PM Vishwakarma Scheme

Date: 12th September 2024 | Read time: 3 Minutes

A significant section of the workforce of the Indian Economy consists of artisans and craftspeople, who work with their hands and tools, are usually self-employed and are generally considered to be a part of the informal or unorganized sector of the economy. These traditional artisans and craftspeople are referred to as ‘Vishwakarmas’ and are engaged in occupations like Blacksmiths, Goldsmiths, Potters, Carpenters, Sculptors, etc. These skills or occupations are passed from generation-to-generation following a guru-shishya model of traditional training, both within the families and other informal groups of artisans and craftspeople.

In a bid to revitalize India's traditional crafts and empower its skilled artisans, the government has launched the PM Vishwakarma Scheme as central sector scheme. This innovative initiative aims to provide artisans with the tools, training, and resources needed to thrive in the modern market.

The Scheme is named after Lord Vishwakarma, the divine architect in Hindu mythology. This nod to India's rich cultural heritage acknowledges the significant contribution of artisans to the country's history and identity.

• Skill Upgradation: Provide artisans with modern skills and training to enhance their craftsmanship.
• Market Access: Providing a platform for brand promotion and market linkages to help them access new opportunities for growth.
• Credit Support: Offer financial assistance in terms of easy access to collateral free credit and reduce the cost of credit by providing interest subvention. 13% will be the ROI out of which 5% will be charged from the customer & 8% upfront interest subvention will be provided to the bank.
• Digital Empowerment: Educate artisans on digital tools and platforms and to incentivize for digital transactions.

• Improved Livelihoods: Enhanced skills and market access lead to increased earnings.
• Branding & Promotion: Platforms for brand promotion and market linkages to help them grab new opportunities for growth and provide assistance in marketing their crafts effectively.
• Community Development: Foster a sense of community among artisans and craftspeople.
• Recognition: Beneficiaries will receive a PM Vishwakarma Certificate and ID Card which shall make them eligible to receive benefits under the scheme
• Skill Training: Basic training of 5-7 days and advanced training of 15 days or more, with a stipend of Rs. 500 per day.
• Financial Support: Access to collateral free affordable loans up to Rs. 1,00,000 in the first tranche and second loan tranche up to 2lakh, phased loan disbursement with favorable interest rates.
• Toolkit Incentive: Support for modern tools to enhance capability, productivity, and quality of products and services by providing a toolkit incentive of Rs. 15,000.
• Digital Transaction Incentives: In order to encourage the adoption digital transactions, The scheme envisages to incentivize digital transactions undertaken by the artisans and craftspeople through cashbacks
• Full Cost Coverage: The government covers the entire cost of training programs

The PM Vishwakarma Scheme is a groundbreaking initiative by the government of India that can transform India's artisanal sector by providing them holistic institutional support, focuses on their skill enhancement and provide every kind of technical and financial support. By supporting the artisans, the scheme aims at preserving our cultural heritage, promote sustainable growth, drive economic development, and showcase a true spirit of self-reliant India.