6L applications, 10k selected: PM Internship Scheme falls short
What's the story
The Pradhan Mantri Internship Scheme (PMIS), launched as a pilot project in FY 2024-25, has not been able to achieve its target of 1.25 lakh internship opportunities.
Only 28,000-30,000 applications were approved and less than 10,000 interns have joined so far, according to CNBC-TV18.
This disappointing result comes despite over six lakh registrations on the PM Internship Portal.
Scheme enhancement
Government plans improvements to boost participation
In light of the poor participation rate, the Ministry of Corporate Affairs (MCA) is mulling improvements for the next phase of PMIS.
The proposed improvements include disclosing the names and locations of companies in advance.
There are also talks of widening eligibility criteria to include master's degree holders.
For FY 2024-25, ₹2,000 crore was budgeted for this scheme with an ambitious goal to provide internship opportunities to one crore youth in India's top 500 companies over five years.
Internship benefits
PMIS offers comprehensive training and financial support
The PMIS provides a year-long rigorous training in top companies across sectors including finance, manufacturing, and energy.
The scheme features leading companies such as Vedanta, ONGC, Titan, and Maruti Suzuki with training locations ranging from Jammu to Kanyakumari and Andaman Islands to Jharsuguda.
Interns under this scheme are paid a monthly stipend of ₹5,000 and a one-time grant of ₹6,000 via Direct Benefit Transfer (DBT).
Additional benefits
PMIS provides insurance coverage and corporate support
Along with financial aid, PMIS also offers insurance coverage under Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana.
Participating companies are crucial in making the transition easy for interns. For example, ONGC and EMCURE provide accommodations while Maruti Suzuki and Alkem Labs offer induction and technical training programs.
Many firms also arrange transport and health insurance to build a holistic support system for interns.