PM Vishwakarma Scheme

PM Vishwakarma Scheme Latest News

Recently, the National Steering Committee (NSC) for the PM Vishwakarma scheme approved several proposals and policy measures to improve loan sanctions and disbursements under this scheme.

About PM Vishwakarma Scheme

• It is a central sector scheme launched by the Ministry of Micro, Small, and Medium Enterprises.
• It 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. 
• It offers services like market linkage support, skill training, and incentives for digital transactions to artisans and craftspeople engaged in specified trades.
• Time period: Five years (FY 2023-24 to FY 2027-28). 
• Eligibility & coverage
  • It is available for rural and urban artisans and craftsmen across India.
  • It covers 18 traditional crafts such as Boat Maker; Armourer; Blacksmith; Hammer and Tool Kit Maker; etc.
  • Aged 18+, engaged in traditional trade, no similar loans in the past 5 years.

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Key Features of PM Vishwakarma Scheme

• Recognition: Recognition of artisans and craftspeople through PM Vishwakarma certificate and ID card.
• Skill Upgradation: Basic Training of 5-7 days and Advanced Training of 15 days or more, with a stipend of Rs. 500 per day;
• Toolkit Incentive: A toolkit incentive of upto Rs. 15,000 in the form of e-vouchers at the beginning of Basic Skill Training.
• Credit Support: Collateral free ‘Enterprise Development Loans’ of upto Rs. 3 lakh in two tranches of Rs. 1 lakh and Rs. 2 lakh at a concessional rate of interest fixed at 5%
• Coverage: Five lakh families will be covered in the first year and 30 lakh families over five years

Source: PIB