Over 81% of Indian Corporates Support PM's Internship Initiative, Aligning CSR with Internships: Report
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Synopsis
A recent report indicates that over 80% of Indian companies support the Prime Minister's Internship Scheme 2024, aligning their CSR activities with the initiative and focusing on enhancing youth employability through internships.
Key Takeaways
- Over 80% of companies support the PM Internship Scheme.
- 76% prioritize technology roles in internships.
- 73% plan to hire at least 10% of interns as full-time staff.
- 34.43% intend to allocate 20% of CSR budgets to internships.
- 83.18% recognize alignment with national goals.
New Delhi, Jan 16 (NationPress) Over 80% of India Inc endorses the Prime Minister's Internship Scheme 2024, with companies actively integrating their Corporate Social Responsibility (CSR) efforts with this initiative, based on a report released on Thursday.
The analysis by TeamLease EdTech, which drew insights from 932 organizations, underscores the increasing significance of internships in closing skill gaps and improving youth employability in India.
The findings indicate that more than 76% of firms are focusing on technology-centric roles in their internship offerings, highlighting the industry's commitment to cultivating digitally adept talent to meet changing market needs. Furthermore, 73% of organizations plan to hire at least 10% of their interns as full-time staff after their internship periods conclude.
Support for broadening the scheme is evident, with 81% of companies advocating for its expansion to encompass all businesses.
A significant number of respondents (73%) view short-to-medium internships, lasting between 1-6 months, as ideal for ensuring effective skill development while maintaining program efficiency. The report also reveals a financial commitment from India Inc, as 34.43% of companies intend to dedicate up to 20% of their CSR budgets to internship programs.
The findings show that 83.18% of participants see the PM Internship Scheme as aligned with India's national objectives of boosting employability and workforce readiness.
“The PM Internship Scheme exemplifies the role of public-private partnerships in tackling workforce issues. With most companies concentrating on tech roles and pledging significant absorption rates, we are witnessing an impactful transformation that transcends traditional CSR approaches,” stated Shantanu Rooj, Founder and CEO of TeamLease EdTech.
“This initiative is effectively establishing a sustainable talent pipeline while addressing India’s pressing employability hurdles,” Rooj continued.
Moreover, the report indicates that 32.43% of firms have shown a strong inclination towards collaborations with both universities and other corporations.
Additionally, 54.05% of companies expect to see a measurable Social Return on Investment (SROI) from CSR-focused internships within 1-2 years, reflecting an optimistic outlook regarding the tangible advantages of these initiatives.
The PM Internship Scheme, introduced in the Union Budget for 2024-25, requires the top 500 companies to offer internships to one crore young individuals over the next five years.
Each intern is entitled to a monthly stipend of Rs 5,000, with companies permitted to utilize CSR funds to cover a part of this stipend and related training expenses.
While the scheme primarily targets large corporations, it has ignited broader conversations regarding its potential extension to smaller enterprises, paving the way for a more inclusive and impactful approach to youth employability and workforce development.
