On the auspicious occasion of Vishwakarma Jayanti, Prime Minister Narendra Modi introduced the ‘PM Vishwakarma Scheme’ on September 17. This initiative aims to support traditional craftsmen and local artisans by providing them with financial assistance at minimal interest rates and without the need for collateral. The scheme has been allocated a budget of Rs 13,000 crore for a five-year period, with the goal of benefitting approximately 30 lakh families of artisans and craftsmen. Its primary objective is to improve credit accessibility for these artisans and enhance the quality of their products.
What is the PM Vishwakarma Scheme?
The Pradhan Mantri Vishwakarma Scheme, administered by the Ministry of Micro, Small and Medium Enterprises, is a government initiative designed to offer comprehensive support to artisans and craftspeople. This support includes collateral-free credit, skill training, access to modern tools, incentives for digital transactions, and assistance with market linkages. The scheme is available to artisans and craftsmen engaged in various traditional trades, including carpentry, blacksmithing, pottery, sculpting, cobbling, masonry, toy making, barbering, tailoring, and others.
Eligibility Criteria for PM Vishwakarma Scheme
To be eligible for the PM Vishwakarma Scheme, an individual must meet the following criteria:
- Be engaged in one of the aforementioned family-based traditional trades in the unorganized sector on a self-employment basis.
- Be at least 18 years old at the time of registration.
- Have no outstanding loans under similar government schemes.
- The scheme benefits one member per family, including spouses and unmarried children.
- Individuals employed in government positions are not eligible.
Required Documents for PM Vishwakarma Scheme
To avail of the scheme, applicants must provide the following mandatory documents:
- Aadhaar card
- Mobile number
- Bank account details
- Ration card (If unavailable, Aadhaar card details can be provided)
Loan Amount and Interest Rates
Under the PM Vishwakarma Scheme, beneficiaries can expect the following loan amounts and interest rates:
- Initial collateral-free ‘Enterprise Development Loan’ of up to Rs 1,00,000 for an 18-month tenure in the first tranche, accompanied by a toolkit incentive of Rs 15,000.
- In the second tranche, beneficiaries can access a loan of up to Rs 2,00,000 at a concessional interest rate of 5%.
This scheme represents a significant step towards empowering artisans and craftsmen across the nation, offering them financial support and opportunities for skill development, ultimately contributing to the growth and sustainability of traditional trades.