India is known for its diversity, culture and rich heritage. The traditional arts and craft are keeping this diversity alive. Many of these crafts have been practiced for generations and are passed on in families. To empower the artisans in the country, the Government has launched the PM Vishwakarma Scheme.
To ensure a holistic growth of artisans, one of the key focuses of the scheme is to bring the artisans into the formal sector by incentivising digital transactions and also access to collateral free credit support. With this, PM Vishwakarma Scheme aims “to provide end-to-end holistic support to the traditional artisans and craftspeople across India in scaling up the quality as well as the reach of products & services”.
PM Vishwakarma Scheme: All you need to know
The PM Vishwakarma will be fully funded by the Union Government with an outlay of ₹13,000 crore. According to the information provided by the Prime Minister’s Office, under the scheme, the Vishwakarmas will be registered free of charge through Common Services Centres using biometric based PM Vishwakarma portal.
They will be provided recognition through PM Vishwakarma certificate and ID card, skill upgradation involving basic and advanced training, toolkit incentive of Rs. 15,000, collateral-free credit support up to ₹1 lakh (first tranche) and ₹2 lakh (second tranche) at a concessional interest rate of 5%, incentive for digital transactions and marketing support.
The scheme will provide support to artisans and craftspeople of rural and urban areas across India. Eighteen traditional crafts will be covered under PM Vishwakarma including: (i) Carpenter; (ii) Boat Maker; (iii) Armourer; (iv) Blacksmith ; (v) Hammer and Tool Kit Maker; (vi) Locksmith; (vii) Goldsmith; (viii) Potter; (ix) Sculptor, Stone breaker; (x) Cobbler (Shoesmith/ Footwear artisan); (xi) Mason (Rajmistri); (xii) Basket/Mat/Broom Maker/Coir Weaver; (xiii) Doll & Toy Maker (Traditional); (xiv) Barber; (xv) Garland maker; (xvi) Washerman; (xvii) Tailor; and (xviii) Fishing Net Maker.
Creating a robust digital ecosystem for artisans
To support digital adoption among beneficiaries of the PM Vishwakarma Scheme, Paytm has signed a memorandum of understanding (MoU) with the Ministry of Micro, Small and Medium Enterprises (MSME).
Under the MoU, the company will be developing the digital ecosystem for the artisans and craftspeople by issuing tools such as durable QR codes to create digital payment infrastructure and to promote digital transactions. The fintech giant will also provide necessary training to the beneficiaries of the scheme.
Both the government and fintech companies are coming forward to provide the required help and support to the artisans and craftspeople of the country to make them financially strong and boost their business growth. This will also uplift the sale of local products and help them reach the global market.