Budget 2023: FM Nirmala Sitharaman announces financial package for India’s artisans & craftsmen

Finance Minister Nirmala Sitharaman announced financial assistance for India’s traditional craftspeople and artisans. While announcing the Union Budget of 2023, Sitharaman highlighted their importance and even called them ‘Vishwakarma.’ Vishwakarma refers to the Hindu god of craftsmanship and the architect of gods.
 
“For centuries, traditional artisans and craftspeople, who work with their hands using tools, have brought renown for India and they are generally referred to as Vishwakarma. The art and handicraft created by them represents the true spirit of Aatmanirbhar Bharat,” she said.
 
The FM also highlighted that this new scheme will enable them to improve the quality, scale and reach of their products by integrating them in the value chain of micro, small, and medium enterprises (MSMEs). It is also important to note here that MSMEs contribute about 30 per cent to the country’s GDP and 45 per cent to the country’s exports. 
 
Elaborating the scheme further, she said, “The components of the scheme will include not only financial support but also access to advanced skill training, knowledge of modern digital techniques and efficient green technologies, brand promotion, linkage with local and global markets, digital payments, and social security.”
 
This will greatly benefit the certain sections of the society including the likes of scheduled castes, scheduled tribes, OBCs, women and people belonging to the weaker sections.
 
After weathering the pandemic for two years, things have finally started looking up for the MSME sector. The government (in the budget) announced an extra corpus of Rs 9,000 crore in the revamped credit guarantee scheme for MSMEs, which will enable them to avail additional collateral-free credit of Rs 2 lakh crore. It will also reduce the cost of credit by 1 per cent. Also, MSMEs now stand to get 95 per cent of forfeited amount from the government and other undertakings for contract failure during Covid-19. 
 
Both initiatives will come into effect from April 1, 2023. 
 
Also Read: Decoding FM Nirmala Sitharaman's Budget math: Here's how the govt can maintain healthy fiscal deficit target