Union Cabinet approves Rs 13,000 crore central scheme 'PM Vishwakarma'

Utkarsh Classes

Updated: 16 Aug 2023

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Union Cabinet approves Rs 13,000 crore central scheme 'PM Vishwakarma'

Table of Content

The Cabinet Committee on Economic Affairs on 16 August 2023 approved a new Central Sector Scheme "PM Vishwakarma" with a financial outlay of Rs 13,000 crore for five years (FY 2023-24 to 2027-28).

Prime Minister Modi had announced to start 'Vishwakarma Yojana' in the coming days in his address from the ramparts of Red Fort on 15th August 2023 on 77th Independence Day.

Vishwakarma Yojana is designed to benefit persons skilled in traditional craftsmanship.

Vishwakarma Kaushal Samman Yojana' or 'PM Vikas Yojana':

The full name of Vishwakarma Yojana is PM 'Vishwakarma Kaushal Samman Yojana' or 'PM Vikas Yojana'.

Objective of Vishwakarma Yojana:

The objective of the scheme is to strengthen and promote family-based occupation of traditional skills by Guru-Shishya Parampara or artisans and craftsmen working with their hands and tools.
The objective of the scheme is to improve the quality as well as accessibility of the products and services of artisans and craftsmen.
Along with this, it is to ensure that Vishwakarma can connect with domestic and global value chains.

Financial Incentives under the scheme:

Under PM Vishwakarma Yojana, artisans and craftsmen will be recognized through PM Vishwakarma certificate and identity card.
Loan assistance will be provided up to Rs 1 lakh (1st instalment) and Rs 2 lakh (2nd instalment) with a concessional interest rate of maximum 5 per cent.
The scheme will subsequently provide skill upgradation, toolkit incentives, incentives for digital transactions and marketing support.

Benefits to 30 lakh Vishwakarma families:

About 30 lakh Vishwakarma families across the country will be benefited by the operation of this scheme. This scheme will provide assistance to artisans and craftsmen in rural and urban areas across India.

Eighteen traditional occupations included in Phase I:

Eighteen traditional businesses will be covered in the first phase under PM Vishwakarma.
These occupations include Carpenter (Suthar); Boat Maker; Armourer; Blacksmith (Lohar); Hammer and Tool Kit Maker; Locksmith; Goldsmith (Sonar); Potter (Kumhaar); Sculptor (Moortikar, stone carver), Stone breaker; Cobbler(Charmkar)/ Shoesmith/Footwear artisan; Mason (Rajmistri); Basket/Mat/Broom Maker/Coir Weaver; Doll & Toy Maker (Traditional); Barber (Naai); Garland maker (Malakaar); Washerman (Dhobi); Tailor (Darzi); and Fishing Net Maker.