Two years later, PM internship revamp draws more youth, but quality gaps persist, Pg5

Key Highlights:

• The Prime Minister Internship Scheme (PMIS) underwent a revamp, leading to a significant increase in youth participation.
• Key changes included expanding the scheme to MSMEs and sunrise sectors, nearly doubling the stipend to Rs 3,000, easing eligibility criteria, and reducing the internship duration to 6-9 months.
• These modifications resulted in a 67% to 100% increase in youth joining the scheme in its third round.
• The joining rate improved to 9.5% in Round III, up from 6.1% and 6.9% in previous rounds.
• Despite increased participation, quality gaps persist, with a low completion rate of around 40% due to a lack of specialized skills training.

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Detailed Insights:

• The PMIS was initially limited to top 500 companies, but its expansion aims to provide broader opportunities across various industries.
• The increased stipend of Rs 3,000 per month is intended to make the internship more attractive and financially viable for aspirants.
• Easing age and education criteria seeks to make the scheme more inclusive and accessible to a wider demographic of young individuals.
• The reduced internship period from 12 months to 6-9 months aims to make the program more flexible and appealing to both interns and companies.
• Data from the Ministry of Corporate Affairs indicates an improved joining rate but highlights the challenge of retaining interns throughout the program.
• Many interns dropped out due to assignments involving fieldwork like loan recovery or promotional activities, which did not align with their skill development expectations.
• Internships in the manufacturing and IT sectors generally offered better experiences and structured learning opportunities.

Key Concepts Involved:

• Prime Minister Internship Scheme (PMIS): A government initiative aimed at providing internship opportunities to youth for skill development and employment readiness.
• MSMEs (Micro, Small, and Medium Enterprises): Businesses categorized by their size and investment, crucial for job creation and economic growth.
• Skill Development: The process of improving an individual's capabilities and knowledge to perform specific tasks or jobs effectively.