What is PM Vishwakarma Scheme? How will 30 lakh artisans & craftsmen families benefit from it

New Delhi: The Union Cabinet on Wednesday approved the Pradhan Mantri Vishwakarma Scheme and a budgetary outlay of ₹13,000 crore for the program, aimed at reaching out to workers engaged in traditional jobs.

PM Modi announced this scheme during his Independence Day speech and elaborated on government’s plan to support over 30 lakh artisans & craftsmen across the rural & urban belts of the country.

Union Minister Ashwini Vaishnaw, briefing about Cabinet approval of the scheme said that loan of Rs 1 lakh will be provided to people with traditional skills, under the flagship scheme.

“Under the Rs 13,000-crore Vishwakarma Yojana, craftsmen will get subsidised loans up to Rs 2 lakh,” said Union minister Ashwini Vaishnaw.

The scheme will cover 18 traditional trades in the first place and may extend to more occupations in future. Under the scheme, the government will provide loans to artisans & craftsmen across various categories on liberal terms, as they drive majority of the economy especially in rural areas.

“The scheme aims to strengthen and nurture the ‘Guru-Shishya parampara’ or family-based practice of traditional skills by artisans and craftsmen working with their hands and tools,” the statement said.

The PM in Union Cabinet meeting today approved ‘PM Vishwakarma’ scheme to support people with traditional skills. Under this scheme, loans up to Rs 1 lakh will be provided on liberal terms: Union Minister Ashwini Vaishnaw pic.twitter.com/CcDkV5slX1

— ANI (@ANI) August 16, 2023

Highlights of PM Vishwakarma Scheme

PM Vishwakarma Scheme will primarily cater to artisans & craftsmen engaged in various traditional trades. They will be given financial support to fund their business plan, which in turn will create more opportunities & add to revenue generation. Initially, 18 rural trades will be covered which include boatmaker, blacksmith, goldsmith, locksmith, garland maker & others.

Under the scheme with Rs 13,000 crore outlay, they will be provided with a credit support of Rs 1 lakh (first tranche) & Rs 2 lakh (second tranche) with a concessional interest rate of 5%.

Artisans & craftsmen will also get a recognition, they will be issued PM Vishwakarma certificate & ID card.

Rs 5,00 will be given to participants while they undergo training for required skills while Beneficiaries of the scheme will get Rs 1,500 to buy modern tools.

The scheme focuses not just on quality improvement of products but also range of products & services. Effort would be made to integrate ‘Vishwakarmas’ with domestic & global value chains.