New Delhi, October 3: The government on Thursday rolled out the internship programme on a pilot basis that will provide a total annual financial assistance of Rs 66,000 to those in the age group of 21-24 years, and aim to cover one crore youth over five years.

Under the pilot project, which is estimated to cost around Rs 800 crore, the internship will start on December 2 and expects to cover 1.25 lakh candidates in the current financial year ending March 2025, government sources said on Thursday. PM Internship Scheme 2024 to Launch Today: From Eligibility Criteria to How to Apply, Here's All You Need to Know.

Announced in the Union Budget 2024, the Prime Minister's Internship Scheme in Top Companies will also provide insurance coverage to interns. The scheme will be implemented through the online portal 'www.pminternship.mca.gov.in' developed by the corporate affairs ministry.

Apart from the monthly financial assistance of Rs 5,000 for one year, there will be a one-time grant of Rs 6,000 for the interns, the sources said. From October 12 to 25, candidates can register with minimum data in the portal and the applicants will be shortlisted on October 26.

Later, candidates will be selected by companies from October 27 to November 7. Then, the selected candidates will have time from November 8 to 15 to accept the offer, the sources said. Up to three offers will be made to a candidate. Union Budget 2024: Finance Minister Nirmala Sitharaman Announces Internship Scheme for 1 Crore Youth With INR 6,000 One-Time Assistance (Watch Video).

The top 500 companies for the scheme have been identified on the basis of their average CSR (Corporate Social Responsibility) expenditure in the last three years. The ministry has partnered with government-owned BISAG-N to run the project.

The internship will be for 12 months. The interns will be provided financial assistance of Rs 5,000 per month and out of the total amount, Rs 4,500 will be disbursed by the government and Rs 500 will be paid by the company from its CSR funds. Also, a one time grant of Rs 6,000 for incidentals will be disbursed by the ministry to each intern, upon joining the place of internship.

Expenses associated with the training of interns under the scheme will be borne by the company from its CSR funds. The financial assistance amount will be transferred directly to the accounts of the interns. The participation of companies in the scheme is voluntary and an internship will be offered for 12 months, with at least half of the period to be spent in the actual job environment and not in the classroom.

Existing reservations will be applicable in selecting the candidates under the scheme, the sources said and emphasised that the scheme is only for providing internships and not for jobs. For now, as many as 1,077 offers have been made by three companies -- Alembic, Mahindra & Mahindra, and Max Life Insurance, the sources said.

They also said the states as many as seven districts in four states have been covered so far -- one district each in Telangana and Uttarakhand, two districts in Gujarat and three districts in Maharashtra. There will be nodal persons at the companies participating in the scheme for redressal of issues. Subject to certain conditions, youth aged between 21 and 24 years will be eligible for the scheme, the sources said.

Insurance coverage will be provided to each individual intern under insurance schemes of the Union government, PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana. The premium amount in this regard will be offered by the government. The sources said a negative list has been prepared with respect to those who will not be eligible to participate in the scheme. These include candidates from families where any of their family members has an annual income of more than Rs 8 lakh for 2023-24.

Through the portal, the sources said, partner companies can offer internship opportunities. Any other company/ bank/ financial institution can participate in the scheme with the approval of the ministry, which will take into consideration factors like sectors and areas under-represented by the top 500 companies.

As part of the eligibility criteria, sources said, candidates enrolled in online/ distance learning programmes are eligible to apply. Candidates who have passed High School, 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 and B.Pharma will be eligible for the scheme, the sources said.

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.