Context: 

In commemoration of ‘Vishwakarma Jayanti’, the Prime Minister launched the ‘PM Vishwakarma Yojana’ scheme for the benefit of traditional artisans.

More on News about Vishwakarma Yojana:

• The PM has also inaugurated the first phase of the ₹5,400 crore state-of-the-art India International Convention and Expo Centre, named ‘Yashobhoomi’, at Dwarka in New Delhi.

About PM Vishwakarma Yojana:

• Vishwakarma Yojana will provide Skill Upgradation, Toolkit Incentive, Incentive for Digital Transactions and Marketing Support to artisans.
• Ministry: Ministry of Micro, Small and Medium Enterprises
• Financial Outlay: Rs.13,000 crore
• Duration: Five years (FY 2023-24 to FY 2027-28)
• Key Features of the Scheme: PM Vishwakarma Yojana 
  • PM Vishwakarma Certificate and ID Card: Artisans and craftspeople will receive formal recognition through a PM Vishwakarma certificate and an ID card, acknowledging their skills and contributions.
  • In the first year, five lakh families will be covered and a total of 30 lakh families will be covered over five years from FY24 to FY28.
  • The beneficiaries will be given a toolkit incentive of ₹15,000.
  • Credit Support under Vishwakarma Yojana: It provides guarantee-free loans of up to Rs 3 lakh.
    • First Tranche: Up to Rs. 1 lakh credit support.
    • Second Tranche: Rs. 2 lakh in credit support.
  • Concessional Interest: 5%
  • Eighteen traditional trades are to be covered in the first instance under PM Vishwakarma.
• Significance of Vishwakarma Yojana: 
  • To strengthen and nurture the Guru-Shishya parampara or family-based practice of traditional skills by Vishwakarmas working with their hands and tools. 
  • To improve the quality as well as the reach of products and services of artisans and craftspeople and to ensure that they are integrated with the domestic and global value chains.

News Source: The Indian Express