Prime Minister Narendra Modi marked his 73rd birthday by launching the ‘PM Vishwakarma’ scheme on Vishwakarma Jayanti. This initiative aims to provide loan assistance to traditional craftsmen and artisans without requiring collateral. The scheme, with a budget of Rs 13,000 crore over five years, is set to benefit approximately 30 lakh families of traditional artisans, including weavers, goldsmiths, blacksmiths, laundry workers, and barbers.
The primary objective of the ‘PM Vishwakarma’ scheme is to enhance the accessibility and quality of products and services offered by traditional artisans and craftsmen. It offers collateral-free enterprise development loans of Rs 1 lakh for an initial tranche with an 18-month repayment period and Rs 2 lakh for a second tranche with a 30-month repayment period. Beneficiaries will enjoy a concessional interest rate of 5%, with an interest subvention cap of 8% covered by the Ministry of Micro, Small and Medium Enterprises. Credit guarantee fees will be covered by the central government.
Moreover, the scheme provides various incentives, including recognition as a Vishwakarma through a certificate and ID card, skill verification, basic and advanced training programs, toolkit incentives, and incentives for digital transactions. A National Committee for Marketing (NCM) will offer services such as Quality Certification, Branding and promotion, E-commerce linkage, and trade fair advertising to help traditional artisans and craftsmen access larger markets and enhance their livelihoods.
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