Over 24.77 lakh rural artisans listed for benefits under PM Vishwakarma scheme in 2024: Govt report

New Delhi, Jan 1 The government has successfully registered over 24.77 lakh applications from village artisans such as carpenters, porters and masons for benefits under the PM Vishwakarma scheme and formalised 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 to the tune of Rs 2,197.72 crore sanctioned to 2.54 lakh beneficiaries in the form of collateral-free loans at a concessional rate of interest, the review stated.

As many as 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 & skills during the year.

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

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

As on December 26, 2024, as many as 5.70 crore MSMEs, with an employment of 24.14 crore are registered on 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 coordination 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 the year 2023, wherein the ceiling limit of guarantee coverage was enhanced from Rs 2 crore to Rs 5 crore; the annual guarantee fees reduced; and threshold limit for waiver of legal action was increased.

As many as 19.90 lakh guarantees have been approved, amounting to Rs 2.44 lakh crore during the period 1st January to 30th December, 2024.

In addition, a Special Scheme for Micro Enterprises, which are exempt from GST regime and are registered on Udyam Assist Platform, was launched on 14th February 2024 in which loans up to Rs 20 lakh guaranteed without any Primary Security are provided to Informal Micro Enterprises and the Guarantee coverage is 85 per cent, the statement said.

Further, recognising the importance of women entrepreneurs in the economic growth of the country, the guarantee coverage has been enhanced for women-owned enterprises from existing 85 per cent to 90 per cent vis-a-vis 75 per cent coverage for others with effect from April 1, 2024, it added.

There has also been a 4-fold increase in Khadi and Village Industries (KVI) sales in the last 10 years, which is to the tune of Rs 1,55,673.13 crore in FY 2023-24 as compared to Rs 33,135.90 crore in FY 2014-15 which has helped to increase employment and rural incomes.

In the current FY till November 30, KVI sales to the tune of Rs 1,10,747.40 crore have been recorded.

Besides, to provide assured market support to the Micro and Small Enterprises in the country, the Ministry of MSME, government of India notified the Public Procurement Policy which mandates 25 per cent annual procurement from MSEs by Union Ministries and Public Sector Enterprises.

Source: IANS