PM Vishwakarma Yojana

• 08 Nov 2024

Source: BS

Why in News? 

Since the launch of the PM Vishwakarma Yojana in 2023, it has made significant strides in supporting traditional craftspeople and artisans across the country. -  a substantial number of applications, with a large portion successfully completing the multi-step registration process.  

• Additionally, many registered beneficiaries have availed toolkit incentives to purchase modern tools suitable for their occupation.  

What is the PM Vishwakarma Yojana? 

• Objective: Uplift traditional artisans and craftspeople by enhancing the quality and market accessibility of their products and integrate them in both domestic and global value chains. 
• Features: 
  • Budgetary allocation for scheme – Rs 13,000 crore for 5 financial years (2023-24 to 2027-28). 
  • Provides recognition to beneficiaries through a PM Vishwakarma Certificate and an ID Card. 
  • Stipend of Rs 500 for skill training per day and Rs 15,000 grant for the purchase of modern tools.  
• Category: Central Sector Scheme 
• Nodal Ministry: Ministry of Micro, Small and Medium Enterprises (MoMSME) 
• Lending Institutions: 
  • Scheduled Commercial Banks 
  • Regional Rural Banks 
  • Small Finance Banks 
  • Cooperative Banks 
  • NBFCs and Micro Finance Institutions 
• Lending Mechanism: 
  • Beneficiaries are eligible for collateral-free credit support of up to Rs 1 lakh (first tranche) and Rs 2 lakh (second tranche) at a low interest rate.   
• Eligibility Beneficiaries:  
  • Industrial Units: Targeted specifically for the MSME sector. 
  • Training Program Eligibility: Open to individuals from school dropouts to those holding an M.Tech degree. 

Other Government Initiatives for Artisans 

• Ambedkar Hastshilp Vikas Yojana  
• Mega Cluster Scheme 
• National Handicraft Development Programme 
• Comprehensive Handicrafts Cluster Development Scheme 
• Export Promotion Council for Handicrafts 
• One District One Product 
• Atmanirbhar Hastshilpkar Scheme

UPSC Civil Services Examination, Previous Year Question:(PYQ)

Prelims: 

Q1. Consider the following statements with reference to India : (2023) 

1. According to the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, the ‘medium enterprises’ are those with investments in plant and machinery between `15 crore and `25 crore. 
2. All bank loans to the Micro, Small and Medium Enterprises qualify under the priority sector. 

Which of the statements given above is/are correct? 

(a) 1 only

(b) 2 only 

(c) Both 1 and 2 

(d) Neither 1 nor 2

Ans: (b)