✎ PM Vishwakarma Scheme empowers traditional artisans through skill, finance, and market support for sustainable livelihoods.
Relevance for Banking, SSC & RBI Grade B exams: Polity & Governance
The **Pradhan Mantri Vishwakarma Yojana (PMVY)**, launched by Prime Minister Narendra Modi on 17 September 2023, has completed three years, marking a significant milestone in India’s efforts to empower traditional artisans and craftsmen. Under this scheme, **30 lakh artisans** have been registered across 18 identified trades, surpassing its initial target. The initiative provides a **comprehensive support package**, including skill upgradation, toolkit incentives, collateral-free loans up to ₹1 lakh at 5% interest, digital transaction incentives, and marketing assistance. Notably, **24.5 lakh artisans** have received basic skill training, while **6.18 lakh** have availed loans worth ₹5,297 crore, and **18.15 lakh modern toolkits** have been distributed via India Post to enhance productivity. The third-anniversary celebrations in Kolkata on 17 September 2026 will recognize beneficiaries, distribute certificates, and showcase traditional crafts, underscoring the scheme’s impact on livelihood enhancement and entrepreneurship.
For **Banking, SSC, and RBI Grade B aspirants**, PMVY holds relevance in **Government Schemes, Financial Inclusion, and MSME Development**. The scheme exemplifies **priority sector lending** (PSL) targets, as loans under PMVY qualify for inclusion in banks’ PSL portfolios, aiding compliance with RBI norms. It also highlights **financial literacy and digital payments**, as the scheme incentivizes cashless transactions. For **SSC aspirants**, PMVY’s focus on **skill development and employment generation** aligns with government initiatives like **Skill India and Make in India**, often featured in exam syllabi. Additionally, the scheme’s **credit linkage mechanism** through **KVIC, NSIC, and SLBC** reflects inter-departmental coordination, a key governance aspect tested in exams. Understanding such schemes aids in answering questions on **public policy, welfare economics, and rural development**, making it a crucial topic for competitive exams.
Source: PIB (Press Information Bureau)
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