Upcoming Changes in Prime Minister's Internship Scheme for 2024
Overview of the Prime Minister's Internship Scheme
A significant update has been announced regarding the Prime Minister's Internship Scheme, which is a key initiative by the central government. The third phase of this program is anticipated to launch in early 2024, likely by the end of January. According to insiders, several modifications have been introduced to enhance its appeal to youth and potential applicants.
Changes in Internship Duration
Reports suggest that the duration of internships in certain sectors may be shortened during this third phase of the 12-month pilot project. This adjustment is particularly expected for internships within the service sector. The government aims to facilitate greater participation among young individuals, thereby offering them improved chances to acquire hands-on experience.
Internship Acceptance Rates
During the recent winter session of Parliament, the government shared statistics regarding the scheme. The data revealed a 12.4% decline in the number of candidates who accepted internship offers in the second phase compared to the first. Specifically, 28,141 candidates accepted offers in the first phase, while this number fell to 24,638 in the second phase.
Additionally, the acceptance rate also saw a drop. In the first phase, 34% of candidates accepted offers, which decreased to 29% in the second phase. Nonetheless, the government noted that the total number of offers made in the second phase exceeded those in the first, resulting in an overall increase in available opportunities.
Leading Companies Offering Internships
In the second phase, numerous prominent companies from both the private and public sectors provided a substantial number of internship positions. Jubilant FoodWorks topped the list with 13,658 internship opportunities, followed by Power Grid Corporation of India with 7,880, and HDFC Bank offering 6,800 positions.
Expansion of the Internship Program
The second phase also saw an expansion in the scope of the internship program, with around 70 new companies joining the initiative, thereby increasing opportunities for young applicants. The Prime Minister's Internship Scheme was introduced in the full budget for the fiscal year 2024-25, aiming to provide internships to one crore young individuals through the top 500 companies in the country over the next five years. The pilot project commenced on October 3rd of the previous year, with a goal of offering 1.25 lakh internships within a year.