PM Vishwakarma Scheme gains momentum with 2.58 crore artisans registered

PM Vishwakarma Scheme: Significant progress in supporting traditional craftspeople across India

The Central government’s PM Vishwakarma Yojana, aimed at uplifting traditional artisans such as carpenters, masons, and tailors, has made notable strides, with 2.58 crore applications submitted to date. According to data from the National Skill Development Corporation (NSDC), 23.75 lakh applicants have successfully registered to receive benefits under the scheme following a rigorous three-stage verification process.

As part of the initiative, nearly 10 lakh beneficiaries have received toolkit incentives of up to Rs.15,000 through e-vouchers, enabling them to purchase modern tools suited for their crafts. Furthermore, as of July 29, 2024, loan sanctions have been granted to 56,526 applicants, totaling Rs.551.80 crore. These loans, offered at a subsidized interest rate of 5 percent, come with an 8 percent interest subvention from the government, significantly reducing the cost for borrowers. Repayment terms are structured over 18 months for the first tranche and 30 months for the second.

Launched on September 17, 2023, the PM Vishwakarma Scheme aims to provide comprehensive support to artisans across 18 trades. Its goal is to empower traditional craftspeople to become self-reliant entrepreneurs. To this end, the scheme includes formal training through Basic Skill Training programs designed to modernize and upgrade artisans’ skills across 26 states and union territories.

Key components of the PM Vishwakarma Scheme include recognition via the PM Vishwakarma Certificate and ID Card, skill enhancement, toolkit incentives, credit support, incentives for digital transactions, and marketing assistance. The scheme is poised to create significant livelihood opportunities for artisans, enhance their skills, and integrate advanced tools and technology into their work, while also facilitating access to both domestic and global markets.

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