PM Vishwakarma Scheme, Objective, Eligibility, Benefits

The PM Vishwakarma Scheme was introduced on September 17, 2023 , by the Prime Minister of India to provide extensive support to artisans and craftsmen practicing traditional 18 trades. It is a fully funded central sector scheme with a financial allocation for five years (2023-2028).

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What is PM Vishwakarma Scheme?

PM Vishwakarma Scheme Objectives

• Access to Credit: Offer access to collateral-free loans with reduced borrowing costs due to interest subsidies.
• Skill Development: Improving the skills of artisans through training programs, both basic and advanced.
• Provision of Modern Tools: Help artisans acquire modern tools to enhance productivity and the quality of their work.
• Encourage Digitalization: Promotes the use of digital payment methods among artisans by offering incentives.
• Market Linkages: It provides artisans with a platform to showcase their brands and access new markets for business expansion.
• Integration into the Formal Economy: Integrate traditional artisans into the formal economy and global supply chains to enhance economic opportunities for them.

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PM Vishwakarma Yojana Details

PM Vishwakarma Scheme Eligibility

• Age Criteria: The beneficiaries should be at least 18 years old on the date of registration.
• Engagement in Trade: The individual must be actively engaged in one of the listed 18 trades within the unorganized sector, working on a self-employment basis.
• Self-Employment: The artisan or craftsman must work in the unorganized sector on a self-employment basis using hands and tools.
• Loan History: Applicants should not have availed loans under similar credit-based schemes like PM SVANidhi within the last 5 years. However, those who have repaid their loans can apply.
• Family Eligibility: Only one member per family can avail of benefits under the scheme. In the scheme, a family is defined as a husband, wife, and unmarried children.
• Government Employment: Individuals in government service and their family members are not eligible for the scheme.

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PM Vishwakarma Yojana Key Benefits

• Empowerment of Traditional Craftsmen: Provides essential resources, skills, and financial support to help artisans succeed in their trades.
• Enhanced Productivity and Income: Facilitates access to credit and modern tools to improve productivity and increase artisans' income, contributing to economic stability.
• Preservation of Cultural Heritage: Promotes recognition and respect for traditional crafts, ensuring the preservation of cultural heritage.
• Sustainable Livelihoods: Supports artisans across India in building sustainable livelihoods through skill development and financial assistance.