Skill development today forms the basis for rapid socioeconomic growth in a country. Disruptive changes and a structural transformation are leading to a new work order, increasing the significance of developing a skilled ecosystem.
Several studies around the world have conclusively shown that appropriate and relevant skill-sets within a population not only lead to an increase in productivity and standards of living, but also reduce inequality and poverty.
At the Federation of Indian Chambers of Commerce and Industry (Ficci), we have been working with our members to identify and address skill gaps across sectors.
We have also initiated efforts for women’s skilling and employment, with a target of empowering 10 million women over the next three years.
Internship is a vital bridge between academic knowledge and real-world application, playing a significant role in enhancing the employability of a job aspirant.
The primary purpose of an internship is to provide a platform where theoretical knowledge acquired in the classroom can be applied in practical settings. This not only reinforces learning, but also allows interns to understand the realities of their chosen professions.
Internships have emerged as a key pathway for entry into the workforce, and they not only help build skill-sets, but also provide rich insights through hands-on experience. An effective internship sets a candidate apart from others who may lack practical exposure.
Internships also allow job aspirants to explore different roles and industries, helping them refine their job interests and ensuring employers have the right people with the right skills for jobs.
The Prime Minister’s Internship Scheme (PMIS), announced in the 2024 Union budget, is a transformative effort to address youth unemployment and skill gaps in India.
Led by the ministry of corporate affairs and with an ambitious target of providing internships to 10 million young individuals over the next five years, this initiative is poised to reshape the future of India’s workforce.
The impact of the PMIS extends beyond internships, as it also opens the door to various opportunities, including vocational training and enhanced industry collaboration.
The scheme assigns a vital role to experiential learning and will give interns exposure to various nuances of business operations. This will be a clear win-win for industry as well as job seekers.
This scheme is a unique and a thoughtful example of public-private sector collaborative efforts. It will help build ‘employment-ready’ skills among our youth, address the widening skill gap as well as the problem of youth unemployment.
The long-term impact of the PMIS can be profound. By exposing young individuals to real-world work environments, internships offer interns work experience that is invaluable in a competitive job market.
The networking and mentorship opportunities that arise during internships also provide young professionals with the guidance they need to translate their business ideas into viable ventures.
Thus, internships can also serve as a crucial platform to foster innovation and play a pivotal role in nurturing the entrepreneurial spirit, which is vital for India’s economic growth and global competitiveness.
On its part, Ficci is committed to promoting internships in the country by working closely with the government and industry and facilitating mentorship programmes that connect young interns with experienced professionals.
The long-term effects of these initiatives will be felt across the country, as we create a more dynamic workforce and promote inclusive economic growth.
The Federation will also work on a feedback mechanism from Indian industry to refine the PMIS framework based on real-world needs identified by employers to ensure that India’s youth are equipped to tackle the challenges and opportunities in the future.
By supporting these initiatives, we expect to shape the careers of millions and contribute to building a prosperous and globally competitive India.
As part of this scheme, the Mahindra Group will offer opportunities to interns across multiple businesses. It has been the first to load internship profiles on the PMIS portal, with 2,100 interns to be taken aboard in the first phase. The group has affirmed its commitment to supporting youth empowerment and thus contributing to the country’s economic development.
That aside, the Mahindra Group will also pursue its ambitious goal of skilling 1 million women by 2027, aiming to significantly impact women’s empowerment and economic participation in India.
To date, the Group has skilled 765,107 women through its ‘employability’, ‘domain’ and ‘agriculture’ skilling initiatives. As part of these programmes, Mahindra skilled 228,540 women in 2023-24 alone.
The Group is also on the verge of launching an online platform, Kaabil, to make women job-ready by skilling them, and helping them find gainful employment.
I would urge young learners to sign up on the portal to explore internship options with Indian industry that can kick-start their career and provide them with the skill-sets needed to grow professionally and thrive.
Anish Shah is president of Federation of Indian Chambers of Commerce and Industry (FICCI).
