In a significant move, Prime Minister Narendra Modi introduced the PM Vishwakarma Yojana, a scheme worth Rs 13,000 crore, to support traditional artisans and craftsmen. Alongside, he inaugurated the first phase of the India International Convention and Expo Centre (IICC), named ‘Yashobhoomi,’ in Dwarka.
Empowering Artisans and Craftsmen: PM Vishwakarma Yojana
PM Modi dedicated ‘Yashobhoomi’ to all the hardworking laborers and artisans of the nation. He emphasized the government’s commitment to recognizing and empowering marginalized communities. The PM launched 18 custom stamp sheets representing traditional trades benefiting from the scheme. The objective of PM Vishwakarma Yojana is to improve the accessibility and quality of products and services offered by these traditional artisans.
Under this scheme, artisans and craftsmen can avail collateral-free enterprise development loans of Rs 1 lakh (first tranche with 18 months repayment) and Rs 2 lakh (second tranche with 30 months repayment). The interest rate is subsidized at 5%, with an interest subvention cap of 8% covered by the Ministry of Micro, Small, and Medium Enterprises. The credit guarantee fees will be borne by the central government.
Yashobhoomi: A World-Class Convention Center
‘Yashobhoomi,’ with a vast project area of over 8.9 lakh square meters and a built-up area of 1.8 lakh square meters, is set to become one of the world’s largest MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities. This state-of-the-art convention center is well-equipped for organizing various events and will create numerous employment opportunities.
Promoting ‘Vocal for Local’ and Encouraging Local Purchases
Prime Minister Modi urged artisans and craftsmen to purchase ‘Made In India’ toolkits from GST-registered shops. He stressed the importance of ‘Vocal for Local’ and encouraged people to buy local products, especially during upcoming festivals like Ganesh Chaturthi, Dhanteras, and Diwali.
Boosting Tourism and Connectivity
PM Modi highlighted the massive potential of conference tourism, estimating it to be around Rs 25 lakh crore, presenting a substantial opportunity for India. Yashobhoomi’s comprehensive facilities will significantly contribute to the conference and exhibition ecosystem, offering job opportunities to lakhs of people. Moreover, the convention center will be connected to the Delhi Airport Metro Express line, enhancing travel accessibility.
The launch of PM Vishwakarma Yojana and the inauguration of ‘Yashobhoomi’ mark a crucial step in uplifting traditional artisans and promoting India as a hub for conferences and events. The government’s dedication to supporting local artisans and boosting the economy through various schemes is a testament to its commitment to the nation’s growth and prosperity.
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