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PM Vishwakarma Yojana, announced by PM Modi in his I-Day speech, has got cabinet committee approval the very next day. PM Vishwakarma Scheme, is a comprehensive scheme intended to provide financial support and skill development opportunity to traditional artisans and craftspeople in rural as well as urban area.
This scheme was originally announced during budget speech of 2023 by Union Finance Minister aiming to provide a strong support system to artisans, enabling them to prosper in their crafts while also contributing to the preservation of India’s rich cultural heritage. It is one of the visionary initiative by Government of India to boost village industry.
Cabinet Committee approval
After announcement by PM from Red Fort, the Cabinet Committee on Economic Affairs chaired by Prime Minister sanctioned Rs. 13000 Cr. for a period of five years (FY 2023-24 to FY 2027-28) for this scheme on its meeting on 16th August.
Aim of the scheme
The scheme aims to strengthen the ‘Guru-Shishya parampara’ or family-based practice of traditional skills by artisans and craftspeople working with their hands and tools. Quality Improvement and Product Reach are also part of the scheme to make these products available in domestic as well as international market.
PM Vishwakarma Yojana: Illuminating the path to prosperity for 30 lakh families!— MyGovIndia (@mygovindia) August 18, 2023
Covering eighteen traditional trades in its initial phase, the scheme comes with a ₹13,000 crore financial outlay, offering up to ₹3 lakh loans in 2 tranches at a 5% interest rate.… pic.twitter.com/oEfGhpdZg6
Who will be covered under PM Vishwakarma Yojana?
18 traditional trades are covered under this scheme. These trades include (i) Carpenter (Suthar); (ii) Boat Maker; (iii) Armourer; (iv) Blacksmith (Lohar); (v) Hammer and Tool Kit Maker; (vi) Locksmith; (vii) Goldsmith (Sonar); (viii) Potter (Kumhaar); (ix) Sculptor (Moortikar, stone carver), Stone breaker; (x) Cobbler(Charmkar)/ Shoesmith/Footwear artisan; (xi) Mason (Rajmistri); (xii) Basket/Mat/Broom Maker/Coir Weaver; (xiii) Doll & Toy Maker (Traditional); (xiv) Barber (Naai); (xv) Garland maker (Malakaar); (xvi) Washerman (Dhobi); (xvii) Tailor (Darzi); and (xviii) Fishing Net Maker
Benefits of the PM Vishwakarma Yojana
The scheme will provide skill development, incentive to buy toolkit, incentive for digital transactions and necessary support required for marketing. Under this scheme beneficiaries will get PM Vishwakarma certificate and ID card.
Loan at very low interest rates
The major attraction of the PM Vishwakarma scheme is its credit facility at incredibly low interest rates. The beneficiary will get credit support of ₹1 lakh in first installment at interest rate of 5%, which is much lower than prevailing market interest rates. This will enable the artisans and craftsmen to access the credit without burden of paying hefty interest charges. In the second installment, the scheme will further provide credit support of up to Rs 2 lakh, continuing to maintain the favorable 5% interest rate.
Skill development programs and stipend:
Union Minister Ashwini Vaishnaw in a press briefing said there will be two types of skill development programmes — basic and advanced under the scheme. The beneficiaries will get a stipend of ₹500 per day while undergoing skill training.
VIDEO | "The Vishwakarma Yojana has been approved by PM Modi in the Union Cabinet meeting today. The PM had talked about it in his Independence Day speech," says Union minister @AshwiniVaishnaw at a press conference. pic.twitter.com/tU2wKgkCz2— Press Trust of India (@PTI_News) August 16, 2023
Aid to buy modern tools
Additional financial aid of ₹15,000 will be given to buy modern tools.
Total 30 lakh families will be covered over five years of scheme, starting from 5 lakh families in the upcoming year.
The scheme will be launched on the occasion of Vishwakarma Jayanti, i.e. 17th September 2023.
How to apply? Documents required?
Only announcement of the scheme is done, but further process is not clarified by the authority. Once online portal of the scheme is launched, the details regarding ‘How to apply’ / ‘Documents required’ will be available. We will provide further details regarding this scheme as soon as details are available.
You can read further details of the scheme on PIB website on the link : PIB Press release on 16.08.2023
PM Vishwakarma Yojana not only provide financial aid, but also focuses on the importance of skill development in today’s rapidly evolving world. The advance training programs under scheme will enhance skills of the traditional artisans and craftsmen. This yojana aims to ensure that traditional skills are not only conserved but also bring them up-to-date to survive in this globalised rapidly evolving market.