What is PM Vishwakarma Yojana launched by PM Modi?

New Delhi: Prime Minister Narendra Modi on Sunday launched Rs 13,000-crore PM Vishwakarma Yojana (scheme) for traditional artisans and craftsmen, and inaugurated the Rs 5,400-crore first phase of state-of-the art India International Convention and Expo Centre (IICC) -- 'Yashobhoomi' -- at Dwarka, here.

"Today I dedicate 'Yashobhoomi' to every labourer, every 'Vishwakarma' of the nation," Modi said.

The prime minister further said that today there is such a government in the country that provides recognition to marginalised people.

He also unveiled 18 customised stamp sheets covering the 18 traditional trades whose workers are covered under the scheme, along with a toolkit e-booklet on the occasion of the launch of the Vishwakarma scheme.

The goal of the Vishwakarma scheme is to enhance the accessibility and quality of products and services offered by traditional artisans and craftsmen.

The scheme offers collateral-free enterprise development loans of Rs 1 lakh (first tranche for 18 months repayment) and Rs 2 lakh (second tranche for 30 months repayment).

A concessional rate of interest of 5 per cent will be charged from the beneficiary with interest subvention cap of 8 per cent to be paid by the Ministry of Micro Small and Medium Enterprises. The credit guarantee fees will be borne by the central government.

With a total project area of over 8.9 lakh square metres and built up area of more than 1.8 lakh square metres, 'Yashobhoomi' will find its place among the world's largest MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities.

Giving details about the Vishwakarma scheme to the gathering at the Yashobhoomi, Prime Minister Modi asked the artisans and craftsmen to purchase Made In India toolkits from only those shops which are GST-registered.

Stressing on the government's vision of 'Vocal for Local', he also asked people to purchase local products during the forthcoming festivals, including Ganesh Chaturthi, Dhanteras and Diwali.

Modi further said that conference tourism, estimated at Rs 25 lakh crore, presents a huge opportunity for India.

He said Yashobhoomi has the complete ecosystem for conferences and organising exhibitions and will provide job opportunities to several lakh people.

"Through 'Yashobhoomi' convention centre alone, lakhs of youth are expected to get employment opportunities," said the prime minister.

Yashobhoomi will also be connected to Delhi Airport Metro Express line with the inauguration of the new metro station 'Yashobhoomi Dwarka Sector 25'.

Delhi Metro will also increase the operational speed of Metro trains on Airport Express Line from 90 to 120 kilometre per hour reducing the travel time. The total journey from 'New Delhi' to 'Yashobhoomi Dwarka Sector 25' will take about 21 minutes.

The Cabinet Committee on Economic Affairs chaired by the prime minister had last month approved the new Central Sector Scheme 'PM Vishwakarma' with a financial outlay of Rs 13,000 crore for a period of five years (FY 2023-24 to FY 2027-28).

Under PM Vishwakarma scheme, artisans and craftspeople will be provided recognition through 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 per cent.

The scheme will further provide skill upgradation, toolkit incentive, incentive for digital transactions and marketing support.

Artisan or craftsmen working with hands and tools and engaged in one of the 18 family-based traditional trades are eligible to avail the benefits of the scheme.

These trades include carpenter; boat maker; armourer; blacksmith; hammer and toolkit maker; locksmith; goldsmith; potter; sculptor (moortikar, stone carver), stone breaker; cobbler; mason; basket/mat/broom maker/coir weaver; doll & toy maker (traditional); barber; garland maker; washermen; tailor; and fishing net maker.