NEW DELHI (India CSR): Corporate India is rallying behind the Prime Minister’s Internship Scheme, with 81% of surveyed companies expressing strong support for the initiative. The scheme, introduced in the Union Budget 2024-25, mandates the top 500 organizations to integrate internships into their Corporate Social Responsibility (CSR) strategies, fostering skill development and employability for one crore Indian youth over the next five years.
The report, titled “From Learning to Earning: The Role of CSR in Transforming Education into Employability,” by TeamLease EdTech, offers insightful data from 932 companies. It underscores the growing trend of leveraging internships as a strategic tool for bridging skill gaps and aligning CSR efforts with national goals.
Tech Roles Take the Lead
The report highlights that 76% of employers are prioritizing technology-focused roles within their internship programs, reflecting the industry’s need for digitally skilled talent. This focus aligns with India’s rapidly evolving digital economy, emphasizing the importance of preparing a future-ready workforce.
Moreover, 73% of companies surveyed plan to hire at least 10% of their interns as full-time employees, signaling a shift towards viewing internships as a sustainable solution to talent acquisition challenges.
CSR Budgets Reallocated for Greater Impact
The financial commitment from corporate India is evident, with 34.43% of companies planning to allocate up to 20% of their CSR budgets toward internship programs. This shift underscores a growing recognition of internships as a valuable investment in societal development, not just an educational initiative.
Shantanu Rooj, Founder and CEO of TeamLease EdTech, highlighted the transformative nature of the scheme:
“The PM Internship Scheme demonstrates the power of public-private collaboration in addressing workforce challenges. By focusing on technology roles and committing to intern absorption, companies are driving a sustainable shift in employability practices.”
Collaboration and Social ROI
The report also emphasizes the importance of partnerships in maximizing the scheme’s impact. Over 32% of companies prefer collaborating with universities and other corporates to bridge the gap between academia and industry effectively.
Encouragingly, 54.05% of companies expect a measurable Social Return on Investment (SROI) within 1-2 years, reflecting optimism about the scheme’s long-term benefits for both employers and the workforce.
Jaideep Kewalramani, Head of Employability Business & COO, added:
“The integration of CSR funds into internship programs represents a strategic shift in corporate investment. By fostering multi-stakeholder partnerships and focusing on outcome-driven initiatives, companies are creating tangible social impacts that enhance youth employability while strengthening India’s economic foundation.”
A Vision for Inclusive Growth
The PM Internship Scheme, which ensures interns receive a monthly stipend of ₹5,000 funded partially through CSR, sets a precedent for addressing employability challenges. While the current mandate targets large corporations, discussions are underway to extend its scope to smaller companies, ensuring a more inclusive approach to workforce development.
As companies align their CSR strategies with internship programs, they are not only fostering employability but also creating a collaborative framework for India’s socio-economic growth. This initiative marks a significant step toward bridging the gap between education and employment, ultimately empowering the next generation of Indian talent.
(India CSR)
