A new report released on Thursday reveals that over 80% of India’s corporate sector supports the Prime Minister’s Internship Scheme 2024. The initiative, which aims to enhance youth employability, has also led companies to align their Corporate Social Responsibility (CSR) initiatives with the scheme, as they seek to create meaningful opportunities for interns.
According to the report by TeamLease EdTech, based on insights from 932 companies, internships are playing an increasingly crucial role in bridging skill gaps and advancing employability for India’s youth.
The growing industry focus on internships underscores the potential of these programs to provide hands-on experience and industry-ready skills to the next generation.
The report highlights that over 76% of companies are prioritizing technology roles within their internship programs. This shift reflects the growing demand for digitally skilled talent to meet the evolving needs of India’s workforce.
Additionally, 73% of the companies plan to absorb at least 10% of their interns as full-time employees after completing their internships, indicating a commitment to long-term talent development.
A significant 81% of companies have expressed support for expanding the PM’s Internship Scheme to include all corporations, reflecting widespread enthusiasm for the initiative.
The report also notes that a majority of respondents (73%) favour short-to-medium-term internships, lasting between one to six months, as they provide the right balance of skill development and efficiency.
The scheme has also prompted a financial commitment from India Inc., with 34.43% of companies planning to allocate up to 20% of their CSR budgets to support internship programs. This demonstrates the growing recognition of the scheme’s potential impact on youth employability.
The report further emphasizes that 83.18% of respondents believe the PM Internship Scheme aligns with India’s national goals of improving employability and workforce preparedness.
“The PM Internship Scheme showcases the impact of public-private partnerships in addressing workforce challenges,” said Shantanu Rooj, Founder and CEO of TeamLease EdTech. “We’re witnessing a strategic transformation that goes beyond traditional CSR, effectively creating a sustainable talent pipeline.
The report also highlights that 32.43% of companies prefer partnerships with universities and other corporations to enhance the reach and effectiveness of internship programs.
The PM Internship Scheme, introduced in the Union Budget 2024-25, mandates the top 500 companies to provide internships 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 part of this stipend and related training costs.
While initially aimed at large corporations, discussions are already underway about the scheme’s potential expansion to include smaller companies.
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