New Delhi: The Prime Minister's Internship Scheme, announced in the 2024 budget, received about 6.21 lakh applications for 1.27 lakh openings and the selection process for the finalisation of interns is still on, a release by the corporate affairs ministry said.
The scheme aims to provide internship opportunities to 1 crore youth in top 500 companies over five years. A pilot project of the scheme started on October 3 aims to provide 1.25 lakh internship opportunities during 2024-25.
In a release on Sunday, the ministry said, "Approximately 6.21 lakh applications have been received against 1.27 lakh internship opportunities. The selection process for the internship is ongoing. Partner companies have posted about 1.27 lakh internship opportunities on the internship scheme portal."
About 4.87 lakh individuals have completed their KYC process and have successfully registered themselves on the portal, the release said. Under the scheme, interns will be provided monthly stipends of Rs 5,000 for 12 months and a one-time grant of Rs 6,000.
About various initiatives taken this year, the ministry said the framework governing cost records and audits will be amended after factoring in stakeholders' comments and recommendations of the ministry-appointed committee.
From the financial year 2023-24, regular advisories on adhering to the prescribed timelines for filing cost audit reports have been issued to companies.
"This initiative has led to a 14 per cent increase in the timely submission of cost audit reports during 2023-24 from the year earlier," the release said.
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