The government has updated the Corporate Social Responsibility (CSR) guidelines for Central Public Sector Enterprises (CPSEs) by incorporating the Prime Minister's Internship Scheme as a primary theme for the current fiscal year. This initiative aims to enhance the impact of CSR spending by aligning it with national priorities.
Currently, CPSEs are required to allocate 60 percent of their CSR funds towards the designated theme for each fiscal year. For 2024-25, the common theme has been established as 'Health and Nutrition,' which now includes the PM's Internship Scheme.
An official announcement stated, "We have added PM's Internship Scheme to 'Health and Nutrition' as the common theme for CSR activities by the CPSEs for 2024-25. CPSEs will spend 60 percent of their CSR funds towards 'health and nutrition' and PM's Internship Scheme this fiscal."
Earlier this month, the Ministry of Corporate Affairs began enrolling companies and interns under the Prime Minister's Internship Scheme. This ambitious plan aims to provide internships to 1 crore young people over the next five years.
The pilot project, which is projected to cost around Rs 800 crore, will commence on December 2 and aims to accommodate 1.25 lakh candidates in the current financial year, which ends in March 2025.
The PM Internship Scheme was introduced by Finance Minister Nirmala Sitharaman in the 2024-25 Budget. This scheme offers internship opportunities through the top 500 companies for youth aged 21-24 and includes life insurance coverage.
Interns will receive a monthly financial assistance of Rs 5,000 for one year, which consists of Rs 4,500 provided by the government and Rs 500 contributed by the companies from their CSR funds. Additionally, there will be a one-time grant of Rs 6,000 for each intern.
As private companies lead the way in providing internship opportunities, CPSEs are encouraged to participate in this scheme. Candidates interested in applying can register on the designated portal by October 25. Shortlisting of applicants will occur on October 26, followed by company selections from October 27 to November 7. Selected candidates will have from November 8 to 15 to accept their internship offers, with up to three offers extended to each candidate.
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