PM Vishwakarma Scheme: ₹13,000 Crore Allocated to Aid Traditional Trades with Funding, Training, and Incentives for Artisans
PM Vishwakarma Scheme: Prime Minister Narendra Modi inaugurated the ‘PM Vishwakarma’ scheme on the occasion of ‘Vishwakarma Jayanti.’ This initiative aims to provide loan assistance at a minimal interest rate without requiring collateral to traditional craftsmen and artisans.
With a financial allocation of ₹13,000 crore for a five-year period, the scheme is set to benefit approximately 30 lakh families of traditional artisans and craftsmen, including weavers, goldsmiths, blacksmiths, laundry workers, and barbers.
The primary objective of the scheme is to improve the accessibility and quality of products and services offered by traditional artisans and craftsmen.
The scheme offers collateral-free enterprise development loans, with the first tranche of ₹1 lakh (with an 18-month repayment period) and the second tranche of ₹2 lakh (with a 30-month repayment period).
Beneficiaries will enjoy a concessional interest rate of 5 percent, with interest subvention capped at 8 percent, provided by the Ministry of Micro Small and Medium Enterprises. Additionally, the credit guarantee fees will be covered by the central government.
The scheme also includes various benefits such as recognition as a Vishwakarma, complete with a certificate and ID card, skill verification, and 5-7 days (40 hours) of basic training. Interested candidates can enroll for 15 days (120 hours) of advanced training and receive a stipend of ₹500 per day.
Furthermore, beneficiaries will receive a ₹15,000 grant as a toolkit incentive and a digital transaction incentive of ₹1 per transaction for up to 100 transactions per month.
A National Committee for Marketing (NCM) will provide services such as Quality Certification, Branding & Promotion, E-commerce linkage, Trade Fairs advertising, publicity, and other marketing activities.
To be eligible for registration under PM Vishwakarma, an artisan or craftsperson must work with hands and tools and be engaged in one of the 18 family-based traditional trades outlined in the scheme, operating in the unorganized sector on a self-employment basis. The minimum age for beneficiaries is 18 years at the time of registration.
