India is on the cusp of a transformative journey, driven by
one of the world’s youngest and most dynamic populations. As the global economy
rapidly evolves, the demand for a skilled workforce has become paramount.
Recognizing this, the Indian government has launched a series of transformative
initiatives aimed at equipping its human capital with employable,
industry-ready skills. By fostering an inclusive, dynamic, and future-ready
ecosystem, India is not only addressing the needs of its growing workforce but
also paving the way towards becoming the Skill Capital of the world!
Among the key initiatives propelling this employment growth
is the Prime Minister’s Internship Scheme (PMIS), launched as part of the 2024
Union Budget. With a goal of providing internships to 10 million youth over the
next five years, this scheme represents a transformative approach to bridging
the gap between academic knowledge and practical industry skills. Under the
leadership of the Ministry of Corporate Affairs, the PMIS aims to place young
individuals in 12-month internships with India’s top 500 companies, offering
them hands-on exposure to real-world business environments.
This scheme operates independently from other existing skill
development programs, focusing on enhancing employability through practical
experience. The initiative offers a ?5,000 monthly stipend, with support from
both the government and corporate sectors through CSR funds, ensuring that
interns from diverse backgrounds can participate. Additionally, the Direct
Benefit Transfer (DBT) model, which includes a one-time ?6,000 grant for
incidental expenses and comprehensive insurance coverage, makes the scheme
financially accessible to a wider audience.
By integrating public-private collaboration, the PMIS is
designed to foster innovation, mentorship, and entrepreneurship among young
professionals. Through structured internships, individuals gain exposure to
work environments that enhance their skills and allow them to network with
industry veterans, receiving guidance that can transform their career
trajectories. These internships not only provide immediate employability but
also serve as a platform for long-term entrepreneurial success.
The Prime Minister’s Internship Scheme reflects the broader
vision of the Indian government to build a skilled and dynamic workforce ready
to tackle the challenges of a rapidly evolving global economy. As India
continues its journey towards becoming the Skill Capital of the World,
government schemes play a crucial role in generating employment opportunities
for youth across various sectors. The Ministry of Skill Development and
Entrepreneurship (MSDE) has spearheaded multiple initiatives under the Skill
India Mission to enhance employability and skill development. Key programs
include the Pradhan Mantri Kaushal Vikas Yojana (PMKVY), offering short-term
skill training, and Pradhan Mantri Kaushal Kendras (PMKK), which standardize
quality training across India. Other initiatives like Jan Shikshan Sansthan
(JSS) target non-literate and rural populations, while the Pradhan Mantri YUVA
Yojana promotes entrepreneurship. The launch of Skill India Digital (SID)
introduces AI-driven tools for job matching and continuous learning.
Additionally, the PM Vishwakarma Yojana supports traditional artisans by
modernizing their skills and integrating them into global markets, ensuring
sustainable livelihoods. Together, these initiatives are shaping a more skilled
and employable workforce in India. Additionally, the setting up of Indian Institute of Skill to build world-class skill training centres
by learning from and imbibing best practices from internationally renowned
existing skill institutions adds another feather to the crown!
As the nation looks toward the future, the focus on
skilling, employment, and innovation promises to reshape India's socio-economic
landscape. The upward trends in employment data, driven by initiatives like the
PMIS, highlight a promising future where young professionals are not only
job-ready but are also key drivers of India’s economic growth and global
competitiveness.
A PIB Feature
References
https://pminternship.mca.gov.in/login/
https://pib.gov.in/PressNoteDetails.aspx?NoteId=153273&ModuleId=3®=3&lang=1
PLFS:
https://dge.gov.in/dge/reference-publication-reports-annual
https://static.pib.gov.in/WriteReadData/specificdocs/documents/2024/oct/doc20241011415001.pdf