As India celebrates Vishwakarma Jayanti on Tuesday in reverence to Lord Vishwakarma who is worshipped as the deity for all involved in craftsmanship such as artisans, mechanics, architects, factory workers, engineers etc., the day also marks one year of the PM Vishwakarma scheme launched by the government on September 17 2023.
The five-year scheme with a corpus of Rs 13,000 crore enables up to Rs 3 lakh collateral-free loan to artisans and craftspeople involved in 18 different trades along with skill upgradation, marketing support and digital transactions.
As of July 29, 2024, 56,526 loan applications totalling Rs 551.80 crore were sanctioned of which 15,878 applications involving Rs 132.49 crore were disbursed under the credit component of the scheme, according to the data shared by the Minister of State (Independent Charge) Jayant Chaudhary in the Ministry of Skill Development and Entrepreneurship in a written reply to a question in the Lok Sabha on August 8.
Moreover, out of total 14.38 lakh registered applicants, 9,05,328 have opted for marketing support under the scheme. As of September 17, over 2.47 crore applications were submitted and 20.67 lakh were registered, as per data from the scheme’s portal.
The 18 traditional trades included by the government under the scheme are fishing net maker, tailor (darzi), washerman (dhobi), garland maker (malakaar), barber (nai), doll and toy maker (traditional), basket/ mat/ broom maker/ coir weaver, mason (rajmistri), cobbler (charmkar/shoesmith/footwear artisan), sculptor (moortikar/stone carver), stone breaker, potter (kumhaar), goldsmith (sonar), locksmith, hammer and tool kit maker, blacksmith (lohar), armourer, boat maker, carpenter (suthar).
Here are the overall benefits provided to eligible applicants under the scheme:
- Recognition as Vishwakarma through Certificate and ID Card
- Skill verification followed by five to seven days (40 hours) of basic training. Interested candidates can also enrol for 15 days (120 hours) of advanced training
- Training stipend of Rs 500 per day
- Toolkit incentive of up to Rs 15,000 grant
- Collateral-free loan of Rs 1 lakh (first tranche for 18 months repayment) and Rs 2 lakh (second tranche for 30 months repayment) at a concessional 5 per cent interest with interest subvention cap of 8 per cent to be paid by the MSME Ministry.
- The credit guarantee cover for loans by lenders including scheduled commercial banks, regional rural banks, small finance banks, cooperative banks, non-banking finance companies and microfinance institutions will be covered under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
- Re 1 as an incentive for every digital transaction for a maximum of up to 100 transactions monthly
- The National Committee for Marketing under the scheme will provide services such as quality certification, branding & promotion, e-commerce linkage, trade fairs advertising, publicity and other marketing activities.