The top accounting body has been discussing a proposal with the ministry of corporate affairs (MCA) to tweak the PM Internship Scheme (PMIS) so that chartered accountant (CA) firms, especially in tier-II and III cities, can provide internships to professionals. While the discussion is still at an early stage, the Institute of Chartered Accountants of India (ICAI) president Prasanna Kumar D. said that the current eligibility criteria of PMIS needs modifications to make CA firms, including dropping the corporate social responsibility (CSR) requirements for the firms. “CA firms don’t have CSR funds but they are willing to participate in the scheme. Our outreach is more than the corporate sector,” Kumar said.
Expanding the PMIS Reach
At present, top 500 companies in India with the highest CSR spending are allowed to participate in PMIS. A relaxation in rules would open the internship opportunities at over 1,00,000 registered CA firms.
ICAI’s proposal is aligned with the recent announcement in the Union Budget 2026-27 where the finance minister talked about developing a cadre of “corporate mitras” to help micro, small and medium enterprises (MSMEs) to meet their compliance requirements at affordable costs.
“The government will facilitate professional Institutions such as ICAI, ICSI, ICMAI to design short-term, modular courses and practical tools to develop a cadre of ‘corporate mitras’, especially in tier-II and tier-III towns,” FM had said.
ICAI president said that the proposal also includes changes in the scheme’s design so that CA firms can provide higher stipend of Rs 9,000 per month to interns — entirely funded by firms themselves — over a nine-month period. Currently, PMIS promises a minimum stipend of Rs 5,000 per month (Rs 4,500 support from government and Rs 500 by industry) over a duration of 12 months.
“If any firm wants to pay above Rs 9,000 monthly, they will be allowed to do so,” Kumar said.
Tackling Participation Gaps
In December 2025, the government had reported 20% dropout rate in PMIS due to the location constraints and longer duration of the internships. In a Lok Sabha reply, MCA said that in two rounds of the pilot projects, 6,618 interns left their respective companies without completing the 12-month internship. Since its beginning, the scheme is witnessing low acceptance rate. As against the 125,000 target set for FY25, just 52,600 candidates have accepted offers thus far.
Kumar said that the ICAI will also form a special group within its financial reporting review board (FRRB) to take up about 15 high-profile cases to speed up their investigations. These cases include probes of financial irregularities in IndusInd Bank and Gensol Engineering.
“We will likely complete the investigations in two months. In case of serious lapses, the cases will be referred to the disciplinary directorate for detailed probe,” he said.