₹13,000 crore allocation made to the scheme is a recognition of the immense contribution of our traditional and skilled artisans and craftsmen toward nation-building, and the economic potential of this sector. The Vishwakarma Yojana aims to empower our craftsmen by improving the quality and reach of their products and services. It will also revive their skills, not just to conserve India’s rich cultural heritage, but also to provide them with a dignified source of livelihood.
The scheme will provide a conducive environment for artisans and craftspeople working with their hands and tools to enable them to deliver better, facilitate access to modern tools, technology and markets, and onboard them into the fast-evolving world of digitalization. Access to credit has been challenging for this sector, and we acknowledged that higher skill levels require more sophisticated tools and technology. The scheme provides e-vouchers that can be redeemed to acquire better toolkits besides providing skill assessment and skill training.
Further, credit available at concessional rates of interest is linked to the level of skill training undergone. For example, to be eligible for a loan up to ₹1 lakh, the beneficiary will have to undergo skill training of 5 to 7 days. Similarly, advanced skill training of 15 days will make the beneficiary eligible for a loan of up to ₹2 lakh.
The loans are entirely collateral-free and will be available at 5% interest rate. To ensure that PM Vishwakarma achieves its objectives smoothly, the ministry of MSME, ministry of skill development & entrepreneurship, and department of financial services have converged together as co-implementers of the scheme. Another unique aspect is the active role of state. Read more on livemint.com