Prime Minister Narendra Modi on Sunday inaugurated the primary section of the India International Convention and Expo Centre (IICC), named Yashobhoomi, in New Delhi’s Dwarka and stated centres like this and Bharat Mandapam, which hosted the just lately concluded G20 Summit, will make Delhi one of many greatest hubs of convention tourism.

After launching the ‘PM Vishwakarma’ scheme on the event of ‘Vishwakarma Jayanti’, below which conventional craftsmen and artisans will probably be supplied mortgage help at a minimal rate of interest with out the necessity for collateral, Modi stated lakhs of youth are anticipated to get employment alternatives via ‘Yashobhoomi’ Convention Centre.

“Centers like Bharat Mandapam and Yashobhoomi will make Delhi one of the biggest hubs of conference tourism… Lakhs of youth are expected to get employment opportunities through ‘Yashobhoomi’ alone,” Modi instructed a gathering on the inauguration of ‘Yashobhoomi’.

Modi additionally stated the India International Convention and Expo Centre will play a giant position in taking native merchandise globally.

With a monetary outlay of ₹13,000 crore for a interval of 5 years, the scheme will profit about 30 lakh households of conventional artisans and craftsmen, together with weavers, goldsmiths, blacksmiths, laundry staff, and barbers.

“The government will spend ₹13,000 crore on PM Vishwakarma Yojana,” Modi stated.

“The world saw what happens when technology combines with tradition during the G20 Craft Bazaar. We also gave gifts prepared by Vishwakarma friends to the G20 delegates,” stated the prime minister.

PM Vishwakarma scheme: Govt to offer as much as ₹3 lakh mortgage

Modi stated below the PM Vishwakarma scheme, the federal government will present as much as ₹3 lakh mortgage with none (financial institution) assure. It has additionally been ensured that the rate of interest can also be very low. The authorities has determined that ₹1 lakh mortgage will probably be given to start with and when it’s repaid, the federal government will present a further ₹2 lakh mortgage to the Vishwakarma companions, he added.

“In the near future, training, technology and tools will be very essential. Under ‘PM Vishwakarma’ scheme’, the government has focussed on providing special training to the Vishwakarma partners and ₹500 will be provided to you while the training is underway.

On the occasion, Modi also urged artisans and craftsmen to purchase ‘Made In India’ toolkits from GST-registered shops.

“You will also get a toolkit voucher worth ₹1,500. The government will also help you in branding, packaging and marketing the products you make. In return, the government wants you to purchase toolkits from shops that are GST registered only.”

PM Modi unveils 18 customised stamp sheets

Modi also unveiled 18 customised stamp sheets covering the 18 traditional trades whose workers are covered under the scheme, along with a toolkit e-booklet on the occasion of the launch of the Vishwakarma scheme.

What is Vishwakarma scheme or Yojana?

The goal of the Vishwakarma scheme is to enhance the accessibility and quality of products and services offered by traditional artisans and craftsmen. The scheme offers collateral-free enterprise development loan of ₹1 lakh (first tranche for 18 months repayment) and ₹2 lakh (second tranche for 30 months repayment).

A concessional rate of interest of 5 per cent will be charged from the beneficiary with an interest subvention cap of 8 per cent to be paid by the Ministry of Micro Small and Medium Enterprises. The credit guarantee fees will be borne by the central government.

About ‘Yashobhoomi’

With a total project area of over 8.9 lakh square metres and built up area of more than 1.8 lakh square metres, ‘Yashobhoomi’ will find its place among the world’s largest MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities.

Stressing on the government’s vision of ‘Vocal for Local’, Modi also asked people to purchase local products during the forthcoming festivals, including Ganesh Chaturthi, Dhanteras and Diwali.

Modi further said that conference tourism, estimated at ₹25 lakh crore, presents a huge opportunity for India.

Yashobhoomi to be connected to Delhi Airport Metro Express line

Yashobhoomi will also be connected to the Delhi Airport Metro Express line with the inauguration of the new metro station ‘Yashobhoomi Dwarka Sector 25’.

The nearly 2 km-long extension of Delhi Airport Metro Express line from Dwarka Sector 21 to Yashobhoomi Dwarka Sector 25 station was inaugurated by Modi on Sunday. It will be opened to passengers later in the day.

The Delhi Metro has increased the operational speed of metro trains on the Airport Express Line to 120 kmph starting Sunday.

The journey from New Delhi Metro Station to the newly-built Yashobhoomi Dwarka Sector 25 station will take about 21 minutes.

The Cabinet Committee on Economic Affairs chaired by the prime minister had last month approved the new Central Sector Scheme ‘PM Vishwakarma’ with a financial outlay of ₹13,000 crore for a period of five years (FY 2023-24 to FY 2027-28).

(With inputs from agencies)