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Context: The Prime Minister recently launched the Central Sector Scheme “PM Vishwakarma Scheme” to provide collateral-free loans and skills training to 18 categories of traditional artisans and craftspersons. The scheme has a total outlay of Rs 13,000 crore over five years, spanning until 2027-28.

Key highlights of the scheme

• Objective: The PM Vishwakarma Scheme is designed to support traditional artisans and craftsmen by offering them financial assistance, skills training, and toolkits to enhance their craft and livelihoods.
• The Ministry of Micro, Small & Medium Enterprise is the nodal ministry of the PM Vishwakarma Yojana.
• Components of the Scheme:
  • Skills Training: Beneficiaries will attend a five-day skilling workshop.
  • Toolkits: Artisans will receive a voucher of Rs 15,000 to purchase necessary tools for their craft.
  • Interest-Free Loans: Artisans can avail themselves of an interest-free loan of Rs 1 lakh, repayable within 18 months. Upon repayment, they qualify for a second loan of Rs 2 lakh at an interest rate of 5 percent.
  • Subsidy: Beneficiaries will receive a subsidy of up to 8 percent of the interest amount.
  • Credit Guarantee: The scheme offers guarantee-free loans.
• Financial Assistance Verification: The verification of beneficiaries will take place at three levels: the gram panchayat, district collector, and state levels.
• Concessional Interest Rate: A concessional interest rate of 5 percent will be charged from the beneficiary, with an interest subvention cap of 8 percent paid by the Ministry of Micro Small and Medium Enterprises.
• Expected Beneficiaries: The scheme is expected to benefit around 30 lakh families of traditional artisans and craftsmen, including weavers, goldsmiths, blacksmiths, laundry workers, and barbers.
• Promotion of Local Products: The Prime Minister emphasized the importance of buying local products, especially those created by artisans supported by the Vishwakarma Scheme.
• Recognition and Certification: Beneficiaries will receive a PM Vishwakarma certificate and ID card to recognize their skills and craftsmanship.
• Guru-Shishya Parampara: The scheme aims to strengthen and preserve the traditional teacher-pupil tradition or family-based practice of traditional skills among artisans and craftspeople.
• Inclusivity: The scheme is designed to benefit Scheduled Castes, Scheduled Tribes, OBCs, women, and people belonging to weaker sections of society.

Conclusion

• The launch of this scheme aligns with the government's efforts to support traditional artisans and craftsmen, promote local products, and boost the MSME (Micro, Small, and Medium Enterprises) sector in India. It also highlights the importance of traditional skills in modern times and aims to provide artisans with the tools and financial support they need to thrive in a changing economy.

Must Read Articles:

PM VISHWAKARMA: https://www.iasgyan.in/daily-current-affairs/pm-vishwakarma

FEATURES ON PM VISHWAKARMA: https://www.iasgyan.in/daily-current-affairs/features-on-pm-vishwakarma

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