Cabinet Committee on Economic Affairs approved PM Vishwakarma UPSC

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Context: The Cabinet Committee on Economic Affairs, headed by Prime Minister has approved a new Central Sector Scheme called "PM Vishwakarma." With a financial allocation of Rs.13,000 crore over five years (FY 2023-24 to FY 2027-28), the scheme's primary objective is to strengthen and nurture the Guru-Shishya parampara, promoting traditional skills practised by artisans and craftspeople using hands and tools.

Details

This initiative strives to enhance the quality and reach of products and services produced by these artisans, ensuring their integration into both domestic and global value chains.
The PM Vishwakarma scheme offers various benefits to artisans and craftspeople, including the issuance of a PM Vishwakarma certificate and ID card for recognition.
- It includes credit support of up to Rs.1 lakh (First Tranche) and Rs.2 lakh (Second Tranche) with a favourable interest rate of 5%.
The scheme also facilitates skill enhancement, toolkit incentives, rewards for digital transactions, and marketing assistance.
The scheme's scope extends to artisans and craftspeople in rural and urban areas across India. Initially, it encompasses eighteen traditional trades, such as carpenters (Suthar), boat makers, blacksmiths (Lohar), goldsmiths (Sonar), potters (Kumhaar), and more.

PM Vishwakarma aims to empower and uplift traditional skilled individuals, fostering their development within the cultural and economic fabric of the nation.

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VISHWAKARMA YOJANA: https://www.iasgyan.in/daily-current-affairs/vishwakarma-yojana

PRACTICE QUESTION

Q. How does supporting traditional artisans impact cultural heritage and socioeconomic development? What challenges do these artisans face, and how can we ensure their sustainable growth while preserving craftsmanship?