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Business News/ News / India/  PM Modi launches Vishwakarma scheme; All you need to know

PM Modi launches Vishwakarma scheme; All you need to know

PM Vishwakarma's scheme to support artisans with ₹13,000 crore funding, training, and incentives for traditional trades.

Prime Minister Narendra Modi launches PM Vishwakarma scheme (PTI)Premium
Prime Minister Narendra Modi launches PM Vishwakarma scheme (PTI)

In commemoration of 'Vishwakarma Jayanti', Prime Minister Narendra Modi on Sunday launched the 'PM Vishwakarma' scheme for the benefit of traditional artisans. Addressing the nation from the ramparts of the Red Fort on the 77th Independence Day, PM Modi had announced that the government will soon launch a scheme for individuals skilled in traditional craftmanship. On his 73rd birthday, Prime Minister Modi launched the Vishwakarma Scheme. Modi launched 18 post tickets and the Toolkit Booklet during the launch of 'PM Vishwakarma' scheme at the India International Convention and Expo Centre, in Dwarka.

During the launch of the Vishwakarma scheme, PM Modi said, "Under the PM Vishwakarma scheme, the government will provide up to 3 lakhs loan without any (bank) guarantee. It has also been ensured that the interest rate is also very low. Govt has decided that 1 lakh loan will be given in the beginning and when it is repaid, govt will provide additional 2 lakhs loan to the Vishwakarma partners".

Also read: Artisans to get 15,000 as incentive under Vishwakarma scheme

Key features of the Vishwakarma scheme:

  • PM Vishwakarma's scheme will be fully funded by the Union government with an outlay of 13,000 crore.

Also read: PM Modi travels in Delhi Metro on 73rd birthday, inaugurates extension of Delhi Airport Metro Express line | Watch

  • Under the scheme, the prospective beneficiaries will be registered free of charge through common services centres using the biometric-based PM Vishwakarma portal.
  • The scheme will provide support to artisans and craftspeople in rural and urban areas across India.
  • Initially, 18 traditional trades will be covered. These include carpenter (Suthar); boat maker; armourer; blacksmith; hammer and tool kit maker; locksmith; goldsmith; potter (Kumhaar); sculptor, stone breaker; cobbler; mason; basket/mat/broom maker/coir weaver; doll and toy maker (traditional); barber; garland maker; washerman; tailor ; and fishing net maker.
  • In the first year, five lakh families will be covered and a total of 30 lakh families will be covered over five years from FY24 to FY28.
  • The prime focus of the scheme is improving the quality as well as the reach of products and services of artisans and craftspeople and ensuring that they are integrated with the domestic and global value chains.
  • The beneficiaries of the scheme will be provided recognition through a PM Vishwakarma certificate and ID card, and skill upgradation involving basic and advanced training.
  • The beneficiaries of the PM Vishwakarma Scheme will be given a toolkit incentive of 15,000, collateral-free credit support up to 1 lakh (first tranche) and 2 lakh (second tranche) at a concessional interest rate of 5%, incentive for digital transactions and marketing support.

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Published: 17 Sep 2023, 01:50 PM IST
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