Committed to helping artisans, says PM; unveils ₹13,000-crore scheme
Context: Prime Minister Narendra Modi launched ₹13,000 crore Pradhan
Mantri Vishwakarma Yojana (PMVY), to equip craftspeople with the
technology to augment their skills for the modern market.
He also inaugurated the first phase of the ₹5,400-crore state-of-the-art India International Convention and Expo Centre, named Yashobhoomi, at Dwarka in New Delhi.
About the PM Vishwakarma Scheme
- It aims 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 ₹1 lakh (first tranche to be repaid in 18 months) and ₹2 lakh (second tranche to be repaid in 30 months).
- A concessional rate of interest of 5% will be charged from the beneficiary, with interest subvention cap of 8% to be paid by the Ministry of Micro Small and Medium Enterprises.
- The credit guarantee fees will be borne by the Central government.
Who will be covered under the scheme?
Eighteen traditional trades such as carpenter, boat maker, armourer, blacksmith, hammer and tool kit maker, locksmith, goldsmith, potter, sculptor, stone breaker, cobbler, mason, basket/mat/broom maker/coir weaver, traditional doll and toy maker, barber, garland maker, washerman, tailor and fishing net maker will be covered under the scheme.
Imp for: UPSC Prelims, UPSC GS Mains Paper III
Topic: Economy, Government Schemes
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