The Corporate Affairs Ministry launched the PM Internship Scheme, and it has made a smooth entry into the second phase, by involving an additional 220 companies. These comprise leading entities such as Patanjali Ayurved, LIC Housing Finance, Malabar Gold, Welspun Living, Balrampur Chini Mills, JK Paper, HDFC Ergo General Insurance, Whirlpool, and SBI Funds Management.
Success of Phase One
This phase came after the excellent performance of the first, in which 280 out of the 500 selected companies – major players including
- Reliance Industries
- Tata Consultancy Services (TCS)
- HDFC Bank
- Maruti Suzuki
- Larsen & Toubro
- and Mahindra & Mahindra
Collectively surpassed their expectations by offering 127,000 internships against an initial target of 125,000. The selection of these companies was based on their corporate social responsibility (CSR) spending from 2020 to 2023, which fits in with the scheme’s purpose of developing the skills of and giving meaningful industry exposure to young professionals.
- Phase one received an overwhelming response with 620,000 applications.
- 85,000 internship offers were extended, and about half of them have been accepted.
- As of 2 December 2023, 9,000 candidates began their internships, gaining hands-on experience at top companies.
PM Internship Scheme: Phase Two and Expansion
The success of the first phase set a strong foundation for the second, with the government inviting the remaining 220 companies from the original list of 500 to contribute to this pilot initiative. These firms, which had been on hold during the initial phase, are now expected to create a significant number of internship opportunities, building on the momentum already achieved.
- Corporate Partnerships: This expansion includes companies from various industries that will now contribute to bridging the skills gap.
- Focus on Employability: The scheme aims to make youth more employable by exposing them to real corporate environments.
This strategic initiative underscores the government’s commitment to youth empowerment and workforce development by using CSR resources and public-private collaboration. The expansion of the program continues, which shows that it can really change the landscape of internships in India and open doors to countless career-building opportunities while catering to the nation’s growing demand for skilled professionals.
This PM Internship Scheme is the most transformational initiative to facilitate skill development and employability among Indian youth, thereby using CSR funds and public-private partnerships.
Its phased implementation speaks volumes for its success in bridging gaps in the skill supply chain for tomorrow’s workforce. For more CSR related queries and annual compliances for your business connect with Vakilsearch we provide complete support for all your compliance related queries and services.
- PM Internship Scheme Phase 2: Outreach to 220 Additional Companies - January 21, 2025
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