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.
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