In a landmark initiative aimed at empowering India's youth and boosting employment opportunities, Finance Minister Nirmala Sitharaman announced the launch of the Prime Minister Internship Scheme 1 Crore Youth 2024 during the education budget presentation.
This scheme, designed to provide real-world experience to young job seekers, will offer internships to 1 crore Indian students who have completed their education. The initiative, a part of the Prime Minister's Package for Employment and Skilling, is set to address unemployment by equipping youth with essential skills required in the workforce.
The scheme, officially launched on October 3, 2024, will target individuals between the ages of 21 and 24, particularly those from marginalized or economically weaker sections of society. Eligible candidates include those who have completed their Secondary School Certificate (SSC), Higher Secondary Certificate (HSC), ITI certificates, Polytechnic diplomas, or undergraduate degrees in fields like BA, B.Sc, B.Com, BCA, BBA, and B.Pharma. However, applicants must not be in full-time employment, and graduates from prestigious institutions like IITs and IIMs and those pursuing postgraduate degrees or professional qualifications like CA, MBBS, or MBA are excluded from the scheme.
Internships under the Prime Minister Internship Scheme will be offered in India’s top 500 companies, providing participants with practical work experience across various sectors. The program is designed to last for one year, during which interns will receive financial support to cover basic expenses. Each intern will receive a monthly stipend of Rs. 4,500 from the government, supplemented by Rs. 500 from participating companies as part of their Corporate Social Responsibility (CSR) efforts. Additionally, one-time financial assistance of INR 6,000 will be provided to help cover the initial costs of joining the internship.
The program aims to bridge the skills gap in India by providing hands-on training, enhancing participants' employability, and fostering a culture of innovation and problem-solving. With over 10 million youth set to benefit from the scheme over five years, it is a critical step toward addressing unemployment, promoting financial independence, and contributing to India's economic growth.
The application process will be managed through an online portal, with candidates required to meet specific eligibility criteria, including not having any family members employed in permanent government jobs. Through this scheme, the Indian government seeks to create a more inclusive, fair, and transparent internship system, empowering the nation’s youth to thrive in the modern workforce.
