The Indian government’s PM Vishwakarma Yojana, aimed at uplifting traditional artisans and craftspeople such as carpenters, masons, and tailors, has achieved significant milestones, with a staggering 2.58 crore applications submitted to date.
According to the National Skill Development Corporation (NSDC), approximately 23.75 lakh applicants have successfully registered for benefits under this initiative after undergoing a comprehensive three-stage verification process.
The scheme has already facilitated the distribution of toolkit incentives to nearly 10 lakh beneficiaries, providing e-vouchers worth up to Rs 15,000 for purchasing modern tools tailored to their specific trades.
This initiative aims to modernize the work of artisans and improve their productivity.
As of 29 July 2024, a total of 56,526 loan applications have been approved under the scheme, amounting to Rs 551.80 crore.
These loans carry a subsidized interest rate of 5%, thanks to an 8% interest subvention provided by the government, significantly lowering the financial burden on artisans.
The repayment terms are to be manageable, allowing for 18 months for the first tranche and 30 months for the second.
Launched on 17 September of the previous year, the PM Vishwakarma Scheme seeks to provide comprehensive support to artisans across 18 different trades, aiming to transform them into self-reliant entrepreneurs.
The scheme has initiated Basic Skill Training programs to upgrade the traditional skills of artisans across 26 states and union territories. These programs equip craftspeople with modern techniques and tools.
PM Vishwakarma Yojana Key Components
Key components of the PM Vishwakarma Yojana include:
- The issuance of the PM Vishwakarma Certificate and ID Card for recognition,
- Skill enhancement opportunities,
- Toolkit incentives,
- Credit support, and
- Incentives for digital transactions
The program also aims to improve marketing support and create new livelihood opportunities, thereby enhancing the artisans’ skills and integrating modern technology into their craft.
Additionally, beneficiaries will receive assistance in connecting with both domestic and international markets, further expanding their business prospects.
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