It marks the onset of a new era as the Prime Minister’s Internship Scheme introduced in the budget 2024 was launched on October 3, 2024. The scheme is set to revolutionise the employment system for young Indians as it will provide 1 crore internships in the next five years. This initiative promises to improve employability, skill development, and economic growth as young Indians will get the opportunity to work in top companies. Countries globally are pushing international students for skill development and the Indian government is following suit.
For a long time, internships have been an important part of the study curriculum of foreign institutions. Internships have helped thousands of young graduates connect with the right job for their profile. Students who study overseas have a high success rate and smoother transition in the professional world as much emphasis is placed on internships. This scenario is finally catching up in India.
What is there in India’s Internship Scheme?
The scheme will provide freshers with internship opportunities in top companies and aims to bridge the gap between employment and education. The country’s youth will be equipped with essential skills for the future, will be job-ready, and will ease the task of human resources looking for the right professionals. Interns will receive a monthly stipend of INR 4,500 from the government and an additional INR 500 from companies through their corporate social responsibility (CSR) funds.
One can apply for an internship through the government portal, which will be live on the launch day. The portal will remain open till October 25 for the first batch of internships. One will have to submit data on educational qualifications and residential pin codes. The applicant should not have a full-time job and not be from a family of government employees to be eligible for applying. Youth from industrial training institutions and skill centres can participate, however, those who have studied in prestigious institutions like IITs or IIMs are included in the scheme. A household where a person earns an income of INR 8 lakhs or more in 2023-24, will not be eligible.
Sectors in which internship opportunities will be provided include information technology, where students will have practical experience in software development and data analysis. Internships in the manufacturing sector will be provided with a focus on quality control and supply chain logistics. Retail and e-commerce, healthcare, and telecommunications will be other sectors where internship opportunities will be available.
Why Internship Scheme for the Youth
Internships allow for gaining real-world experience and developing valuable skills related to the workplace or a specific major before or after graduation. It is often observed that an academic degree is not enough to integrate a person into the professional world. This is the reason why most companies prefer to employ those with some amount of experience. Unfortunately, it is not possible to acquire experience without a job. It is a typical chicken and egg situation, and many Indian youths are stuck in the same situation.
The main objective of the Prime Minister’s youth internship scheme is to help the youth of India gain some experience in the corporate world. With the help of this scheme, the youth will be able to acclimatise themselves as per the requirements of the corporate world. After working as an intern in one of the top 500 companies in India, students will be able to bridge the gap that they are left with after passing out from college. Along with providing the daily expenses, it will help students develop their network in the corporate world. It will further facilitate finding employment once the internship is over.
The internship scheme from the government stands to benefit not just the young people but also the professional world. Many companies are of the view that they are not able to find the right employees, and that there is a gap between what students are taught in colleges and what is expected by companies. Moreover, some companies are reluctant to spend time and money on training a fresh graduate. Since the internship scheme will be paying the interns, companies will be more willing to hire fresh graduates. The one-year period of the scheme will be good enough for companies to mould freshers as per their requirements.
The Broader Implications of the Internship Scheme
The internship scheme will not only serve the purpose of improving the employability of young Indians but it is a strategic move as skill development is increasingly emphasised in the global context. By fostering a culture of practical experience and skill development it will create a mutually beneficial situation for corporates and young professionals alike. For students planning to apply for a study visa, this serves as a reminder that acquiring skills should be a priority.
Ensuring Maximum Effectiveness of the Internship Scheme
The government internship scheme is garnering appreciation from all corners of the country. However, all the elements involved must fulfil their due responsibility to ensure the scheme benefits those deserving and in need. Corporate houses should step ahead and consider this scheme as an opportunity to hire staff with minimal expenditure on training.
Freshers that will be hired under this scheme, aged 21 – 24, will be full of energy and zeal to put in their best efforts and make a name for themselves. They will be eager to prove their worth in the company and show that they can be productive employees. Companies can tap this raw clay as per their requirements and make the most out of it. Companies should not feel burdened or participate in this scheme as an obligation from the government that they have to fulfil.
Government Highlights the Importance of Developing Skills
A qualification is only as good as the amount of skills that you acquire from it. The importance of having skills is highlighted globally be it in our country, India, Canada, Australia, the US, and the UK. It should come as no surprise that those applying for study visas are also pushed towards acquiring skills that can be utilised for a long time. Skills, don’t just mean some kind of manual dexterity, but good knowledge of the latest technology.
Also Read: How Future Workplaces Will Shape Expectations for Aspiring International Students
Whether you are studying in India or planning to move abroad on a study visa, your emphasis should be on acquiring skills that will be demanded in future. The future of a country depends on how tech-savvy its youth is. If you are planning to apply for a study visa, talk to overseas education consultants in Chandigarh before picking up a study programme.
The Takeaway
Skills and internship go hand in hand, for once you acquire a skill you need to practice it in a real-world environment. India is finally acknowledging the importance of internships to develop more job-ready professionals. Overseas institutions had this understanding for a long time, as they lay equal importance on practical exposure as on theoretical understanding. The strong industry institution network in Canada, Australia, the US, and the UK for effective internships makes studying there more rewarding.
