Friday, May 24

PM Modi Unveils Rs 13,000 Crore ‘PM Vishwakarma’ Scheme to Empower Traditional Workers

Prime Minister Narendra Modi has launched the “PM Vishwakarma” scheme, which allocates Rs 13,000 crore to empower traditional workers across various sectors. This initiative aims to provide financial support, skill development, and modern tools to artisans, craftsmen, and other skilled individuals who contribute significantly to India’s rich heritage and culture.

On the occasion of ‘Vishwakarma Jayanti,’ Prime Minister Narendra Modi launched the ‘PM Vishwakarma’ scheme, which aims to provide loan assistance to traditional craftsmen and artisans at a minimal interest rate, eliminating the need for collateral. The scheme has a financial allocation of Rs 13,000 crore for a five-year period and is set to benefit approximately 30 lakh families of traditional artisans and craftsmen, including weavers, goldsmiths, blacksmiths, laundry workers, and barbers.


PM Modi Unveils Rs 13,000 Crore 'PM Vishwakarma' Scheme to Empower Traditional Workers
PM Modi Unveils Rs 13,000 Crore ‘PM Vishwakarma’ Scheme to Empower Traditional Workers


Its primary objective is to improve the accessibility and quality of products and services offered by these traditional workers. The scheme offers collateral-free enterprise development loans of Rs 1 lakh (first tranche with an 18-month repayment period) and Rs 2 lakh (second tranche with a 30-month repayment period).

The ‘PM Vishwakarma’ scheme includes a concessional interest rate of 5 percent for beneficiaries, with an interest subvention cap of 8 percent covered by the Ministry of Micro Small and Medium Enterprises. The credit guarantee fees will be shouldered by the central government.

Under the scheme, artisans and craftsmen will receive recognition as Vishwakarmas, along with a certificate and ID card. Additionally, skill verification will be conducted, followed by 5-7 days (40 hours) of basic training. Interested individuals can also enroll in 15 days (120 hours) of advanced training, and they will receive a stipend of Rs 500 per day during this period.

Additionally, the ‘PM Vishwakarma’ scheme includes a Rs 15,000 grant as a toolkit incentive, and artisans can earn an incentive of Rs 1 per digital transaction for up to 100 transactions monthly.

A National Committee for Marketing (NCM) will provide various services, including Quality Certification, Branding & Promotion, E-commerce linkage, Trade Fairs advertising, publicity, and other marketing activities.

To be eligible for registration under the ‘PM Vishwakarma’ scheme, an artisan or craftsperson must work with hands and tools and be engaged in one of the 18 family-based traditional trades mentioned in the scheme. They should be in the unorganized sector, working on a self-employment basis, and the minimum age of the beneficiary should be 18 years on the date of registration.

Also read: Vishwakarma Jayanti 2023: A Comprehensive Guide to Lord Vishwakarma

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