Initiative to connect young professionals with real-world training as ICMAI partners with Government on flagship employability scheme
New Delhi: The Institute of Cost Accountants of India (ICMAI) is stepping up its efforts to bring Cost and Management Accountant (CMA) firms under the Prime Minister Internship Scheme (PMIS), a flagship Government of India initiative designed to improve youth employability through hands-on industry experience.
Announcing the development, CMA TCA Srinivasa Prasad, President of ICMAI, stated that ongoing discussions with the Government have resulted in a workable framework to onboard CMA firms under the scheme. The initiative is expected to be rolled out following the completion of necessary approvals 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 ₹9,000. Of this, ₹8,100 will be contributed by the Government of India, while the remaining ₹900 will be borne by the participating CMA firms or LLPs.
The Prime Minister Internship Scheme aims to provide internship opportunities to one crore youth over a period of five years through leading companies and organisations across India. The programme is designed to equip young individuals with practical skills and real-world experience, thereby enhancing their industry readiness and employability.
ICMAI believes that the inclusion of CMA firms in PMIS will open up significant opportunities for students and young professionals to gain valuable practical exposure. At the same time, it will help firms and industry address the growing demand for skilled professionals in areas such as compliance, governance, cost management, and advisory services.
In parallel, ICMAI is actively collaborating with the Government on the proposed Corporate Mitras Programme and has submitted its recommendations. The Institute is developing a structured training model that blends classroom learning with practical industry exposure to create industry-ready paraprofessionals. These professionals will support MSMEs in meeting regulatory and compliance requirements at an affordable cost.
With a robust network of four Regional Councils and 113 Chapters across the country, ICMAI is well-positioned to support Micro, Small and Medium Enterprises (MSMEs) by providing access to affordable professional services, compliance support, and business advisory solutions—particularly in smaller cities and emerging business hubs.
These initiatives are expected to strengthen the professional ecosystem, generate meaningful employment opportunities, and contribute significantly to the Government’s vision of skill development, entrepreneurship promotion, and sustained economic growth.
