Youth Empowerment Underway: PM Internship Scheme Attracts Thousands

The Prime Minister's Internship Scheme, launched as part of the 2024 Union Budget, aims to provide internship opportunities to 1 crore youth across top-500 companies over five years. With 6.21 lakh applications for 1.27 lakh positions received, the initiative promises monthly financial aid and boosts timely cost audit submissions.

The government's Prime Minister's Internship Scheme has drawn significant interest, garnering 6.21 lakh applications for 1.27 lakh available positions, as part of its ambitious plan. Announced in the 2024 Union Budget, the scheme targets offering internships to 1 crore youth within five years across the top-500 companies in the country.

Launched as a pilot project on October 3, the initiative aims to provide 1.25 lakh internships during the 2024-25 period. The corporate affairs ministry detailed that the selection process is underway, with partner companies posting 1.27 lakh vacancies on the scheme's portal, where 4.87 lakh individuals have completed their KYC processes and registered.

Interns under this scheme are promised a monthly stipend of Rs 5,000 for a year, alongside a one-time grant of Rs 6,000. The ministry also announced imminent amendments to the framework governing cost records and audits. Moreover, the timely filing of cost audit reports increased by 14% in the financial year 2023-24, the reported figures revealed.

(With inputs from agencies.)