Context:
Public sector banks (PSBs) have raised concerns regarding specific restrictions in the PM Vishwakarma scheme that make individuals ineligible if they had taken government loans in the past five years, such as under the Prime Minister´s Employment Generation Programme (PMEGP).
PM Vishwakarma Scheme
The PM Vishwakarma Scheme targets artisans and craftsmen engaged in areas of blacksmithing goldsmithing pottery carpentry and sculpting many of which comprise traditional Indian crafts. This is more of an activity for preservation of cultural heritage of India but integrates these artisans into the formal economy and global value chains. This is a Central Sector Scheme completely funded by the Government of India.
- Ministry
- Nodal Ministry: Ministry of Micro Small and Medium Enterprises MoMSME.
- Partner Ministries: Departments Ministry of Skill Development and Entrepreneurship Department of Financial Services Ministry of Finance Government of India.
- Launch Date
- 17th September, 2023
- Budget
- Allocations in budget Rs 13000 crore for 5 years 2023 to 2028
- Recognition and Facilitation
- A PM Vishwakarma certificate and an identity card are issued to the artisans.
- Collateralfree credit support up to Rs 1 lakh in the first tranche.
- Till Rs 2 lakh second installment.
- Interest rate on loans 5 concessional.
- Skill Development and Empowerment.
- Features
- Stipend on daily basis for the skill training Rs 500.
- Rs 15000 grant to acquire modern tools.
- Significance
- Empowering Traditional Artisans: Recognizes the critical role that Vishwakarmas traditional artisans play in society.
- Global Supply Chain Integration: Provides support for artisans to be a part of the global supply chain ensuring their survival and growth despite technological advancements.
