Latest news with #PMInternshipScheme
Hans India
3 hours ago
- Business
- Hans India
India now has 1.76 lakh registered startups, 118 unicorns: FM Sitharaman
New Delhi: The number of registered startups has reached 1.76 lakh in the last 11 years, with 118 unicorns (startups with $1 billion valuation and above), thus fueling youth entrepreneurship, Finance Minister Nirmala Sitharaman said on Friday. In a post on social media platform X, the Finance Minister said that "youth in India are building startups and creating jobs". This is "a glimpse of the work done for the youth in the last 11 years under the guidance of Prime Minister Narendra Modi", she posted. Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, said in a separate X post that in the last 11 years, seven new IITs have been opened, along with eight new IIMs and 16 new AIIMS. "1.6 crore+ youth trained under PMKVY (Pradhan Mantri Kaushal Vikas Yojana) and 17.6 lakh+ direct jobs created from 1.6 lakh startups. Nearly 30,000 vocational education schools established, with more than 30 lakh students enrolled," the minister said. In the last 11 years, "52.5+ crore collateral free Mudra loans disbursed to small businesses and up to Rs 33 crore loans worth Rs 1 lakh+ crore given. Under the PM Internship Scheme, internship opportunities were provided to 1 crore youth in the top 500 companies. About 490 new universities were established to spread higher education in every corner of the country", Puri mentioned. Last month, the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry, notified the expansion of the Credit Guarantee Scheme for Startups (CGSS), which increases the ceiling on guarantee cover per borrower from Rs 10 crore to Rs 20 crore. According to the government, the extent of guarantee cover provided has also been increased to 85 per cent of the amount in default for loan amounts up to Rs 10 crore and 75 per cent of the amount in default for loan amounts exceeding Rs 10 crore. In line with PM Modi's vision for transforming India into an innovation-driven self-reliant economy, the notified expansions aim to address the financing needs of innovation-driven startups. The expanded scheme will further reduce the perceived risks associated with lending to startups in established financial institutions, enabling greater financial flow and runway for startups to undertake research and development experimentation, and create cutting-edge innovation and technologies.
Time of India
5 days ago
- Business
- Time of India
Digital Competition Law waits its turn
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: The corporate affairs ministry is unlikely to bring in the proposed digital competition legislation this fiscal to regulate large players, as it aims to first introduce amendments to the Insolvency and Bankruptcy Code (IBC) and the Companies Act , people aware of the development top of that, the ministry is also tied up with plans to expand the PM Internship Scheme for youth by September-October, the people told March 2024, a panel led by then corporate affairs secretary Manoj Govil had suggested a new antitrust law with an ex-ante framework to regulate only "systemically significant digital enterprises" that have a "significant presence" in India. It had submitted with the government a draft digital competition bill, along with its report, for consideration."The ministry of corporate affairs (MCA) has received stakeholder comments on the draft bill. More inter-ministerial discussions would be undertaken to drum up consensus on it," said one of the people. "It may be finalised next fiscal."Last year, senior government officials were expecting the bill to be ready for Cabinet approval by the second half of digital competition is a rapidly-evolving and complex area, the government reckons undue haste in regulations could be counter-productive, said the people cited earlier. The idea is to come out with a law that would prevent large digital players from abusing their dominant position to hurt competition in the market, without hurting innovation or making compliance more burdensome, they ministry is learnt to have apprised the reasons for delay to the parliamentary standing committee on finance in a meeting on April 28.A senior industry executive said the government is also awaiting the conclusion of its ongoing trade negotiations with the US, which has reportedly expressed its reservation on the proposed ministry is preparing to introduce changes to the IBC in the monsoon session of Parliament, likely in July-August. This could be followed by changes to the Companies Act, expected in the winter session, the people said.
