The central government's 'PM Vishwakarma Yojana' is proving to be a boon for artisans in India who are preserving traditional arts and skills. Launched in 2023, this scheme is not only providing financial stability to craftsmen but also connecting their skills with the modern market. If you are also associated with traditional work and want to take your small business to new heights, this government scheme can give wings to your dreams.
PM Vishwakarma Yojana: Economic security with skills
The biggest attraction of this scheme is the low-interest loan it offers. The government is providing loans of up to Rs 3 lakh to artisans to start or expand their businesses without any collateral. This loan is available at a concessional interest rate of just 5 percent. The loan process takes place in two stages:
First stage: In the initial stage, a loan of up to Rs 1 lakh is given, which has to be repaid in 18 months.
Second stage: If you repay the first loan on time, you become eligible for an additional loan of Rs 2 lakh in the second stage, which has a tenure of 30 months.
Artisans benefiting from the scheme are also provided with modern skill training by the government. During this training, beneficiaries receive a stipend of Rs 500 per day so that their livelihood is not affected during the training period. In addition, the government also provides a toolkit e-voucher of ₹15,000 to purchase the necessary tools and equipment for their work.
Who will benefit from this scheme?
The PM Vishwakarma Yojana has a wide scope and includes 18 different traditional professions. The major professions included are:
Masons, carpenters, blacksmiths, and goldsmiths.
Potters, cobblers, barbers, and washermen.
Tailors, garland makers, and fishing net makers.
Locksmiths, stone carvers, and sculptors.
Toy makers, basket/broom makers, and boat builders.
Eligibility and Application Process
To avail of this scheme, the applicant must be at least 18 years old. Only one member of a family can apply for this scheme. Also, the applicant should not have availed of any other similar self-employment scheme of the government (such as Mudra or PM SVANidhi) in the last 5 years. To apply, you can visit your nearest Common Service Center (CSC) or register online on the official portal.
