More than 24.77 lakh rural artisans registered for benefits under PM Vishwakarma scheme in 2024: Government report

New Delhi, Jan 1 (NationPress) The government has successfully documented over 24.77 lakh applications from village artisans such as carpenters, porters, and masons seeking benefits under the PM Vishwakarma scheme and formalized 5.70 crore MSMEs during 2024, according to an official year-end review released on Wednesday.

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

Furthermore, 6.58 lakh beneficiaries are now digitally enabled, with marketing support provided through 75 trade fairs and exhibitions held nationwide to showcase artisans and their crafts & skills throughout the year.

To celebrate the successful completion of one year of the Scheme, the Prime Minister himself attended a national event in September at Wardha, Maharashtra.

A significant focus of the government has been on the formalization of enterprises, which is crucial for granting identity to MSME enterprises and enhancing the ease of doing business.

As of December 26, 2024, there are 5.70 crore MSMEs, employing 24.14 crore, that are registered on the Udyam Registration Portal and Udyam Assist Platform (UAP), according to the review.

The Ministry of MSME, through its Development and Facilitation Offices (DFOs) and in collaboration with state governments and other stakeholders, has conducted special registration drives across the country.

This initiative has yielded significant outcomes, evident from the rapid growth in the number of registered enterprises.

The Credit Guarantee Scheme for Micro and Small Enterprises is one of the flagship offerings of the Ministry of MSME, aiming to provide collateral-free loans to Micro and Small Enterprises.

Revamped in 2023, the ceiling limit of guarantee coverage was raised from Rs 2 crore to Rs 5 crore; the annual guarantee fees were lowered; and the threshold limit for waiver of legal action was increased.

During the period from January 1 to December 30, 2024, 19.90 lakh guarantees amounting to Rs 2.44 lakh crore have been approved.

Additionally, a Special Scheme for Micro Enterprises was initiated on February 14, 2024, exempting GST for those registered on the Udyam Assist Platform, providing loans up to Rs 20 lakh guaranteed without any primary security, with a guarantee coverage of 85 per cent, as stated.

Recognizing the critical role of women entrepreneurs in the country's economic progression, the guarantee coverage for women-owned enterprises has been raised from 85 per cent to 90 per cent, compared to 75 per cent for others, effective from April 1, 2024.

Moreover, there has been a fourfold increase in Khadi and Village Industries (KVI) sales over the past decade, reaching Rs 1,55,673.13 crore in FY 2023-24 compared to Rs 33,135.90 crore in FY 2014-15, significantly boosting employment and rural incomes.

In the current fiscal year, up to November 30, KVI sales have amounted to Rs 1,10,747.40 crore.

Additionally, to ensure a guaranteed market for Micro and Small Enterprises nationwide, the Ministry of MSME of the Government of India has announced the Public Procurement Policy, mandating 25 per cent of annual procurement from MSEs by Union Ministries and Public Sector Enterprises.