Indian Express
23-05-2025
- Business
- Indian Express
Govt to seek Cabinet nod to tweak PM Internship Scheme Based on pilot rounds
Based on the review of the two pilot phases carried out for the PM Internship Scheme (PMIS), the Ministry of Corporate Affairs is planning to undertake certain tweaks in the scheme. Work is currently underway for preparing an internal note that will be sent for a final approval from the Union Cabinet soon, a government source said. Companies beyond the top 500 have shown the intent to participate in the scheme, the source said, adding that industry chambers such as CII and Ficci have also reached out to the government to extend its support for the proposed changes in the scheme. 'The government will bring in some tweaks in the scheme based on its experience from the pilots. It will have to be approved by the Cabinet. The Cabinet note process is on,' the source said. Under the scheme, an amount of Rs 4,500 is provided per month by the Government of India to selected candidates through Direct Benefit Transfer, with an additional Rs 500 offset provided by the company's CSR (corporate social responsibility) funds. Many companies are providing additional compensation to the candidates along with incurring their expenses for travel, food and accommodation, sources said. In its second pilot round, the scheme had drawn internship postings from 327 companies, up from around 280 in the first round. Announced in the Union Budget for 2024-25 in July last year, the scheme aims to provide internships to 1 crore youth in top 500 companies over five years. In the first round of the pilot, which was conducted between October and December last year, over 1.27 lakh opportunities were posted and over 82,000 offers were made to successful candidates. The number of candidates who accepted internship offers was lower than expected in the first round, with just around 8,000 taking up offers till February 6, The Indian Express had earlier reported. In the second round, which began in January, around 1.18 lakh internship opportunities were listed, spread across 735 districts. To improve the acceptability of the scheme, the government had made some changes like providing details of the company, the internship opportunity and the exact location (along with geotagging) so that candidates know a priori how far they have to travel. Earlier, such details were not provided upfront to candidates. The number of participants is learnt to have picked up in the second round. The internship scheme was a part of the Prime Minister's Package for Employment and Skilling announced in the 2024-25 Budget with an overall outlay of Rs 2 lakh crore. Initially, Rs 2,000 crore was provided to the Corporate Affairs Ministry for the ongoing financial year. In the revised estimates for 2024-25, the amount allocated for the scheme was scaled down to Rs 380 crore. For 2025-26, an amount of Rs 10,831 crore has been provided in the Budget, including Rs 59.77 crore of capital outlay. Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports on the macro economy and fiscal policy, with a special focus on economic science, labour trends, taxation and revenue metrics. With over 13 years of newsroom experience, she has also reported in detail on macroeconomic data such as trends and policy actions related to inflation, GDP growth and fiscal arithmetic. Interested in the history of her homeland, Kashmir, she likes to read about its culture and tradition in her spare time, along with trying to map the journeys of displacement from there. ... Read More
Time of India
23-05-2025
- Business
- Time of India
Cabinet to vet tweaks to the PM Internship scheme, increasing number of companies showing interest
An increasing number of companies are showing interest in the PM Internship Scheme (PMIS) and the Cabinet will approve some changes to the scheme based on the experience from pilot projects, a government source said. The source added that under the scheme, two pilot projects have already been undertaken and industry chambers, like CII and Ficci , and companies beyond the top 500, too, have come forward and are showing increased interest in the scheme. "The government will bring in some tweaks in the scheme based on its experience from the pilots. It will have to be approved by Cabinet. The Cabinet note process is on," the source said. Announced in the Union Budget for 2024-25 last July, the scheme aims to provide internships to one crore youth in top 500 companies over five years. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Belly Fat Removal Without Surgery in Algeria: The Price Might Surprise You Belly Fat Removal | Search Ads Get Info Undo by Taboola by Taboola The top 500 companies have been identified by the corporate affairs ministry , which is implementing the scheme, on the basis of their average CSR ( Corporate Social Responsibility ) expenditure over the last three years.
Indian Express
02-05-2025
- Politics
- Indian Express
Yogi: Bring private educational institutions in state under SIRF for uniform quality benchmarks
Chief Minister Yogi Adityanath on Friday directed that private institutions in the state be brought under the State Institutional Ranking (SIRF) to maintain uniform quality benchmarks across the board. The CM, who chaired a review meeting of the Technical Education and Vocational Education departments, stressed that all technical institutions must actively participate in quality evaluations conducted by bodies such as the National Assessment and Accreditation Council (NAAC), National Board of Accreditation (NBA), and National Institutional Ranking (NIRF). He, however, underlined the need for thorough preparation before applying for these accreditations to maintain excellence. Technical Education Minister Ashish Patel and Vocational Education Minister Kapil Dev Aggarwal were also present in the meeting. It was informed during the meeting that 1.64 lakh seats have been offered at Dr APJ Abdul Kalam Technical University, Lucknow, for the academic session 2024-25. The university has aligned its curriculum with the National Education Policy, 2020, introducing MOOC-based learning, a choice-based credit system, multiple entry and exit options and integrated programmes, it was claimed. The CM was apprised that in 2023-24 academic year, 12,739 students from the university secured employment, with the highest annual package reaching Rs 59.91 lakh. He instructed the officials to expedite recruitment for all vacant academic and non-academic positions. While reviewing diploma-level technical education, it was noted that 2,139 polytechnic institutes are currently functioning in the state. These include 147 government, 19 aided, 1,948 private and 18 institutions under the public private partnership (PPP) mode, with a total intake capacity of over 2.68 lakh students, officials said. At present, more than 1.15 lakh students are enrolled in these institutions, they added. Officials of the Department of Vocational Education and Skill Development informed that 324 government and 2,982 private ITIs are operational in the state. With support from Tata Technologies Limited, 212 government ITIs have been upgraded with modern laboratories and trained instructors. These institutions now offer both long-term courses and short-term skill development programmes, it was informed. For the 2024–25 academic year, nearly 1.25 lakh trainees have secured apprenticeship and employment opportunities. More than 30,000 students have also applied under the PM Internship Scheme. It was also noted that modern skill laboratories have been set up in at least 37 districts through corporate social responsibility (CSR) contributions from reputed industrial units. The regular organisation of monthly placement drives has significantly boosted local employment, with more than 2.67 lakh apprentices placed over the past five years under the NPS and CMAPS schemes.
