The Government of India has revised the CSR guidelines for Central Public Sector Enterprises (CPSEs) by including the PM’s Internship Scheme as the common theme for the current fiscal, according to a government official’s statement to PTI.
Theme-based CSR Spending
Currently, CPSEs follow a theme-based approach in utilising their Corporate Social Responsibility (CSR) funds. CPSEs have to spend 60% of their CSR funds on the theme set for a particular year.
“We have added PM’s Internship Scheme to ‘Health and Nutrition’ as the common theme for CSR activities by the CPSEs for 2024-25. CPSEs will spend 60% of their CSR funds towards ‘health and nutrition’ and PM’s Internship Scheme this fiscal,” said the official.
The Ministry of Corporate Affairs started enrolling companies as well as interns under the Prime Minister’s Internship Scheme, as of earlier this month. Over five years, the scheme expects to provide internships to 1 crore youth.
Under the pilot project, which is estimated to cost around ₹800 crore, the 12-month long internship will start on December 2 and expects to cover 1.25 lakh candidates in the current financial year ending March 2025.
PM Internship Scheme
The PM Internship Scheme was announced by Finance Minister Nirmala Sitharaman in her 2024-25 Budget. Under the scheme, top 500 companies will provide internship opportunities to youth within the age group of 21-24 years as well as provide life insurance coverage.
Apart from the monthly financial assistance of Rs 5,000 for one year, there will be a one-time grant of ₹6,000 for the interns.
The monthly assistance would comprise ₹4,500 to be disbursed by the government and ₹500 by the company from its CSR funds.
The official further said that as private sector takes the lead in providing internship opportunities, the CPSEs too would be encouraged to join the scheme.
Under the scheme, candidates can register on the portal by October 25 and the applicants will be shortlisted on October 26.
Later, candidates will be selected by companies from October 27 to November 7. Then, the selected candidates will have time from November 8 to 15 to accept the offer. Up to three offers will be made to a candidate.
