On Wednesday (16th August 2023), the Union Cabinet granted approval to the Vishwakarma Yojana, a substantial scheme valued at Rs 13,000 crore. This initiative aims to provide comprehensive support to individuals involved in traditional skills, reflecting an ambitious endeavor. In this article, we will cover everything you will need to know about the this Yojana including what is PM Vishwakarma Yojana, latest news about PM Vishwakarma Yojana and what is the benefits of PM Vishwakarma Yojana.
What is PM Vishwakarma Yojana ?
In PM Vishwakarma Yojana, artisans will have access to subsidized loans amounting to Rs 2 lakh, accompanied by a favorable interest rate of 5%. Union minister Ashwini Vaishnaw, while unveiling the specifics, highlighted that the Vishwakarma Yojana’s scope encompasses 30 lakh artisan families, encompassing various trades such as weaving, goldsmithing, blacksmithing, laundry services, and barbering, all set to reap its benefits.
Latest news about PM Vishwakarma Yojana
The determination was reached during a session of the Cabinet Committee on Economic Affairs, presided over by Prime Minister Narendra Modi. This announcement follows Prime Minister Modi’s disclosure in his Independence Day address, where he revealed that the program’s launch is scheduled for Vishwakarma Jayanti on September 17.
Addressing the nation, PM Modi underlined, “In the forthcoming period, we are set to initiate a program on the auspicious occasion of Vishwakarma Jayanti, specifically designed to uplift skilled individuals engaged in traditional crafts, with a particular focus on the OBC community.”
He further elaborated, “The ‘Vishwakarma Yojana’ will extend its reach to families linked to professions such as weaving, goldsmithing, blacksmithing, laundry services, and barbering, aiming to empower them. The initial funding for this endeavor is projected to range from approximately Rs 13,000 to Rs 15,000 crore.”
What is the benefits of PM Vishwakarma Yojana?
Within this Yojana, skilled artisans and craftsmen will be granted recognition through the PM Vishwakarma certificate and an accompanying ID card. The support structure encompasses financial aid in two tranches: an initial tranche offering credit assistance of up to Rs 1 lakh, followed by a second tranche with a limit of Rs 2 lakh, both bearing a favorable concessional interest rate of 5 percent.
Furthermore, this initiative extends beyond financial assistance, as the artisans and craftsmen will also benefit from skill enhancement programs, incentives for tool kits, bonuses for digital transactions, and assistance in marketing, as indicated in an official statement.
Union minister Ashwini Vaishnaw explained, “Within the scheme, there will be two distinct categories of skill development programs – Basic and Advanced. Additionally, beneficiaries undergoing skills training will be eligible for a daily stipend of Rs 500.”
Moreover, to ensure modernization, artisans will receive support of up to Rs 15,000 for the acquisition of contemporary tools, Vaishnaw added. The scheme’s inaugural year aims to encompass five lakh families, with a comprehensive target of reaching 30 lakh families across a five-year span from FY24 to FY28.
“The scheme holds the vision of nurturing the ‘Guru-Shishya parampara’ or the tradition of transmitting skills through family lineage,” the official statement emphasized, underscoring its commitment to preserving traditional craftsmanship practices.
Beyond preservation, the scheme’s objectives encompass the augmentation of product and service quality, as well as expanding the reach of artisans and craftsmen, thereby integrating them within both domestic and global value chains. The initial phase of the scheme will encompass 18 traditional trades, including carpenters (Suthar), boat makers, armorers, blacksmiths, tool kit makers, locksmiths, goldsmiths, potters (Kumhaar), sculptors, stone breakers, cobblers, masons, basket/mat/broom makers/coir weavers, doll and toy makers (traditional), barbers, garland makers, washermen, tailors, and fishing net makers.