NEWS – Jammu and Kashmir becomes first UT to implement PM Vishwakarma Yojana

ALL YOU HAVE TO KNOW

• Central Sector Scheme to uplift traditional artisans and craftspeople
• MSME will be the Nodal Ministry
• Artisans and craftspeople enrolled in the scheme will receive a PM Vishwakarma certificate and an identity card
• Encompasses 18 traditional trades across both rural and urban areas
• Lending institutions- Scheduled Commercial Banks, Regional Rural Banks, Cooperative Banks, NBFCs and Micro-Finance Institutions
• Beneficiaries will become ‘entrepreneurs’ on Udyam Assist Platform
• Artisans will receive basic training of 5-7 days and advanced training of 15 days or more, along with a stipend of Rs. 500 per day as wage compensation
• Government will provide collateral-free loans – Rs. 3 lakhs in two tranches of Rs. 1 lakh and Rs. 2 lakhs – to be paid back in 18 months and 30 months- concessional interest rate fixed at 5%, with the Government of India subvention to the extent of 8%