The government on Thursday rolled out the internship programme that will provide financial assistance of Rs 60,000 per annum to 1 crore youth over a period of five years.

In 2024-25, the total cost of the pilot project will be around Rs 800 crore and will look to provide internship to 1.25 lakh candidates during this fiscal, government sources said on Thursday.

Announced in the Union Budget 2024, the Prime Minister’s Internship Scheme in Top Companies will also provide insurance coverage to the interns.

The scheme will be implemented through an online portal developed by the corporate affairs ministry.

Subject to certain conditions, youth aged between 21 and 24 years will be eligible for the scheme, the sources said.

The internship programme will commence on December 2.

The other company/ bank/ financial institution can participate in the scheme with the approval of the ministry, which will take into consideration factors like sectors and areas under-represented by the top 500 companies.

The interns will be provided a financial assistance of Rs 5,000 per month and out of the total amount, Rs 4,500 will be disbursed by the government and Rs 500 will be paid by the company from its CSR funds.

Also, a one time grant of Rs 6,000 for incidentals will be disbursed by the ministry to each intern, upon joining the place of internship.

Expenses associated with the training of interns under the scheme will be borne by the company from its CSR funds.

Insurance coverage will be provided to each individual intern under insurance schemes of the Union government, PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana.

The premium amount in this regard will be offered by the government. As part of the eligibility criteria, sources said, candidates enrolled in online/ distance learning programmes are eligible to apply.

Candidates who have passed High School, Higher Secondary School, possess a certificate from an ITI, hold a diploma from a Polytechnic Institute, or are graduates with degrees such as BA, B.Sc, B.Com, BCA, BBA, B.Pharma, etc. Are eligible, sources said. Partner Companies will have a dedicated dashboard on the portal where they can post internship opportunities, detailing location, nature, required qualifications, and any facilities provided.