The Prime Minister’s Internship Scheme, PMIS, is one of the biggest initiatives to bridge the gap between education and employment in India. The program promises to skill 10 million youth over the next five years by allowing structured 12-month internships to the students by the leading companies that will provide them with practical work experience as their academic learning aligns with the industry requirement.
Finance Minister Nirmala Sitharaman on Wednesday unveiled PMIS in Budget 2024-the roll-out process is expected to span two phases. The first is expected to place 125,000 of these internships across 24 sectors over the fiscal year 2024-25. Backed by a budget of Rs 800 crore, the programme is aimed at hands-on experience that will train young professionals for full-time positions within the industries of oil to banking, hospitality to personal finance.
There has been a positive response from the education and skill development institutes, who have appreciated such an innovative opportunity for students to develop industry-relevant skills. The industry leaders also agree with the scheme as it addresses the issue of graduate employability. As Anish Srikrishna, CEO of TimesPro, highlighted, PMIS aims to create internship opportunities within the top 500 organizations across more than 20 sectors, ultimately contributing to India’s goal of becoming the Skill Capital of the World.
The scheme also includes financial support for participants, such as a Rs 5,000 stipend and a Rs 6,000 joining grant, ensuring that the programme is accessible to a broad range of young people. Corporate India is actively engaged in the initiative, with over 193 companies, including prominent names like Reliance Industries and Maruti Suzuki, offering internships. CSR funding from these companies further supports the scheme, providing financial and insurance benefits to interns.
PMIS has already seen substantial interest, with 6.5 lakh applications for the 1.27 lakh internship opportunities offered during the pilot phase. The internships are designed to develop not only technical expertise but also essential soft skills like communication and teamwork, which are crucial for career success.
Experts like Krishan Mishra, CEO of FPSB India, emphasize the long-term impact of such initiatives, particularly in sectors like personal finance, where real-world experience is key. Overall, the PM Internship Scheme is expected to play a pivotal role in shaping India’s workforce, helping young professionals’ transition seamlessly into the job market and contributing to the nation’s economic growth.
