3. This ambitious scheme aims to provide internship opportunities to one crore youth across India’s top 500 companies over the next five years.

The PM Internship Scheme seeks to enhance the employability of Indian youth by offering hands-on experience in real-world business environments. Internships will help bridge the skills gap in the workforce while fostering sustainable growth across industries. By engaging with leading companies, interns will gain exposure to professional work environments and practical knowledge, improving their chances of securing long-term employment. Union Budget 2024: Finance Minister Nirmala Sitharaman Announces Internship Scheme for 1 Crore Youth With INR 6,000 One-Time Assistance (Watch Video).

PM Internship Scheme 2024: Stipend and Funding

Each intern will receive a monthly stipend of INR 4,500 from the central government through Direct Benefit Transfer (DBT). Additionally, companies will provide an extra INR 500 per intern, offset from their Corporate Social Responsibility (CSR) funds. The stipend will help ensure that participants can sustain themselves during the one-year internship program, making it an attractive option for youth across the country. Union Budget 2024: Internship With Rs 5,000 Monthly Allowance Announced for 1 Crore Youth Over Next Five Years.

PM Internship Scheme 2024: Eligibility Criteria

To be eligible for the PM Internship Scheme, candidates must be between 21 and 24 years old and not engaged in full-time employment. Internships will be available to those who have passed class 10 or higher, but certain groups are excluded. Candidates from families with government jobs or those who are income tax assessees are not eligible. Moreover, graduates from premier institutes like IIT, IIM, or IISER, as well as individuals with CA or CMA qualifications, will also be excluded from applying.

PM Internship Scheme 2024: How to Apply

The application process for the scheme will begin on October 12, 2024. Companies will upload their available internship positions to a dedicated portal, where applicants can submit their details. The portal is designed to streamline the process, ensuring a transparent and efficient candidate selection. Once applied, candidates will be able to check the status of their applications online.

PM Internship Scheme 2024: Benefits

The PM Internship Scheme offers substantial benefits to both the youth and the industry. For the youth, the program provides practical training and valuable exposure to professional work environments, improving their job-readiness. For businesses, the scheme creates a pipeline of skilled, work-ready individuals who could be employed post-internship, particularly in micro, small, and medium enterprises (MSMEs).

The scheme is expected to significantly improve the skill level of young professionals in India, furthering the government’s mission of youth empowerment and national development.

(The above story first appeared on LatestLY on Oct 03, 2024 01:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).