PM Modi Launches Vishwakarma Scheme; All You Need to Know

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On his 73rd birthday, Prime Minister Narendra Modi marked the occasion with a significant announcement, launching the ‘PM Vishwakarma’ scheme (Vishwakarma Scheme) in commemoration of ‘Vishwakarma Jayanti’. This scheme is designed to benefit traditional artisans across India, providing them with valuable support and opportunities.

The scheme, initially announced by PM Modi on India’s 77th Independence Day, has now become a reality. Prime Minister Modi launched the Vishwakarma Scheme during a special event at the India International Convention and Expo Centre in Dwarka.

The key highlights of the ‘PM Vishwakarma’ scheme are as follows:

Financial Support: Under this scheme, the government will offer loans of up to ₹3 lakhs to traditional artisans without requiring a bank guarantee. Additionally, the interest rates on these loans will be exceptionally low. Initially, beneficiaries will receive ₹1 lakh, and once this is repaid, they can access an additional ₹2 lakhs in loans.

Full Government Funding: The ‘PM Vishwakarma’ scheme will be completely funded by the Union government, with a total outlay of ₹13,000 crore. This funding will empower traditional artisans and craftspeople across rural and urban India.

Biometric Registration: Prospective beneficiaries will be registered free of charge through common service centers using a biometric-based portal specifically designed for the ‘PM Vishwakarma’ scheme.

Trade Coverage: Initially, the scheme will encompass 18 traditional trades, including carpentry, boat making, blacksmithing, goldsmithing, pottery, sculpting, tailoring, and more. These trades represent a diverse range of traditional craftsmanship.

Scale and Reach: In its first year, the scheme aims to support five lakh families, with a long-term goal of benefiting a total of 30 lakh families over five years, from FY24 to FY28.

Quality Enhancement: The primary focus of the ‘PM Vishwakarma’ scheme is to enhance the quality and reach of products and services offered by artisans and craftspeople. The scheme will strive to integrate them into both domestic and global value chains.

Recognition and Skill Development: Beneficiaries of the scheme will receive official recognition through a PM Vishwakarma certificate and ID card. Skill development will also be a crucial component, with artisans offered basic and advanced training.

Toolkits and Credit Support: Artisans will receive a toolkit incentive of ₹15,000. They will also be eligible for collateral-free credit support of up to ₹1 lakh in the first tranche and ₹2 lakh in the second tranche. These loans will come with a concessional interest rate of 5%. Additionally, incentives for digital transactions and marketing support will be provided.

The launch of the ‘PM Vishwakarma’ scheme represents a significant step toward empowering traditional artisans and preserving India’s rich heritage of craftsmanship. By providing financial support, skill development, and access to resources, this initiative aims to enhance the livelihoods and opportunities of artisans across the nation.

Disclaimer: The news and image presented in this article is based on other sources and does not necessarily reflect the views or opinions of the author.

The post PM Modi Launches Vishwakarma Scheme; All You Need to Know first appeared on Storify News.

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