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PM internship scheme (PMIS) to be theme of CSR along with food and nutrition, Finance Ministry has said.
This will be in addition to the previous theme, ‘Health & Nutrition’, announced earlier.
“All administrative Ministries/Departments are requested to bring this to the notice of CPSEs under their administrative control for compliance,” an office memorandum issued by Public Enterprises Department. Including a subject under theme means companies can spend more on the said particular out of its CSR allocation.
As announced in the Union Budget for FY25, PMIS is aimed at providing young Indians with practical industry experience and enhancing their employability. It seeks to bridge the gap between academic learning and industry requirements by offering internship opportunities across diverse sectors such as technology, manufacturing, finance, retail, healthcare, and more.
The government’s focus on making India’s youth job-ready and aligning their skills with market demands appears to be resonating with companies eager to contribute to the nation’s workforce development, economy watchers said.
Top 500 corporates by CSR spend (average of last three fiscal years) have been allowed to participate in the scheme and offer internship opportunities to youth.
The government has already closed the onboarding window for corporates’ participation in the PMIS. In all, 280 companies have participated in PMIS and offered over 1.25 lakh internship opportunities on the dedicated portal under the scheme, said sources.
Under the pilot programme, the dedicated PMIS portal — www.pminternship.mca.gov.in — was opened on October 3 for corporates to onboard and register their internship opportunities.
The window for youth registration under the PMIS was opened on October 12 and is likely to remain open till early November. Some of the top corporates who have offered internship opportunities to youth include Mahindra & Mahindra, Tata Consultancy Services, Larsen & Toubro , Reliance Industries, HDFC Bank, Maruti Suzuki, Tech Mahindra, ONGC, Bajaj Finance, Eicher Motor, Max Life Insurance, Muthoot Finance and Jubilant Foodworks.
Under the PMIS, there will be an allowance of ₹5,000 per month and ₹6,000 as a one-time grant. The Government has set aside ₹800 crore for the pilot scheme, which aims to provide 1.25 lakh internships to youth aged between 21 and 24 in FY’25.
CSR Norms
According to Companies Act, 2013, a company fulfill certain criteria is required to spend at least 2per cent of the average net profits made during immediately preceding financial year(s) are applicable. Such a company is identified on any of three parameters: net worth of ₹500 crore or more, turnover of ₹10000 crore or more or net profit of ₹5 crore or more. Around 30 thousand companies have spent over ₹30,000 crore since the provision made in law.
CSR spending is statutory obligation on Companies to take up projects towards social welfare activities. This has made India the only country which has regulated and mandated CSR for some select categories of companies registered under the Act.
This CSR Initiative aims to push the nation towards achievement of sustainable development goals and public-private partnership in transforming India.
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