PM Internship Scheme: 6.21 lakh applications received for 1.27 lakh opportunities

About 6.21 lakh applications have been received for 1.27 lakh opportunities under the Prime Minister’s Scholarship Scheme and the selection process is underway, the government said on Sunday.

The scheme, which was announced in the Union Budget 2024, aims to provide apprenticeship opportunities to one million youth in the top 500 companies over five years.

The pilot project of the scheme, which started on October 3, aims to provide 1.25 lakh scholarship opportunities between 2024-25.

In a statement on Sunday, the Ministry of Commerce said that around 6.21 lakh applications have been received against 1.27 lakh scholarship opportunities.

“The internship selection process is ongoing.” Partner companies have posted about 1.27 lakh internship opportunities on the internship scheme portal.

About 4.87 lakh people have completed their KYC and registered themselves on the portal, the release said.

Under this scheme, the trainees will be given a monthly financial assistance of Rs 5,000 for 12 months and a one-time grant of Rs 6,000.

Although it mentions the different programs taken this year, the Ministry said that the structure that controls the record of expenses and audit will be amended after considering the opinions of the stakeholders and the recommendations of the committee appointed by the ministry.

From the 2023-24 financial year, the Department has issued general advice to companies on compliance with the deadlines for filing expenditure audit reports.

“This program has resulted in a 14 percent increase in the timely submission of cost assessment reports between 2023-24 compared to the previous year,” the release said.