The Institute of Cost Accountants of India (ICMAI) is advancing efforts to enable the participation of Cost and Management Accountant (CMA) firms in the Prime Minister Internship Scheme (PMIS), a flagship initiative of the Government of India aimed at enhancing youth employability through structured industry exposure.
According to CMA Srinivas Prasad, President of ICMAI, discussions with the Government have resulted in a workable framework for onboarding CMA firms under the scheme. The initiative is expected to be rolled out following the completion of necessary approval and implementation formalities.
Under the proposed framework, eligible CMA firms will engage interns and provide hands-on training across a wide spectrum of professional areas, including cost and management accounting, cost audit, taxation, regulatory compliance, management consultancy, financial advisory services, and business process improvement.
As per the proposed structure of PMIS, each intern will receive a monthly financial assistance of ₹5,000, of which ₹500 will be contributed by the participating CMA firm and the remaining ₹4,500 will be provided by the Government under the Prime Minister Internship Scheme.
The scheme aims to provide one crore youth with internship opportunities across India, equipping them with practical skills, real-world experience, and enhanced readiness for employment.