Vishwakarma Yojana Benefits

Vishwakarma Yojana Benefits – India has long been renowned for its talented craftspeople and artisans who make things with their hands and with tools. They go by the name Vishwakarma most of the time.They will be able to improve the efficacy, scope, and reach of their product integration within the MSME value chain according to the new plan. In addition to financial support, the plan’s elements will include access to advanced training, knowledge of modern, effective green technology and digital techniques, brand promotion, connections to local and global markets, and digital and social security payments. Being a member of the weaker groups, OBCs, women, people, and Scheduled Castes and Tribes will all greatly benefit from this.

Historically, the millions of “Vishwakarmas,” or hardworking individuals, who make things with their hands, tools, and equipment, have been credited with founding this country. Our lengthy list consists of countless people, such as masons, potters, carpenters, sculptors, blacksmiths, and goldsmiths. This budget includes several new incentive programs that the country is introducing for the first time to thank all of these Vishwakarmas for their hard work. For these individuals, resources such as loans, technology, training, and market support have been established.

The goal of PM Vishwakarma, a comprehensive program, is to empower craftsmen and craftspeople from beginning to end by utilizing the following elements:

Recognition: PM Vishwakarma Certificate and ID Card
Skill Upgradation
Toolkit Incentive
Credit Support
Incentive for Digital Transactions
Marketing Support

1. The ID card and certificate of PM Vishwakarma

The artisans and craftsmen will receive the PM Vishwakarma ID card and certificate. A unique digital number that is generated and displayed must be assigned to the ID card and certificate. The candidate will be eligible to enjoy all benefits provided by the PM Vishwakarma Scheme and will be able to establish their identity as a Vishwakarma with the use of the certificate. The beneficiaries will receive a digital copy of the PM Vishwakarma ID card and certificate in addition to a physical one.

2. Skill Upgradation

Enhancing the abilities of traditional artisans and crafters who have been using their hands and traditional tools for ages is the aim of PM Vishwakarma’s skill-building effort. This intervention consists of three parts: basic skilling, advanced skilling, and skill verification. Major domain skilling components in the skill upgrade should include modern tools, design elements, and connectivity to the sector value chain. Apart from topic knowledge, the skill enhancement would encompass topics that would grant Vishwakarma entry to other program elements, like toolkit application, marketing support, enterprise establishment and growth via credit, and benefits of digital transactions.

Skill Verification :

A skill verification process will be carried out to ascertain the present skill levels of each enrolled beneficiary. It will be the first big step in the skill-upgrading process, and PM Vishwakarma will be able to plan out an informed future course for skill-upgrading by figuring out the current skill levels. The test will be simple, short, and demonstrative (computer-based and/or tactile) in order to assess the Vishwakarmas’ present level of proficiency with modern instruments and techniques as well as any areas of knowledge that may need improvement. After verification, the skill level evaluation will be shared with the MoMSME so that the toolkit incentive can be provided. The verification will happen both before and during the Fundamental Training. The specified Basic Training centers will host it.

Basic Training :

Basic Training is deemed to be extremely beneficial for all registered Vishwakarmas and is a prerequisite for being eligible for the first loan tranche. Thus, the purpose of Basic Training is to give the Vishwakarmas the resources they require in order to improve and update their equipment, raise their proficiency levels, and obtain credit assistance. Proficiency, entrepreneurship, and income levels will all rise as a result. The training will take place in specially designated skill centers, which are frequently found in industrial clusters, adjacent districts, district offices, etc.
The 40 hours of Basic Training, which will take place over five to seven days, will consist of formalizing and enhancing previously acquired skills through Recognition of Prior Learning, or RPL. Utilizing the knowledge already existent in the MSDE skill ecosystem, as well as the experience of industry and associations, community organizations, and other relevant parties, specific training programs and toolkits have been developed for each trade/type of Vishwakarma. This will be enhanced further by discussions with expert MoRD entities such as MoMSME and NIRD. Beneficiaries will upskill in their trade through exposure to modern tools and best practices, designs, introduction to the sector’s larger value chain, development of digital, financial, and soft skills, and instillation of marketing and entrepreneurial expertise.
The program will take place in a classroom setting (Guru-Shishya Parampara) with hands-on teaching aids and instructional materials provided by trained and experienced instructors. The use of contemporary audiovisual training tools will improve the lesson. Instructions for the toolkit and printed, electronic, and audiovisual training materials will be included in the 40 hours of teaching. Subject-matter experts from the corporate and civic communities will be hired as master trainers. Following the basic training, a fair assessment will be conducted, and those who pass will be certified under the National Skill Qualification Framework (NSQF). The results of the Basic Training will be given to MoMSME in order to facilitate further loan disbursements.

