- Recently, PM Modi launched the ₹13,000 crore PMVY scheme on Vishwakarma Jayanti to uplift artisans and craftspeople.
- Aims to cover five lakh families in the first year and 30 lakh families over five years.
About the Yojana
- Targets economically marginalized and socially backward communities, particularly the Other Backward Classes (OBC) groups.
- 18 traditional trades covered by the scheme, includes various sectors such as carpenters, boat makers, blacksmiths, goldsmiths, tailors, and more.
- Registration of Vishwakarma workers for free through Common Services Centers.
- Recognition through PM Vishwakarma certificate and ID card.
- Skill upgradation through basic and advanced training.
- Offers collateral-free enterprise development loans of ₹1 lakh (first tranche to be repaid in 18 months) and ₹2 lakh (second tranche to be repaid in 30 months).
- Concessional interest rate of 5%, with an interest subvention cap of 8% paid by the Ministry of Micro Small and Medium Enterprises.
- Credit guarantee fees will be borne by the Central government.
- Incentives for digital transactions and marketing support.
- Stipend of Rs 500 for skill training and Rs 1,500 to purchase modern tools.
- Toolkit incentive of ₹15,000.
- A toolkit booklet and video elements in 12 Indian languages to aid knowledge of workers in new technologies.