The Prime Minister’s Internship Scheme (PMIS) — a flagship initiative aimed at enhancing youth employability through structured internships — is on the verge of a transformative policy update. The Institute of Chartered Accountants of India (ICAI) has urged the Ministry of Corporate Affairs (MCA) to tweak the scheme to enable CA firms, professional services, and smaller entities without CSR funds to participate, potentially opening doors for internships across more than 1 lakh firms nationwide.
Why the Change Matters: Breaking the CSR Barrier
Under the current scheme, only the top 500 companies based on corporate social responsibility (CSR) expenditure are eligible to offer internships under PMIS. Eligible interns receive monthly stipends — ₹4,500 funded by the government and ₹500 by the participating company’s CSR pool — along with a one-time grant and insurance coverage.
However, chartered accountant firms do not maintain CSR funds, making them ineligible so far. ICAI has proposed:
- Removing the CSR requirement for small and professional firms.
- Allowing CA and other professional services (like cost accountants and company secretaries) to onboard interns.
- Permitting firms to offer higher stipends beyond the minimum, funded from their own resources.
If approved, this change could significantly widen the scheme’s reach, enabling participation from thousands of CA firms across India — especially in tier-2 and tier-3 cities with strong local demand for finance and compliance support.
A Boost for Youth Employability & Regional Inclusion
Expanding PMIS to include professional firms represents more than just policy fine-tuning — it significantly shifts how early-career talent can access real-world experience. Analysts believe:
- Internships with CA firms can provide practical exposure in finance, taxation, compliance, audit workflows, and business advisory.
- Youth in smaller cities and towns can benefit from internships close to home, reducing migration pressure toward metros.
- A broader professional ecosystem engaging interns could enhance industry-ready skills, improving job prospects across sectors.
This approach aligns with earlier phases of PMIS, which have already recorded high demand and multiple internship positions across hundreds of districts, enhancing industry-academia linkages beyond conventional opportunities.
Corporate Mitra Programme: Building a Compliance Workforce
In addition to the PM Internship Scheme revision, the Corporate Mitra programme — announced in the Union Budget 2026–27 — complements this vision by training graduates in compliance and bookkeeping to support micro, small and medium enterprises (MSMEs).
Key elements include:
- A nine-month training model with theoretical and practical modules, potentially launching by May–June 2026.
- Focus on tier-2 and tier-3 towns to build a cadre of trained paraprofessionals capable of serving MSMEs.
- Stipends and certification upon completion, supporting both employment and entrepreneurial pathways.
Together, these initiatives are designed to bridge workforce gaps, particularly in compliance, finance, and business operations — areas essential for MSME growth and national economic dynamism.
Policy Challenges & Next Steps
While all stakeholders are aligned on expanding opportunities, several implementation challenges remain:
- Finalizing eligibility criteria for professional firms and setting monitoring mechanisms to ensure quality training.
- Rolling out a centralized portal system with efficient onboarding, tracking, and stipend management.
- Encouraging smaller firms to actively participate in structured internship programs.
Government sources indicate the proposed amendments to PMIS could be notified within the next few weeks, paving the way for broader participation by professional institutes and non-CSR entities.
