The PM Vishwakarma Yojana is a key initiative launched by the Modi government to provide financial support to artisans and craftsmen across India. First introduced on 17th September 2023, this scheme marks its first anniversary and has been designed to empower traditional workers involved in various occupations. Through this scheme, the government aims to uplift and promote the livelihoods of people who have inherited skills but lack access to formal credit.
Who Can Benefit from the Scheme?
The PM Vishwakarma Yojana covers a wide range of 18 traditional occupations. Some of the key professions included are:
- Carpenters
- Boat makers
- Goldsmiths
- Locksmiths
- Potters
- Tailors
- Blacksmiths
- Cobblers
- Barbers
- Masons
- Fishermen (net makers)
These occupations are vital to India’s cultural and economic fabric. The scheme provides financial assistance and tools to these workers so they can improve their craft and scale their businesses.
Eligibility and Key Conditions
To benefit from the PM Vishwakarma Yojana, there are certain eligibility criteria:
- The minimum age of the applicant must be 18 years on the day of registration.
- The applicant should not have availed loans from any central or state government-backed schemes such as PM-Swanidhi or Mudra in the last five years.
- Only one person per family can benefit from the scheme. This could be the husband, wife, or unmarried children.
- People working in government jobs or those who file income tax returns are not eligible for this scheme.
Skill Development and Training
A major aspect of the PM Vishwakarma Yojana is to provide artisans with an opportunity for skill upgradation. The scheme offers two levels of training:
- Basic Training: Ranges from 5 to 7 days with a stipend of ₹500 per day.
- Advanced Training: Lasts 15 days or more and equips artisans with enhanced skills to expand their business potential.
Participants also receive e-vouchers worth up to ₹15,000 as an incentive to buy toolkits after completing the basic training.
Loan Facility Without Collateral
One of the most attractive features of this scheme is the loan facility, which does not require any collateral. Artisans and craftsmen can avail loans up to ₹3 lakh under the Udyam Vikas Loan. The loan is divided into two phases:
- The first loan of ₹1 lakh is available for a period of 18 months.
- After successfully repaying the first loan, beneficiaries can avail a second loan of ₹2 lakh for 30 months.
These loans come at a concessional interest rate of 5% with a discount of up to 8%, making it affordable for small-scale artisans to grow their businesses.
Second Loan Tranche with Digital Benefits
Beneficiaries who complete the first loan and maintain a standard loan account can apply for the second loan tranche. They must also adopt digital payment methods in their business transactions and undergo advanced training to qualify for the second installment of ₹2 lakh.
The PM Vishwakarma Yojana is a crucial step towards empowering India’s artisans and craftsmen. By providing financial aid without high-interest rates or pledging assets, the scheme is designed to support traditional workers, improve their skills, and help them become self-reliant.
