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.