India (Commonwealth Union)_ On the special occasion of his 73rd birthday, Prime Minister Narendra Modi unveiled two significant initiatives that promise to reshape India’s artisan and convention landscape. First among them is the grand inauguration of the state-of-the-art India International Convention and Expo Center, named ‘Yashobhoomi,’ located in Dwarka, with a colossal investment of Rs 5,400 crore in its initial phase. With a sprawling total project area exceeding 8.9 lakh square meters and boasting a built-up area surpassing 1.8 lakh square meters, ‘Yashobhoomi’ immediately takes its place among the world’s largest MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities.
Notably, ‘Yashobhoomi’ not only aspires to be a global epicenter for gatherings but also promises to create job opportunities for several hundred thousand individuals. Following the inauguration, PM Modi said, “Today I dedicate ‘Yashobhoomi’ to every laborer, every ‘Vishwakarma’ of the nation.” Simultaneously, Prime Minister Modi introduced the ‘PM Vishwakarma Yojana,’ a formidable scheme endowed with a financial value of Rs 13,000 crore. This visionary scheme is tailored to empower and uplift traditional artisans and craftsmen across the nation. These artisans, collectively known as ‘Vishwakarmas,’ contribute significantly to India’s rich heritage and culture. Under the aegis of this initiative, they will receive vital recognition and support for their invaluable work. During the Vishwakarma launch event, the Prime Minister unveiled 18 custom-designed stamp sheets, symbolizing the 18 traditional trades encompassed by the scheme, and introduced a toolkit e-booklet to aid its beneficiaries.
primary objective of the ‘PM Vishwakarma Yojana’ is to augment the accessibility and elevate the quality of products and services offered by these traditional artisans and craftsmen. A cornerstone of this program is the provision of collateral-free enterprise development loans, with the first tranche extending up to Rs 1 lakh for repayment over 18 months, and the second tranche offering Rs 2 lakh repayable over 30 months. In a bid to ease the financial burden on beneficiaries, a concessional interest rate of 5 percent will be levied, with an interest subvention cap of 8 percent underwritten by the Ministry of Micro, Small, and Medium Enterprises. The onus of paying credit guarantee fees will rest with the central government.
Prime Minister Modi, in his address, emphasized the importance of ‘Vocal for Local,’ urging citizens to patronize locally crafted products, especially during upcoming festivals like Ganesh Chaturthi, Dhanteras, and Diwali. He also highlighted the immense potential of conference tourism, estimated at a staggering Rs 25 lakh crore, which India can tap into. He firmly believes that ‘Yashobhoomi’ is poised to become a hub for conferences, exhibitions, and an employment generator for the nation’s youth. Furthermore, it is noteworthy that ‘Yashobhoomi’ will be seamlessly connected to the Delhi Airport Metro Express line through the inauguration of the ‘Yashobhoomi Dwarka Sector 25’ metro station. This development will significantly reduce travel time, with the journey from ‘New Delhi’ to ‘Yashobhoomi Dwarka Sector 25’ now taking only approximately 21 minutes.
The ‘PM Vishwakarma Yojana’ has been sanctioned by the Cabinet Committee on Economic Affairs with a substantial financial allocation of Rs 13,000 crore for a five-year period, spanning from FY 2023-24 to FY 2027-28. This scheme will not only provide much-needed financial support but also bestow recognition on artisans and craftspeople through PM Vishwakarma certificates and ID cards. Additionally, it encompasses credit support, skill enhancement, toolkit incentives, support for digital transactions, and marketing assistance, thereby nurturing the holistic development of traditional trades.
These trades encompass carpenter, boat maker, armorer, blacksmith, hammer and toolkit maker, locksmith, goldsmith, potter, sculptor (moortikar, stone carver), stone breaker, cobbler, mason, basket/mat/broom maker/coir weaver, doll and toy maker (traditional), barber, garland maker, washermen, tailor, and fishing net maker. Overall, these twin initiatives, ‘Yashobhoomi’ and ‘PM Vishwakarma Yojana,’ unveiled by Prime Minister Modi on his 73rd birthday, hold the promise of revitalizing India’s convention and artisan sectors while fostering economic growth and cultural preservation. Together, they embody the government’s commitment to empower the marginalized and uphold the values of ‘Vocal for Local’ in the country’s socio-economic fabric.
