Prime Minister Narendra Modi inaugurated the first phase of the India International Convention and Expo Center (IICC), named Yashobhumi, in Dwarka, New Delhi on Sunday. He stated that centers like Yashobhumi and the recently concluded G20 Summit in India Pavilion, Delhi will make Delhi a hub for conference tourism, one of the biggest in the world.
On the occasion of ‘Vishwakarma Jayanti,’ after launching the ‘PM Vishwakarma’ scheme, which aims to provide loans to traditional artisans and craftsmen at minimal interest rates without any collateral, Modi expressed hope that millions of youths will find employment opportunities, all through the Yashobhumi Convention Center.
Prime Minister Narendra Modi interacts with Vishwakarma partners at India International Convention and Expo Centre, in Dwarka, ahead of the launch of 'PM Vishwakarma' scheme. pic.twitter.com/rHQySFBk6o— ANI (@ANI) September 17, 2023
“India Pavilion and Yashobhumi will transform Delhi into one of the largest convention tourism centers… Through ‘Yashobhumi’ alone, we expect to employ millions of youth “Modi said at the launch conference.’
Modi also emphasized that the India International Convention and Expo Center will play a significant role in taking local products to a global level.
With a financial outlay of ₹13,000 crores for a period of five years, this scheme will benefit nearly 30 lakh families, including weavers, goldsmiths, blacksmiths, washermen, traditional craftsmen, and artisans. According to Modi, the government will invest ₹13,000 crores in the PM Vishwakarma scheme.
The Prime Minister said, “During the G20 Crafts Fair, the world saw the potential when technology blends with tradition. We also presented gifts made by artisans through the ‘Vishwakarma Friends’.”
PM Vishwakarma Scheme: Government to provide loans up to ₹3 lakh
Modi announced that under the PM Vishwakarma scheme, the government will provide loans up to ₹3 lakh without any bank guarantee. Low-interest rates have also been guaranteed. The speaker indicated that the government will first issue a loan of ₹1 lakh, and upon repayment, will award an extra ₹2 lakh to Vishwakarma beneficiaries.
#WATCH | Prime Minister Narendra Modi says "Under the PM Vishwakarma scheme, the government will provide up to Rs 3 lakhs loan without any (bank) guarantee. It has also been ensured that the interest rate is also very low. Govt has decided that Rs 1 lakh loan will be given in the… pic.twitter.com/eyfG6pvA6k— ANI (@ANI) September 17, 2023
In the near future, training, technology, and tools will be essential. Under the ‘PM Vishwakarma’ scheme, the government has focused on providing special training to Vishwakarma beneficiaries, and they will be given ₹500 during the training period.
Modi encouraged craftsmen and artisans to buy GST-registered ‘Made in India’ toolkits on this occasion.
A ₹1,500 toolkit coupon will also be provided. The government will assist you in branding, packaging, and marketing of products you create. In return, the government wants you to buy toolkits from shops that are GST-registered.”
PM Modi unveils 18 customized stamp sheets
On the occasion of the launch of the Vishwakarma scheme, Modi also unveiled 18 customized stamp sheets that cover 18 traditional trades, whose workers are covered under this scheme.
What is the Vishwakarma Scheme?
The Vishwakarma Scheme was designed to help traditional artists and service providers expand their customer base and improve the standard of their offerings. The scheme offers interest-free enterprise development loans of ₹1 lakh (first installment for 18 months) and ₹2 lakh (second installment for 30 months).
Beneficiaries will receive a 5% concessional interest rate over and above the 8% interest rate paid by the Small, Medium, and Micro Enterprises (MSME) Ministry. The credit guarantee fee will be borne by the central government.
With a project area of over 8.9 lakh square meters and a constructed area of over 1.8 lakh square meters, ‘Yashobhumi’ will become one of the world’s largest MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities.
Emphasizing the government’s ‘Vocal for Local’ perspective, Modi also urged people to buy locally-made products during upcoming festivals like Ganesh Chaturthi, Dhanteras, and Diwali.
Modi further stated that the conference tourism, estimated at ₹25 lakh crores, presents a significant opportunity for India.
Yashobhumi will also be connected to the Delhi Airport Metro Express Line, with the inauguration of the new metro station, ‘Yashobhumi Dwarka Sector 25.’ This will make the journey from New Delhi Metro Station to the newly constructed Yashobhumi Dwarka Sector 25 Station approximately 21 minutes.
Under the chairmanship of the Prime Minister, the Cabinet Committee on Economic Affairs approved the new Central Sector Scheme ‘PM Vishwakarma’ last month with a financial outlay of ₹13,000 crores for five years (from the financial year 2023-24 to 2027-28).