Context:
Two million applications have been successfully registered under the PM Vishwakarma scheme
PMVY:
- Aim – To enhance accessibility and quality of products and services offered by traditional artisans
- Objectives –
- Skill upgradation of artisans and craftspeople.
- Access to collateral-free credit and reduced cost of credit through interest subvention.
- Incentives for digital transactions and brand promotion.
- Nodal Ministry – Ministry of Micro, Small and Medium Enterprises
- Type – Central Sector Scheme
- Coverage – 18 trades including carpenters, blacksmiths, potters, masons, etc.
- Benefits –
- Collateral-free credit support up to ₹1 lakh (first tranche) and ₹2 lakhs (second tranche) at a concessional interest rate of 5%.
- Free registration using the biometric-based portal.
- Recognition through PM Vishwakarma certificate and ID card.
- Eligibility –
- Artisan/craftsperson working with hands and tools
- Engaged in one of the 18 family-based traditional trades.
- Benefits shall be restricted to one member of the family.
- Minimum age – 18 years on the date of registration.
- Exclusion –
- Existing beneficiaries of PM Employment Generation Programme.
- Beneficiaries of PM Mudra Scheme or PM-SVanidhi can apply for credit only after repayment.
- Lending institutions – Scheduled Commercial Banks, Regional Rural Banks, Cooperative Banks, NBFCs and Micro-Finance Institutions.
Source: PIB
Previous Year Question
With reference to ‘Stand Up India Scheme’, which of the following statements is/are correct?
1. Its purpose is to promote entrepreneurship among SC/ST and women entrepreneurs.
2. It provides for refinance through SIDBI.
Select the correct answer using the code given below.
[UPSC Civil Services Exam – 2016 Prelims]
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer: (c)
Explanation:
The Stand Up India Scheme is aimed at promoting entrepreneurship among SC/ST and Women entrepreneurs and facilitates at least two such projects per bank branch. It provides for refinancing through Small Industries Development Bank of India (SIDBI) with an initial amount of ₹10,000 crores. Hence, both the statements are correct.
