The government’s move to significantly increase the budget allocation for the PM internship scheme for FY26 has garnered attention and praise from various sectors. With a focus on enhancing the skills and employability of the country’s youth, this initiative aims to offer internship opportunities to a vast number of candidates in the coming year.
A substantial budget of ₹10,831 crore has been set aside for the scheme in FY26, marking a remarkable 27-fold increase from the funds allocated in the current fiscal year. This significant rise in budget allocation underscores the government’s commitment to financing 1.8 million interns in the upcoming year, signaling a strong push towards nurturing the next generation of skilled professionals.
The PM internship scheme entails an annual government expenditure of ₹60,000 per candidate undertaking an internship. To achieve the ambitious target of providing 10 million internships within five years, the government aims to facilitate opportunities for approximately two million interns annually. The budgetary provisions for the next fiscal year are closely aligned with this strategic goal, reflecting a concerted effort to meet the program’s objectives.
Expanding Opportunities and Impact
During the scheme’s initial phase launched last October, a total of 127,000 internship opportunities were made available. Companies extended offers to over 82,000 positions, attracting more than 60,800 candidates. Notably, over 28,000 candidates accepted these offers, highlighting the scheme’s success in connecting youth with valuable learning experiences and employment prospects. Minister of State for Corporate Affairs, Harsh Malhotra, reported these positive outcomes to the Lok Sabha on 3 February, emphasizing the scheme’s impact on the ground.
Experts in the field have commended the government’s efforts to boost youth employability through initiatives like the internship scheme. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, emphasized the importance of active employer participation in providing internship opportunities. Kumar highlighted the need for broader inclusion and impact by integrating internships into undergraduate programs, thereby enhancing the overall effectiveness of the scheme.
The internship scheme’s overarching objective of enhancing youth employability resonates with the evolving landscape of work shaped by technology, environmental considerations, and changing labor dynamics. As the government prioritizes employment generation, recognizing the critical role of skilled workforce in driving economic growth becomes paramount. With more than two-thirds of India’s population falling within the working-age bracket of 15-64 years, initiatives like the PM internship scheme play a crucial role in preparing the youth for the challenges and opportunities of the future.
The scheme offers a one-time assistance of ₹6,000 and a monthly stipend of ₹4,500 to interns, supported by companies covering training costs and contributing a monthly stipend of ₹500 from their corporate social responsibility funds. This collaborative approach underscores the shared responsibility of the government and private sector in nurturing talent and fostering a skilled workforce for sustained economic development.
In conclusion, the significant increase in budget allocation for the PM internship scheme for FY26 reflects a strategic investment in the future of India’s youth. By expanding internship opportunities, enhancing skills, and promoting youth employability, the government is laying a strong foundation for sustainable growth and development. As the scheme continues to evolve and reach more beneficiaries, its impact on shaping the future workforce of the nation is poised to be profound and far-reaching.
