Pm Vishwakarma Scheme

On September 17, 2023, the Government of India introduced the PM Vishwakarma Scheme to empower traditional artisans and craftspeople (Vishwakarmas) working in 18 traditional professions. Through this plan, the government aims to bring skilled individuals into the formal economy and improve their financial status with a total investment of ₹13,000 crore for the coming five years.  

This section explains the PM Vishwakarma Scheme:

Objectives:

• Recognition: To honor artisans and craftspeople by giving them Vishwakarma certificates and ID cards.
• Skill Upgradation: To prepare employees with both basic and advanced skills that improve their skills.
• Toolkit Incentive: To support the purchase of high-tech equipment.
• Credit Support: To allow businesses to borrow loans without collateral and pay less interest than usual.
• Digital Empowerment: To incentivize digital transactions.
• Market Linkage: To assist in building brand awareness and giving access to the market.

Eligibility Criteria:

The PM Vishwakarma Scheme is open to applicants who have the following criteria:

• Be an artisan or craftsperson working with hands and tools in one of the 18 specified traditional trades.   .
• Be self-employed in the unorganized sector.
• Be an Indian resident.
• You should be at least 18 years old when you register to vote.
• At the time of applying, you need to be actively engaged in the concerned trade.
• Did not take loans for self-employment or business development through other government credit schemes such as PMEGP, PM SVANidhi or Mudra in the last 5 years, except for those who repaid previous MUDRA or SVANidhi loans completely.
• The only person who can register and receive benefits from Medicaid in a family is the main applicant (husband, wife or unmarried child).
• Not be involved with the government or related to someone who is part of the government.

Benefits:  

Total Outlay: Rs 13,000 crore for 5 years 2023-24 to 2027-28. 

Registration:

• Recognition as Vishwakarma: PM Vishwakarma Certificate & ID Card

Credit Support:

• Collateral free Enterprise Development Loans:
  • Upto Rs 1 lakh
  • Upto Rs 2 lakh

• Concessional Rate of Interest @ 5%:
  • Subject to interest subvention cap upto 8% by GoI
  • Credit Guarantee fees to be borne by GoI

• Skill Upgradation:
  • Skill Identification followed by 5 days Basic Training
  • 15 days or more Advanced Training
  • Training Stipend: Rs 500 per day

Toolkit Incentive: 

Rs 15,000 initially through DBT and progressively through e-RUPI/evouchers and Rs 500 daily stipend, Market linkages, Digital integration 

Target: Uplift and integrate artisans and craftsmen into the formal economy.