MUMBAI (India CSR): A significant 81% of India’s corporate sector supports the expansion of the Prime Minister’s Internship Scheme 2024, as per a report by TeamLease EdTech titled “From Learning to Earning: The Role of CSR in Transforming Education into Employability.” The scheme, launched as part of the Union Budget 2024-25, requires the top 500 companies to offer internship opportunities to one crore youth over the next five years, signaling a robust push toward skill development and employability.
Key Features of the Scheme
Each intern under the scheme will receive a monthly stipend of Rs. 5,000, with companies permitted to utilize their Corporate Social Responsibility (CSR) funds to partially cover the stipend and associated training costs. The initiative has garnered strong advocacy, with businesses urging its extension to all corporates, reflecting its widespread acceptance.
Corporate Insights and Preferences
The TeamLease EdTech report, based on data from 932 companies, revealed key trends and preferences regarding the scheme:
- Short-Term Internships: About 73% of companies consider internships lasting 1–6 months ideal for balancing skill development with efficiency.
- Collaborative Partnerships: Nearly 32.43% of respondents expressed a preference for collaborating with universities and other businesses to bridge the gap between academic learning and industry requirements.
- Social ROI: Over 54% of companies anticipate measurable social returns on investment (SROI) from CSR-driven internships within 1–2 years, showcasing optimism about their impact.
Focus on Technology and Employability
The report highlights the industry’s focus on preparing for the digital future, with 76% of companies prioritizing technology roles within their internship programs. This reflects a growing emphasis on equipping interns with digital skills to address the evolving needs of the workforce.
Additionally, 73% of companies aim to convert at least 10% of their interns into full-time employees, showcasing the strategic role of internships in creating a sustainable talent pipeline.
Driving Employability Through Public-Private Collaboration
The report underscores how the PM Internship Scheme is redefining CSR by addressing both employability challenges and workforce readiness. Companies are leveraging the program not just to meet their CSR obligations but also to strategically align with talent supply chain demands.
Shantanu Rooj, Founder and CEO of TeamLease EdTech, emphasized the scheme’s transformative impact, stating, “The PM Internship Scheme demonstrates how public-private partnerships can address workforce challenges. With a focus on tech roles and meaningful absorption rates, this initiative is building a sustainable talent pipeline and addressing critical employability gaps in India.”
A Vision for Workforce Transformation
The Prime Minister’s Internship Scheme is setting new benchmarks for CSR-driven skill development, effectively blending public policy with private sector collaboration. By emphasizing short-term internships, partnerships, and measurable outcomes, the program is poised to create a lasting impact on India’s employability landscape, bridging the gap between education and employment for millions of youth.
(India CSR)
