More than 80 per cent of the India Inc is in support of the Prime Minister’s Internship Scheme 2024, according to a new report. The report by TeamLease EdTech, based on inputs from 932 companies, added that the companies are working to create a framework to include the internship scheme as part of their Corporate Social Responsibility (CSR) initiatives.
Role of Internship in Workforce Preparedness
The report has emphasised the growing role of internships in bridging skill gaps and advancing employability for youth in India. It states that over 76 per cent of companies are prioritising technology roles within their internship programmes, showcasing the industry’s focus on digitally skilled talent to meet evolving demands. In addition, 73 per cent of companies intend to absorb at least 10 per cent of their interns as full-time employees upon the completion of the internship programmes.
The report revealed that more than 83 per cent of the respondents recognised the alignment of the PM Internship Scheme with India’s national goals of enhancing employability and workforce preparedness.
“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,” said Shantanu Rooj, Founder and CEO, TeamLease EdTech.
“This initiative is effectively creating a sustainable talent pipeline while addressing India’s critical employability challenges,” Rooj added.
The report has shown that more than 50 per cent of the companies have strong belief that a measurable Social Return on Investment (SROI) will be observed within 1-2 years as a result of CSR-driven internship program.
Collaborative Approach
The report has also revealed that more than 32 per cent of companies have expressed a strong preference for partnerships with both universities and other corporates. It is believed that this form of approach will make the execution of the program much more efficient and effective.
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. The companies will be allowed to use CSR funds to cover a portion of this stipend and associated training costs.
