New Delhi, Jan 16 More than 80 per cent of India Inc is in support of the Prime Minister's Internship Scheme 2024 and is making great strides to align their Corporate Social Responsibility (CSR) initiatives with the scheme, according to a report on Thursday.
The report by TeamLease EdTech, based on insights from 932 companies, emphasise the growing role of internships in bridging skill gaps and advancing employability for youth in India.
The report highlights 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 also identified widespread support for expanding the scheme, with 81 per cent of companies advocating for its extension to all corporations.
A majority of respondents (73 per cent) also consider short-to-medium-term internships, lasting 1-6 months, as optimal for balancing meaningful skill development with program efficiency. The scheme also underscores a financial commitment from India Inc, with 34.43 per cent of companies planning to allocate up to 20 per cent of their CSR budgets to internship programmes.
The report revealed that 83.18 per cent of respondents recognise 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.
Further the report showed that 32.43 per cent of companies have expressed a strong preference for partnerships with both universities and other corporates.
In addition, 54.05 per cent of companies anticipate a measurable Social Return on Investment (SROI) from CSR-driven internships within 1-2 years, indicating optimism about the tangible benefits of these programmes.
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, with companies allowed to use CSR funds to cover a portion of this stipend and associated training costs.
While primarily targeting large corporations, the scheme has sparked broader discussions on its potential expansion to include smaller companies, paving the way for a more inclusive and impactful approach to youth employability and workforce development.
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