PM Vishwakarma Yojana: Key Highlights On Eligibility, Interest rate, Benefits; How To Apply?

The Cabinet Committee on Economic Affairs has approved a new central sector scheme "PM Vishwakarma" with a financial outlay of Rs 13,000 crore for a tenure of five years starting from FY24 to FY28. The committee was chaired by the Prime Minister Narendra Modi. Under the scheme, eighteen traditional trades to be covered in the first instance.

As per the Ministry of Micro,Small & Medium Enterprises, the scheme aims to strengthen and nurture the Guru-Shishya parampara or family-based practice of traditional skills by artisans and craftspeople working with their hands and tools.

Also, the scheme aims at improving the quality, as well as the reach of products and services of artisans and craftspeople and to ensure that the Vishwakarmas are integrated with the domestic and global value chains.

In the PM Vishwakarma scheme, as per the ministry, the artisans and craftspeople will be provided recognition through PM Vishwakarma certificate and ID card.

In the first tranche, credit support of Rs 1 lakh will be given, while in the second tranche, the support will be of Rs 2 lakh with a concessional interest rate of 5%.

The scheme will further provide Skill Upgradation, Toolkit Incentive, Incentive for Digital Transactions and Marketing Support. Also, it will provide support to artisans and craftspeople of rural and urban areas across India.

Eighteen traditional trades will be covered in the first instance under PM Vishwakarma. These trades include (i) Carpenter (Suthar); (ii) Boat Maker; (iii) Armourer; (iv) Blacksmith (Lohar); (v) Hammer and Tool Kit Maker; (vi) Locksmith; (vii) Goldsmith (Sonar); (viii) Potter (Kumhaar); (ix) Sculptor (Moortikar, stone carver), Stone breaker; (x) Cobbler(Charmkar)/ Shoesmith/Footwear artisan; (xi) Mason (Rajmistri); (xii) Basket/Mat/Broom Maker/Coir Weaver; (xiii) Doll & Toy Maker (Traditional); (xiv) Barber (Naai); (xv) Garland maker (Malakaar); (xvi) Washerman (Dhobi); (xvii) Tailor (Darzi); and (xviii) Fishing Net Maker.

Earlier, when speaking from the ramparts of the Red Fort on the 77th Independence Day, Modi announced that the scheme will be benefiting individuals skilled in traditional craftsmanship, particularly from the OBC community. Weavers, goldsmiths, blacksmiths, laundry workers, barbers, and such families will be empowered through the 'Vishwakarma Yojana'.

He also talked about various schemes that have aided these 13.5 crore people to rise above the hardships of poverty. Prominent among these included providing ₹ 50,000 crore to street vendors through the PM SVANidhi scheme, and directly depositing ₹ 2.5 lakh crore into the accounts of farmers through the PM Kisan Samman Nidhi.