PM Internship Scheme For 1 Crore Youth To Be Launched Next Month, Top CSR Spender Companies To Be Prioritised: Report

Narendra Modi government is planning to launch the Prime Minister's Internship Scheme within the next month, and for this, top corporate social responsibility (CSR) spenders are likely to get priority.

These include Reliance Industries, Tata Consultancy Services, HDFC Bank, ONGC, Infosys, and NTPC. In the Budget, Finance Minister Nirmala Sitharaman announced the involvement of top 500 companies.

The scheme, aimed at offering internships to 1 crore youths, might choose companies based on their average annual CSR spending over the last three years (up to 2022-23), Economic Times reported.

"The suggestion to prioritise companies based on their CSR spending came from industry players, and the government has accepted it," one source said, adding that additional criteria are still being finalised.

The Ministry of Corporate Affairs (MCA), spearheading this initiative, is in discussions with stakeholders and plans to roll out the program soon.

Under the scheme, companies with higher CSR contributions may take on more interns, with an estimated average of 4,000 interns per company each year for five years, with the government covering most of the costs.

State-run banks, though not governed by the Companies Act, may also be invited to join the program, according to sources. As the scheme is voluntary, the MCA is working to encourage large companies to participate.

"Public-sector units will have a bigger role if private companies show less interest, though many private firms seem eager to join," a source told ET.

A new portal will be launched, allowing internship applicants to apply directly to participating companies. Each intern will receive a monthly stipend of Rs 5,000 for a year and a one-time allowance of Rs 6,000.

The government will cover Rs 54,000 in costs per intern, while companies will bear training expenses and contribute 10 per cent of the monthly stipend (Rs 6,000) from their CSR funds.

The scheme aims to provide unemployed youth aged 21 to 24 from poorer households with exposure to real-life work environments. The initiative focuses on those who do not have family members paying income tax and who have not studied at elite institutions like the IITs or IIMs.