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EMPOWERING INDIA'S ARTISANS: PM VISHWAKARMA YOJANA
BANKING FINANCE
|December 2023
The PM Vishwakarma Yojana is dedicated to support traditional arts and crafts by providing multi-dimensional support to artisans. The initiative acknowledges the challenges faced by the sector due to modernization and market changes.
About the author Ujjwal Kant Chief Manager (Faculty) Union Bank Of India Staff College, Bengaluru
PM Vishwakarma Yojana
The full name of PM Vishwakarma Yojana is "PM Vishwakarma Kaushal Samman Yojana". It is also known by the other name i. e "PM Vishwakarma Yojana". The PM Vishwakarma Yojana was launched on the occasion of the Vishwakarma Jayanti i.e. on 17-08-2023.
What is PM Vishwakarma Yojana
It is an initiative that operates as a Central sector Scheme and the scheme has been granted a substantial financial allocation of Rs 13,000 crore. The designated timeframe for its implementation spans five years, encompassing Financial Year 2023-24 through FY 2027-28. Under this scheme the artisans and the craftspeople will be provided recognition through a PM Vishwakarma certificate and ID Card, credit support up to Rs 1 lakh (First Tranche) and Rs 2 lakh (Second Tranche) with a concessional interest rate of 5%.
PM Vishwakarma Yojana 2023 objectives
The primary goal of the PM Vishwakarma yojana is to fortify and foster the time-honoured Guru Shishya parampara, a lineage-based tradition where artisans and craftsmen adeptly ply their traditional skills using handcrafted techniques and tools. Additionally, the Vishwakarma scheme endeavours to enhance both the calibre and accessibility of products and services originating from these skilled artisans, while also facilitating the seamless integration of Vishwakarma practitioners into both local and international value chains.
Features of the PM Vishwakarma Yojana
This story is from the December 2023 edition of BANKING FINANCE.
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