Over 80 percent of Indian businesses have shown their support for the Prime Minister’s Internship Scheme, integrating it with their Corporate Social Responsibility (CSR) efforts. This was highlighted in a report released on Thursday. According to the TeamLease EdTech report, data from 932 companies indicates that internships are crucial for closing the skill gap and enhancing youth employability in India.
Internship programs emphasize technology roles
The report reveals that over 76 percent of companies are focusing on technology-related positions within their internship programs, showcasing the industry’s need for digitally skilled professionals to address new challenges. Additionally, 73 percent of companies plan to hire at least 10 percent of their interns as full-time employees. The scheme is receiving significant backing, with 81 percent of companies advocating for its extension to all corporate sectors.
Up to 20 percent designated for internship initiatives
Furthermore, 73 percent of companies believe that short to medium-term internships, lasting from one to six months, are most effective for skill development. Approximately 34.43 percent of companies have set aside around 20 percent of their CSR budget for the internship program. The report also noted that 32.43 percent of companies prefer to collaborate with other businesses and universities.
A million young people will have the chance to intern
Thanks to the PM Internship Scheme introduced in the Union Budget 2024-25, the leading 500 companies are set to offer internship positions to one million young individuals over the next five years. Each intern will receive a monthly stipend of Rs 5,000, and companies can tap into their CSR funds to help cover some of this stipend and training expenses. Right now, the focus is on larger companies, but there are talks about extending this opportunity to smaller businesses as well.