Over 81 per cent of India Inc is in favour of the Prime Minister’s Internship Scheme 2024, which is making corporates align their corporate social responsibility (CSR) initiatives with it, according to a report released on Thursday. The PM Internship Scheme, introduced in the Union Budget 2024-25, mandates the top 500 companies to provide internship opportunities to one crore youth over the next five years.
Each intern is entitled to a monthly stipend of Rs 5,000, with companies allowed to use CSR funds to cover a portion of this stipend and associated training costs. There is widespread support for expanding the Prime Minister’s Internship Scheme 2024, with 81 per cent of companies advocating for its extension to all corporates, said a TeamLease EdTech’s report “From Learning to Earning: The Role of CSR in Transforming Education into Employability”.
The report is based on insights from 932 companies. A majority of respondents (73 per cent) also consider short-to-medium-term internships, lasting 1-6 months, as optimal for balancing meaningful skill development with programme efficiency, it said.
The report stated that to maximise impact, 32.43 per cent of companies expressed a preference for partnerships with both universities and other corporates, emphasising the role of collaboration in bridging the gap between academia and industry. Over 54 per cent of companies anticipated a measurable social return on investment (SROI) from CSR-driven internships within 1-2 years, indicating optimism about the tangible benefits of these programmes, the report said.
Meanwhile, the report also revealed that over 76 per cent of companies are prioritising tech roles within their internship programmes, showcasing the industry’s focus on digitally skilled talent to meet evolving demands. Nearly 73 per cent of companies intend to absorb at least 10 per cent interns as full-time employees upon the completion of the programmes, as per the report.
This demonstrates the strategic role internships play in addressing talent supply chain challenges while contributing to workforce readiness, the report noted. “The PM Internship Scheme showcases the impact of public-private partnerships in addressing workforce challenges. With the majority of companies focusing on tech roles and committing to meaningful absorption rates, we’re witnessing a strategic transformation that goes beyond traditional CSR. This initiative is effectively creating a sustainable talent pipeline while addressing India’s critical employability challenges,” TeamLease EdTech Founder and CEO Shantanu Rooj added.
The PM Internship Scheme, introduced in the Union Budget 2024-25, mandates the top 500 companies to provide internship opportunities to one crore youth over the next five years. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
