PM Vishwakarma Yojana: Lord Vishwakarma is revered as the divine patron of crafts, construction, and skilled workmanship. That’s why the central government’s PM Vishwakarma Yojana stands out as a meaningful program designed to support artisans who make their living through their talents and expertise.
This scheme offers eligible artisans some wonderful benefits: professional training, an identity card and certificate, a toolkit incentive of up to Rs 15,000 to help them purchase modern equipment, and access to a loan of up to Rs 3 lakh without requiring collateral. The initiative kicked off on September 17, 2023, and encompasses 18 traditional occupations.
Who can take advantage of this scheme?
The PM Vishwakarma Yojana welcomes artisans and craftspeople who work hands-on with their tools and are involved in one of the 18 recognized traditional occupations. To qualify, applicants need to be at least 18 years old and operate as self-employed professionals in the informal economy.
The program includes carpenters, boat builders, blacksmiths, hammer and tool kit makers, locksmiths, goldsmiths, potters, sculptors and stone carvers, cobblers and shoe makers, masons, basket-mat-broom makers, traditional toy makers, barbers, garland makers, washermen, tailors, and fishing net makers.
That said, there are a few important conditions to keep in mind. Just one family member can participate in the scheme. Government employees and their relatives don’t qualify. Additionally, those who’ve received a loan through a comparable government credit initiative for self-employment or business in the past five years may face eligibility restrictions.
How to get a toolkit of Rs 15,000 and a loan of Rs 3 lakh?
Under the scheme, eligible artisans are provided with a toolkit incentive of up to Rs 15,000 in the form of e-vouchers to purchase modern tools for their work. Additionally, an Enterprise Development Loan of up to Rs 3 lakh, without collateral, is available in two tranches. The first tranche provides loans up to Rs 1 lakh and the second tranche provides loans up to Rs 2 lakh. The loan carries a concessional 5% interest rate, with a term of 18 months for the first and 30 months for the second.
Completing basic training is required to receive the first loan. The second stage loan is subject to conditions such as proper repayment of the first stage loan, adoption of digital transactions, or completion of advanced training. This means that the Rs 3 lakh is not a one-time payment, but rather a business loan disbursed to eligible beneficiaries in two stages.
You also get Rs 500 daily during training
PM Vishwakarma not only provides financial assistance but also skill enhancement training. Basic training lasts 5 to 7 days, while advanced training can last 15 days or more. During the training, beneficiaries receive a stipend of Rs 500 per day.
The scheme also provides incentives to promote digital transactions. Eligible beneficiaries can receive an incentive of Rs 1 for each eligible digital transaction, up to a maximum of 100 transactions per month. The government also provides market support through trade fairs, exhibitions, branding, and e-commerce platforms.
How to apply for PM Vishwakarma?
Registration of artisans under the scheme is done through Common Service Centers (CSCs). Aadhaar-based biometrics is used during registration. According to government information, registration is free.