ICAI requests MCA to tweak PM Internship Scheme: Proposes to Increase Internships in Small Towns

The Institute of Chartered Accountants of India (ICAI) in New Delhi has requested the government make changes in the PM Internship Scheme (PMIS). This scheme was started with the aim that the youth should get the opportunity to get internships in big companies. But according to its rules, at present, only the top 500 companies of the country, which have the highest CSR expenditure, can participate in this scheme.

The ICAI President Prasanna Kumar D said that CA firms do not have CSR funds, but they still want to participate in the scheme. Therefore, a change in eligibility criteria is necessary.

At present, top 500 companies in India with the highest CSR spending are allowed to participate in PMIS. If the rules are relaxed, then more than 1 lakh registered CA firms of the country can join this scheme, which will increase the internship opportunities significantly. 

Further, ICAI suggested that professional bodies like ICAI, ICMAI, and ICSI design short-term and modular courses under the scheme to help small businesses (MSMEs) in compliance and training. 

Talking about stipends, currently, there is a provision to give at least Rs 5,000 per month in this scheme. Of this, about Rs 4,500 is given by the government and Rs 500 is given by the industry. ICAI proposed that CA firms can pay their own stipend up to Rs 9,000 per month if they wish.

ICAI believes that if these rules are changed, more firms, especially in smaller cities, will participate in the scheme. This will increase opportunities in small towns, and the youth will get better employment and skill development opportunities.