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PM Vishwakarma Scheme Approved Offering Up To Rs 2 Lakh @ 5% Interest Rate

PM Vishwakarma Scheme has been granted in a cabinet meeting chaired by PM Modi with a budget of Rs 13,000 crore. Read more details below!

Vivek Singh
PM Vishwakarma Scheme  (Photo Courtesy: Freepik)
PM Vishwakarma Scheme (Photo Courtesy: Freepik)

The Cabinet Committee on Economic Affairs, led by Prime Minister Shri Narendra Modi, has granted approval for a new Central Sector Scheme known as "PM Vishwakarma." This scheme has been allocated a budget of Rs. 13,000 crore for a duration of five years, spanning from FY 2023-24 to FY 2027-28.

The primary objective of this scheme is to bolster and nurture the traditional practice of skills passed down from mentors to disciples, commonly referred to as the Guru-Shishya parampara. This practice is especially prevalent among artisans and craftspeople who work with manual tools and techniques.

The scheme intends to enhance both the quality and accessibility of the products and services offered by these artisans and craftspeople. Another key goal of the scheme is to ensure the integration of Vishwakarma practitioners into both domestic and global value chains, thus expanding their participation in wider markets.

The PM Vishwakarma initiative encompasses various provisions aimed at supporting artisans and craftspeople. They will receive recognition through the issuance of a PM Vishwakarma certificate and an identification card. Moreover, credit assistance will be extended, starting with Rs 1 lakh in the initial tranche and increasing to Rs 2 lakh in the subsequent tranche, with the added benefit of a concessional interest rate of 5%. The scheme also includes provisions for skill enhancement, incentives for toolkits, rewards for digital transactions, and assistance with marketing efforts.

This scheme has been designed to provide assistance to artisans and craftspeople, both in rural and urban regions across India. Initially, the PM Vishwakarma scheme will encompass eighteen traditional trades. These trades encompass professions such as carpentry (Suthar), boat making, armour crafting, blacksmithing (Lohar), production of hammers and tool kits, locksmithing, goldsmithing (Sonar), pottery (Kumhaar), sculpting (Moortikar) and stone carving, cobbling (Charmkar) and footwear craftsmanship, masonry (Rajmistri), crafting of baskets, mats, brooms, and coir weaving, traditional doll and toy making, barbering (Naai), crafting garlands (Malakaar), laundry services (Dhobi), tailoring (Darzi), and crafting fishing nets.

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