New Delhi: The Institute of Chartered Accountants of India (ICAI) is set to onboard 25 medium to large sized chartered accountancy firms under the Prime Minister Internship Scheme (PMIS), opening up internship opportunities in accounting, taxation, audit and compliance for candidates applying under the scheme.
ICAI President CA Prasanna Kumar D told ThePrint that these firms will have at least 10 partners and will be registered under the scheme by next week. The first batch of interns are likely to begin joining from next month.
“We are starting with 25 firms because we need to first understand the process and address any operational issues. Once the methodologies and systems are in place, we can open it up for everyone,” Kumar said.
ICAI, the accounting regulator, is targeting around 2,000 interns under the scheme by the end of this year.
Launched in 2024, the PMIS aims to provide internship opportunities to one crore youth over five years. Under the scheme, the interns receive a monthly stipend of Rs 9,000, out of which Rs 8,100 is paid by the government and Rs 900 is contributed by the participating employers.
However, chartered accountancy firms were initially unable to participate because the scheme required the employer contribution to come from Corporate Social Responsibility (CSR) funds, a provision that does not apply to professional firms.
But, ICAI and the Ministry of Corporate Affairs (MCA) have worked together to resolve the issue, thereby paving the way for the participation of CA firms in PMIS.
With the scheme now in its third round, ICAI’s role has evolved from being a stakeholder to an implementation partner.
“Bringing CA firms into PMIS will create internship opportunities in accounting, auditing, taxation, and finance, while supporting the government’s broader skilling and workforce-development objectives,” Kumar said.
According to ICAI, the initial focus is on firms that have adequate professional infrastructure and supervision capacity. Based on the learnings from the pilot phase, the scheme would be rolled out to a large network of CA firms across the country.
The inclusion of professional firms in the scheme would also help address one of the biggest challenges faced by the government’s flagship internship scheme: low participation and high attrition.
Launched in October 2024, the first round of the scheme saw participating companies making more than 82,000 internship offers to over 60,000 candidates. However, only 8,760 candidates joined and nearly 54 percent dropped out before completing the programme.
As of March 2026, only 3,605 interns had completed the full 12-month internship.
The second round, launched in April 2025, followed a similar trend. More than 83,000 internship offers were made to over 71,000 candidates, but only around 7,300 candidates joined. Overall, more than 7,200 interns exited the programme midway across the first two rounds.
In its reply to parliament, the MCA has attributed the weak conversion rates partly to geographical constraints, as many candidates are required to relocate far from their homes for these internships.
Kumar believes the widespread presence of CA firms, particularly outside of metropolitan cities, could help improve participation levels in the scheme.
“Many CA firms operate in Tier-II and Tier-III cities. This can help expand access to skill development and create internship opportunities closer to where candidates live, where such opportunities are often limited,” he said.
The ICAI also hopes to address concerns that interns may be assigned routine clerical work. The institute plans to put in place a structured training and monitoring framework to ensure that internships provide meaningful professional exposure.
“PMIS interns in CA firms will not be left to perform routine clerical tasks. The scheme is designed to offer meaningful practical exposure and real-world professional experience, enabling interns to develop industry-relevant skills in a structured environment,” Kumar said.
The ICAI president said the scheme could also help address the growing demand for trained personnel in finance and compliance functions.
However, PMIS interns will not receive any assurance or commitment of full-time employment in CA firms after the internship. According to Kumar, the practical experience gained during the programme could improve their employability and make them stronger candidates for future opportunities in the profession.
(Edited by Ajeet Tiwari)
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