Page 41 - Banking Finance December 2023

ARTICLE

support up to Rs 1 lakh (First Tranche) and Rs 2 lakh (Second trades include carpenters, boat makers, potters,
Tranche) with a concessional interest rate of 5%. blacksmiths, sculptors, cobblers, tailors and many more.
Registration and implementation - Artisans can
PM Vishwakarma Yojana 2023 objectives register for the Vishwakarma yojana at common service
The primary goal of the PM Vishwakarma yojana is to fortify centres in villages. While the central government
and foster the time-honoured Guru Shishya parampara, a provides funding for the scheme, it also seeks support
lineage-based tradition where artisans and craftsmen from state governments.
adeptly ply their traditional skills using handcrafted Integration with value chains- A key objective of the
techniques and tools. Additionally, the Vishwakarma scheme program is to seamlessly integrate artisans in both
endeavours to enhance both the calibre and accessibility of domestic and global value chains. This integration aims to
products and services originating from these skilled artisans, enhance their market access and opportunities for growth.
while also facilitating the seamless integration of
Vishwakarma practitioners into both local and international
value chains.

PM Vishwakarma Yojana Benefits
The following benefits will be provided to all Artisans and
Features of the PM Vishwakarma Yojana
Craftspeople under PM Vishwakarma Yojana
Recognition and support - Artisans and craftsman Loans up to Rs 1,00,000 will be provided at 5% interest
who are enrolled in the program will be receiving a PM rate in first phase.
Vishwakarma certificate and an identity card. They will
Loans up to Rs 2,00,000 will be provided at 10% interest
also be eligible for a collateral free -credit support with rate in second phase.
the first tranche being up to Rs 1.0 Lakh and the second
Skill training will also be provided.
tranche up to Rs 2.0 Lakh, both at a concessional rate
of interest of 5%. A stipend of Rs 500 will be provided during the training
period.
Skill development and empowerment- The
Vishwakarma yojana is allotted a budget of Rs 13,000 A Rs 15,000 will be provided to purchase advance tools
cr to 15,000 cr over a period of five years from 2023-24 PM Vishwakarma certificate and identity card will be
to 2027-2028.The scheme offers a stipend of Rs 500 for provided.
skill training and Rs 1,500 for the purchase of modern
tools. PM Vishwakarma scheme components

Scope and coverage- The scheme covers 18 traditional Financial assistance - Providing monetary support to
trades, spanning both rural and urban areas. These artisans

BANKING FINANCE | DECEMBER | 2023 | 37