Prime Minister Narendra Modi Launches 'PM Vishwakarma Yojana' worth ₹ 13,000 Crore

Introduction

Prime Minister Narendra Modi made a historic announcement on Vishwakarma Jayanti, the 17th of September 2023, by launching the ₹13,000 crore 'PM Vishwakarma Yojana.' This ambitious scheme is aimed at providing loan assistance to 30 lakh families of traditional craftsmen and artisans across the nation. The program not only seeks to offer financial support but also aims to preserve and promote our rich cultural heritage, traditions, and diverse crafts. In this comprehensive article, we will delve deep into the intricacies of this visionary scheme.

Prime Minister Narendra Modi launches 'PM Vishwakarma Yojana' worth ₹ 13,000 crore

Loan Assistance for Traditional Craftsmen

Under the 'PM Vishwakarma Yojana,' traditional craftsmen and artisans will receive loan assistance at a minimal interest rate without the need for any collateral or guarantee. This support will empower them to expand their businesses and enhance their skills, ensuring their economic well-being.

Collateral-Free Enterprise Development Loans

The scheme offers two installments of collateral-free enterprise development loans:

1. ₹1 Lakh: The first installment with an 18-month repayment period.

2. ₹2 Lakh: The second installment with a 30-month repayment period.

This financial boost will enable craftsmen to invest in their enterprises, purchase necessary tools, and scale their operations.

Concessional Interest Rate

Beneficiaries of the scheme will benefit from a concessional interest rate of 5%. The Ministry of Micro, Small and Medium Enterprises will provide an interest subvention limit of 8%, further reducing the financial burden. Additionally, the Central Government will bear the credit guarantee fee.

Recognition and Skill Enhancement

The 'PM Vishwakarma Yojana' goes beyond financial assistance. It aims to uplift craftsmen and artisans by recognizing their skills and enhancing their capabilities.

Vishwakarma Certificate and ID Card

Craftsmen enrolled in the scheme will receive a prestigious 'Vishwakarma' certificate and ID card, acknowledging their contribution to traditional crafts. This recognition not only boosts their morale but also enhances their credibility in the market.

Skill Verification and Training

Basic training of 5-7 days (40 hours) will be provided to enrolled candidates to hone their skills. Moreover, those interested can opt for advanced training, spanning 15 days (120 hours), and will receive a stipend of ₹500 per day during this period.

Toolkit Incentive and Digital Transactions

As an incentive for growth, beneficiaries will receive a grant of ₹15,000 as a toolkit incentive. Furthermore, they will be encouraged to adopt digital transactions with incentives of ₹1 per transaction, up to 100 transactions monthly.

National Committee for Marketing (NCM)

To promote and market their products, craftsmen can rely on the services offered by the National Committee for Marketing (NCM). These services include quality certification, branding, promotion, e-commerce linkage, trade fair participation, advertising, and various other marketing activities. This support network will enable craftsmen to reach a wider audience and expand their businesses.

Eligibility and Registration

To be eligible for the 'PM Vishwakarma Yojana,' an individual must be an artisan or craftsman engaged in self-employment within one of the 18 family-based traditional occupations mentioned in the scheme. Additionally, the beneficiary's minimum age at the time of registration should be 18 years.

Frequently Asked Questions (FAQs)

Q: How can I apply for the 'PM Vishwakarma Yojana'?

 To apply for the scheme, eligible artisans and craftsmen can visit the designated registration centers and complete the registration process.

Q: Is there any age limit for beneficiaries?

 Yes, beneficiaries should be at least 18 years old at the time of registration.

Q: What is the interest rate for the loans provided under this scheme?

 The interest rate is concessional, set at 5%, making it affordable for beneficiaries.

Q: What benefits do I receive as a 'Vishwakarma' certificate holder?

 Holding a 'Vishwakarma' certificate and ID card enhances your credibility and recognition in the traditional crafts industry.

Q: Can I receive advanced training under this scheme?

 Yes, interested candidates can enroll in 15 days of advanced training and receive a daily stipend of ₹500.

Q: How can I access marketing services through the National Committee for Marketing?

 The NCM offers services like quality certification, branding, and promotion to registered craftsmen, helping them market their products effectively.

Conclusion

The 'PM Vishwakarma Yojana' is a visionary initiative by Prime Minister Narendra Modi to empower traditional craftsmen and artisans across India. It not only provides financial support but also recognizes their skills and promotes their rich cultural heritage. With the launch of this scheme, India takes a significant step towards preserving its age-old traditions and ensuring the prosperity of its artisans. This initiative promises to be a game-changer for millions of traditional craftsmen and the diverse crafts they contribute to our society.

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