CII working with MCA to implement PM Internship Scheme announced in Budget 2024

The Confederation of Indian Industry (CII), on Tuesday, said it is working closely with the Ministry of Corporate Affairs (MCA) effectively implementing the Prime Minister's Internship Scheme announced in the Union Budget earlier this year.

Over the next five years, the PM Internship Scheme aims to provide an internship opportunity to one crore youth in 500 top companies in India.

The companies are expected to spend funds from their corporate social responsibility (CSR) buckets to bear the training costs as well as 10% of the internship cost for the scheme, as announced in the budget.

According to the CII, the industry body is acting as a critical facilitator between the government and the industry, ensuring the scheme's effective rollout.

The scheme will improve youth employability in India and offer them hands-on exposure to deal with real-world business environments.

It will also benefit the industry by providing skilled and work-ready youth who can be employed once the internship ends in micro, small, medium and large enterprises, the CII stated.

The MCA has also introduced a user-centric portal for the scheme which will act as a link between companies and aspiring youth. It will serve as a centralised hub allowing smooth navigation of the scheme's application and participation processes.

"With industries grappling with a growing talent shortage, the PM Internship Scheme provides a crucial bridge. By offering on-the-job training to youth, it will prepare them to meet the evolving Industry demands, while ensuring that businesses get access to a skilled and agile future workforce, fostering progress and innovation," CII Director General Chandrajit Banerjee said to PTI.

"With internships for one crore youth across sectors, including Manufacturing and services, this scheme will cultivate a skilled workforce ready to take on future challenges," stated Sanjiv Puri, President, CII and Chairman & Managing Director, ITC Ltd to PTI.

The scheme offers an opportunity to bridge the skill gap and will also drive sustainable growth in the country. It combines education with practical experience and is set to empower the youth by making them skilled professionals, enabling their long-term development.