Advanced Skill Training :

After completing Basic Skilling, beneficiaries who wish to pursue further skill development must enroll in Advanced Skill Training at designated Training Centers. This training must last at least 15 days or 120 hours.
The purpose of the Advanced Skilling is to raise the Vishwakarmas’ level of entrepreneurial awareness so they can feel confident enough to move from self-employment to launching their own company. Advanced skilling fosters a deeper understanding of modern technology, design elements, and facilitating value chain links with selected anchor industry partners. There will also be coverage of the fundamental training subjects that need more attention. Toolkit video instructions will be distributed to the recipients. The recipient will also be informed about the second loan tranche, which is accessible under the program and has a maximum value of Rs. 2 lakh.
The process for producing resource materials and delivering training for 120 hours will be the same as that outlined for RPL and Basic Training. After the training, a comprehensive evaluation will be held, and those who pass will be certified by NSQF. Boarding and accommodation will be provided in addition to assistance with remuneration. Throughout the program, lodging and meals will be provided at no cost by the government.
In order to perform outreach, disseminate information, and organize Vishwakarmas for Skill Verification, Basic, and Advanced Training, the MSDE will collaborate with the District Implementation Committee. The State Level Committee will oversee this project. The material about skill upgrading will be very helpful to the CSCs in their outreach and informational efforts.
The MSME ecosystem (MSME Technology Centers, ITI, KVIC, etc.); MoRD facilities; and the MSDE’s current training infrastructure (PMKKs, ITIs, Industry Clusters, Other Centers, etc.) will all be effectively used to perform Basic and Advanced Skill Training.

Training Stipend

Each beneficiary is eligible to receive a daily training allowance of Rs. 500 when enrolled in the Basic and Advanced Training programs.
The training stipend will be deposited via the DBT method into the beneficiaries’ bank accounts upon program completion and MSDE certification.

3. Toolkit Incentive

The beneficiary will receive a toolkit prize worth Rs. 15,000 once their skills have been confirmed at the start of basic training. The grantees will receive the incentive in the form of e-RUPI/e-vouchers, which they can use to purchase superior toolkits at authorized centers.
A digital handbook and quick video lessons would be provided to Vishwakarmas to acquaint and enable them with the proficient handling of modern instruments in their trades. The Vishwakarmas will be able to enhance their production and quality standards with the improved toolkits, which will boost their productivity and the value of their products.

4. Credit Support

The purpose of this Scheme is to facilitate the enhancement and reinforcement of traditional craftsmen’ and craftspeople’s abilities through the provision of affordable financing. In order to qualify for the initial credit support tranche under the Scheme, which has a maximum value of Rs 1 lakh, the beneficiary needs to have undergone skill verification and effectively finished basic skill training.

This component aims to provide the Vishwakarmas with easy access to institutional funding that is subsidized for company development through the following measures:

Enterprise Development Loan

Selected recipients of PM Vishwakarma’s financial aid will get “Enterprise Development Loans” that are not backed by any kind of collateral.
Of the total amount of financial assistance, which is Rs. 3,000,000, the beneficiaries can get the first loan tranche up to Rs. 1,000,000 and the second loan tranche up to Rs. 2,000,000.
The second loan tranche will be available to skilled beneficiaries who have finished Advanced Skill Training, had digital transactions implemented in their firm, and maintain a regular loan account. They had to pay back the first loan tranche before they could get the second.
The following table illustrates the repayment term during which the loan must be repaid:

Tranches	Amount of Loan (In Rs.)	Tenure of Repayment (In months)
1st Tranche	Upto 1,00,000	18 months
2nd Tranche	Upto 2,00,000	30 months

Concessional Share and Assistance

The fixed concessional interest rate for borrowing from beneficiaries is going to be 5%. The Indian government will provide banks with an upfront 8% interest payment subsidy. Annexure-A shows the interest that beneficiaries have paid as well as the MoMSME’s subsidy.
The interest subsidy is available to a beneficiary for both the first and second loan payments.
A Credit Oversight Committee chaired by the Secretary of DFS may decide to modify the 8% interest subvention cap while accounting for prevailing interest rates.

5. Incentive for Digital Transactions

The Scheme aims to give recipients digital empowerment by allowing them to adopt digital transactions. Each month in DBT mode, the beneficiary’s bank account will be credited with Re 1 for each qualifying digital transaction (up to a maximum of 100 eligible transactions) using the Aadhaar Payment Bridge System (APBS). This context refers to a digital payout or receipt in the beneficiary’s bank account as a “eligible transaction.”
The Scheme aims to promote digital purchases made by artisans and craftspeople by offering cashbacks. It is predicted that the online transaction history that has been created will raise the credit scores of skilled workers in the event of future credit requests. The Vishwakarmas are being urged to embrace the digital payments ecosystem by means of this inducement and embrace a new digital culture.

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