81% Of India Inc Backs PM Internship Scheme 2024: Report

A majority of corporate entities in India have expressed strong support for the Prime Minister's Internship Scheme 2024, with over 81 per cent of companies aligning their corporate social responsibility (CSR) initiatives with the programme, 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. Under the scheme, each intern will receive a monthly stipend of Rs 5,000, with companies permitted to use CSR funds to cover part of the stipend and associated training costs.

According to the TeamLease EdTech report titled "From Learning to Earning: The Role of CSR in Transforming Education into Employability", 81 per cent of companies advocate for extending the scheme beyond the top 500 firms to all corporates. The report is based on insights from 932 companies across various sectors.

Highlighting the preferred structure of internships, the report stated that 73 per cent of respondents favour short-to-medium-term internships lasting one to six months, citing them as optimal for balancing skill development and programme efficiency. Additionally, 32.43 per cent of companies expressed interest in collaborating with both universities and other corporations to bridge the gap between academia and industry.

The report further noted that over 54 per cent of companies anticipate a measurable social return on investment (SROI) from CSR-driven internships within one to two years, reflecting optimism about the tangible benefits of such programmes.

Emphasizing industry trends, the report revealed that over 76 per cent of companies are prioritizing technology roles within their internship initiatives, underlining a growing demand for digitally skilled talent. Moreover, nearly 73 per cent of companies plan to absorb at least 10 per cent of their interns as full-time employees upon programme completion, reinforcing the strategic role of internships in talent acquisition and workforce readiness.

Commenting on the report's findings, TeamLease EdTech Founder and CEO Shantanu Rooj stated, "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."

Also Read: Centre Closes Onboarding for PM Internship Scheme; 1.27 Lakh Opportunities Offered