About 6.21 lakh applications have been received for 1.27 lakh opportunities under the Prime Minister's Internship Scheme and the selection process is continuing, the government said on Sunday, December 29. The scheme, announced in the 2024 Union Budget, aims to provide internship opportunities to 1 crore youth in the top 500 companies over five years.
A pilot project of the scheme started on October 3, aims to provide 1.25 lakh internship opportunities during 2024-25. In a release on Sunday, the corporate affairs ministry said approximately 6.21 lakh applications have been received against 1.27 lakh internship opportunities. "The selection process for internship is ongoing."
Partner companies have posted about 1.27 lakh internship opportunities on the internship scheme portal. About 4.87 lakh individuals have completed their KYC and registered themselves on the portal, the release said. Under the scheme, interns will be provided a monthly financial assistance of Rs 5,000 for 12 months and a one-time grant of Rs 6,000.
While mentioning various initiatives taken this year, the ministry said the framework governing cost records and audits will be amended after considering stakeholders' comments and recommendations of the ministry-appointed committee.
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From the financial year 2023-24, the ministry has issued regular advisories to companies on adhering to the prescribed timelines for filing cost audit reports. "This initiative has led to a 14 per cent increase in the timely submission of cost audit reports during 2023-24 compared to the previous year," the release added.