Over 24.77 Lakh Rural Artisans To Benefit Under PM Vishwakarma Scheme

Recognising the importance of women entrepreneurs in the economic growth of the country, the guarantee coverage has been enhanced for women-owned enterprises from the existing 85 per cent to 90 per cent

The government has successfully registered over 24.77 lakh applications from village artisans like carpenters, porters and masons to enjoy benefits under the PM Vish-wakarma scheme and formalised 5.70 crore MSMEs during 2024, according to an offi-cial year-end review.

Around 15.05 lakh beneficiaries have completed basic skill training under the scheme and credit support to the tune of Rs. 2,197.72 crore has been sanctioned to 2.54 lakh beneficiaries in the form of collateral-free loans at a concessional rate of interest, the review stated.

Approximately, 6.58 lakh beneficiaries are digitally enabled and marketing support was extended through 75 trade fairs and exhibitions organised across the country to promote artisans and their crafts and skills during the year.

To commemorate the successful completion of one year of the scheme, Prime Minister Narendra Modi attended a national event held in September at Wardha in Maharash-tra.

A major thrust of the government has been on formalisation of enterprises, which is an important enabler for providing an identity to MSMEs and ease of doing business.

As on December 26, 2024, over 5.70 crore MSMEs, with an employment of 24.14 crore are registered on Udyam Registration Portal and Udyam Assist Platform (UAP). The Ministry of MSME, through its Development and Facilitation Offices (DFOs) and in co-ordination with the state governments and other stakeholders, has promoted special registration drives across the country.

This effort has yielded significant results, which is evident from the accelerated growth in the number of registered enterprises. The Credit Guarantee Scheme for Micro and Small Enterprises is one of the flagship schemes of the Ministry of MSME for providing collateral-free loans to Micro and Small Enterprises.

This scheme was revamped in 2023, wherein the ceiling limit of guarantee coverage was enhanced from Rs. two crore to Rs. five crore; the annual guarantee fees was re-duced and the threshold limit for waiver of legal action was enhanced.