PM Vishwakarma Scheme Completes Three Years

PM Vishwakarma Scheme Completes Three Years

Why in News?

• The PM Vishwakarma Scheme, launched in 2023, has completed three years and reached the milestone of 30 lakh verified beneficiaries. 
• It aims to provide end-to-end support to traditional artisans and craftspeople working in 18 notified trades. 

Key Features:

• It is a Central Sector Scheme with an outlay of ₹13,000 crore for 2023-24 to 2027-28. 
• This scheme is Jointly implemented by the Ministry of MSME, Ministry of Skill Development and Entrepreneurship and Department of Financial Services. 
• The scheme is based on three pillars: 
  • Samman – Respect 
  • Samarthya – Capability 
  • Samriddhi – Prosperity 
• Eligibility: Artisans aged 18 years or above working independently in traditional trades in the unorganised sector. 
• Recognition: Beneficiaries receive a PM Vishwakarma Certificate and ID Card. 
• Skill training: Basic and advanced training with a ₹500 per day stipend. 
• Toolkit support: Incentive of up to ₹15,000 for modern tools. 
• Credit: Collateral-free loans up to ₹3 lakh at a concessional 5% interest rate, provided in two stages. 
• Digital transactions: Incentive of ₹1 per eligible digital transaction, subject to a monthly limit. 
• Market support: Artisans are connected with platforms such as GeM, ONDC and e-commerce networks, along with trade fairs and branding support. 

Major Achievements:

• 30 lakh verified beneficiaries registered. 
• Over 24.37 lakh artisans completed basic skill training. 
• More than 18.15 lakh toolkits distributed. 
• Over 6.18 lakh collateral-free loans, worth nearly ₹5,300 crore, sanctioned. 
• More than 30,000 artisans connected to e-commerce platforms. 

Significance:

• Economic empowerment: Improves skills, access to finance and market opportunities. 
• Preservation of heritage: Helps traditional crafts remain economically viable for future generations. 
• Formalisation: Brings informal artisans into the formal financial and digital system. 
• Livelihood generation: Supports self-employment and sustainable income, particularly in rural areas. 
• Modernisation: Combines traditional skills with modern tools, technology and wider markets. 

Q. With reference to the PM Vishwakarma Scheme, consider the following statements:

1. It is a Central Sector Scheme with an outlay of ₹13,000 crore for 2023–24 to 2027–28. 
2. Beneficiaries can receive collateral-free loans up to ₹3 lakh at a concessional interest rate of 5%.  
3. The scheme provides support only for skill training and modern toolkits, without any provision for credit or market linkages. 
4. The scheme is exclusively implemented by the Ministry of MSME. 

Which of the statements given above is/are correct?

A. 1 and 2 only
B. 1, 2 and 3 only
C. 2 and 4 only
D. 1, 3 and 4 only

Answer: A. 1 and 2 only

Explanation:

• The scheme has an outlay of ₹13,000 crore for 2023–28. Hence, Statement 1 is correct.
• It provides collateral-free loans up to ₹3 lakh at 5% interest. Hence, Statement 2 is correct.
• The scheme also provides credit and market-linkage support. Hence, Statement 3 is incorrect.
• It is jointly implemented by the MSME Ministry, Ministry of Skill Development and Entrepreneurship, and Department of Financial Services. Hence, Statement 4 is incorrect.