PM Vishwakarma Yojana, Pg7

Key Highlights:

• The PM Vishwakarma Yojana was launched on September 17, 2023, by Prime Minister Narendra Modi.
• It is a Central Sector Scheme fully funded by the Union Government with a financial outlay of ₹13,000 crore for five years (FY 2023-24 to FY 2027-28).
• The scheme provides end-to-end support to traditional artisans and craftspeople, including skill training, toolkit incentives, and concessional credit.
• It aims to benefit approximately 30 lakh artisan families across 18 traditional trades.

PM Vishwakarma Scheme.png

Detailed Insights:

• The Ministry of Micro, Small & Medium Enterprises (MSME) is the nodal ministry for the PM Vishwakarma Yojana.
• Artisans receive recognition through a PM Vishwakarma Certificate and an ID Card.
• Skill upgradation includes basic training (5-7 days) and advanced training (15+ days), with a daily stipend of ₹500.
• A toolkit incentive of ₹15,000 is provided as an e-voucher at the start of basic skill training.
• Beneficiaries can access collateral-free credit of up to ₹3 lakh in two tranches: ₹1 lakh (first) and ₹2 lakh (second), at a concessional interest rate of 5%.
• The Government of India provides an 8% interest subvention on these loans, making the effective interest rate for beneficiaries 5%.
• The scheme also includes incentives for digital transactions and comprehensive marketing support to help artisans access new opportunities.
• Eligibility requires individuals to be 18 years or older, engaged in one of the 18 specified traditional trades in the unorganised sector, and not have availed similar credit-based schemes in the past five years.

Key Concepts Involved:

• PM Vishwakarma Yojana: A government scheme providing holistic support to traditional artisans and craftspeople in India.
• Central Sector Scheme: A scheme fully funded by the Central Government and implemented by central agencies.
• Concessional Credit: Loans offered at interest rates lower than the prevailing market rates, often with government support.