Vishwakarma Scheme Is Set To Assist Traditional Businesses To Grow
On the auspicious occasion of the 77th Independence Day, Prime Minister Narendra Modi announced the Vishwakarma Scheme in order to develop the long-existing traditional businesses that have stopped growing due to a lack of financial assistance and right guidance. Further on Wednesday, the same got approved by The Cabinet Committee on Economic Affairs (CCEA) with an outlay of Rs 13,000 crore.
India has a variety of craft professions owned by a large number of the population who work with their skill and tools. As per the official statement of the government, “The scheme aims to strengthen and nurture the Guru-Shishya parampara or family-based practice of traditional skills by artisans and craftspeople working with their hands and tools.”
Why Handicraft Industry Is Fuel To The Economy?
India has a major in the handicraft business, which includes textiles, pottery, woodware, glassware, metalware and many other artistry works. According to the data provided by IBEF (Indian Brand Equity Forum), “the handicraft business in India from April 2022-February 2023, the total exports of handicrafts stood at USD 3 billion. In 2021-22, the total exports of Indian handicrafts were valued at USD 4.35 billion, a 25.7 per cent increase from the previous year.” The mentioned statistic signifies the huge contribution of the handicraft industry to the Indian economy. In terms of employment, as per IBEF, the sector employed more than 7 million people across the country. Another aspect of this sector that makes it significant for the socio-economic growth of India, is that the handicraft sector has a dominance of female workers over male.
How Vishwakarma Scheme Make A Difference?!
As per the details shared by the officials of the scheme, the artisans and craftspeople will be provided recognition through the PM Vishwakarma certificate and ID card. The people practising such traditional occupation will also be given Credit Support up to Rs.1 lakh (First Tranche) and Rs.2 lakh (Second Tranche) with a concessional interest rate of 5 per cent. Along with skill enhancement opportunities and training programmes where beneficiaries will get a stipend of Rs 500 per day.
Before training, the scheme will help the craftsman to upgrade their skill as per the modern demands along with the toolkit. They will also be trained to market their business through different channels and learn online transactions.
The cobblers sitting aside on the street have the skill to earn more than he does, but what he lacks is the upgradation in their skill, technical toolkit and a bit of marketing that can push up his business further. Vishwakarma Yojana fills up the same void by providing them with a platform where they can develop their business with modern equipment and additional skill set.
Such a scheme can be proven as a milestone when India is aiming to become a completely self-reliant country and envisioned to rescue the import and escalate the export.
