🛠️ PM Vishwakarma Yojana
Central Sector Scheme providing end-to-end support to artisans and craftspeople with credit up to ₹3 lakh at 5% interest.
Overview
PM Vishwakarma is a comprehensive Central Sector Scheme launched on 17th September 2023 (Vishwakarma Jayanti) to uplift traditional artisans and craftspeople. It is designed to provide end-to-end support to those who work with their hands and tools, ensuring they are integrated into domestic and global value chains.
- Total Outlay: ₹13,000 Crore for a period of 5 years (FY 2023-24 to 2027-28).
- Funding: It is fully funded by the Government of India, meaning no financial burden is placed on the state governments.
5 Pillars of Benefits
The scheme supports artisans through five key pillars:
1. Recognition
Artisans are given a formal identity through:
- PM Vishwakarma Certificate: A government-recognized certificate.
- ID Card: To avail benefits across various platforms.
2. Skill Upgradation
To modernize traditional skills, the scheme provides:
- Basic Training: A foundational course of 5-7 days.
- Advanced Training: An in-depth course of 15 days or more.
- Stipend: Learners receive ₹500 per day during training to compensate for wage loss.
3. Toolkit Incentive
To help artisans buy modern tools:
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Overview
PM Vishwakarma is a comprehensive Central Sector Scheme launched on 17th September 2023 (Vishwakarma Jayanti) to uplift traditional artisans and craftspeople. It is designed to provide end-to-end support to those who work with their hands and tools, ensuring they are integrated into domestic and global value chains.
- Total Outlay: ₹13,000 Crore for a period of 5 years (FY 2023-24 to 2027-28).
- Funding: It is fully funded by the Government of India, meaning no financial burden is placed on the state governments.
5 Pillars of Benefits
The scheme supports artisans through five key pillars:
1. Recognition
Artisans are given a formal identity through:
- PM Vishwakarma Certificate: A government-recognized certificate.
- ID Card: To avail benefits across various platforms.
2. Skill Upgradation
To modernize traditional skills, the scheme provides:
- Basic Training: A foundational course of 5-7 days.
- Advanced Training: An in-depth course of 15 days or more.
- Stipend: Learners receive ₹500 per day during training to compensate for wage loss.
3. Toolkit Incentive
To help artisans buy modern tools:
- e-Voucher: A grant of up to ₹15,000 is provided.
- Timing: This is given at the beginning of Basic Skill Training.
4. Credit Support (The Loan)
This is the core financial component, offering collateral-free Enterprise Development Loans:
| Tranche | Loan Amount | Tenure | Condition |
|---|---|---|---|
| 1st Tranche | Up to ₹1 Lakh | 18 Months | Available after Basic Training. |
| 2nd Tranche | Up to ₹2 Lakh | 30 Months | Available after repaying 1st loan + adopting digital transac. |
- Interest Rate: Concessional rate of 5% fixed for the borrower.
- Subvention: The Government pays an interest subvention of 8% to the banks.
- Moratorium: A holiday period of 3 months is provided for principal repayment.
5. Marketing Support
To help sell products, the government facilitates:
- Quality Certification & Branding
- E-commerce Onboarding (e.g., GeM, ONDC)
- Advertising & Publicity
- Facilitation of participation in trade fairs and exhibitions.
6. Digital Transaction Incentive
- Re. 1 per eligible digital transaction credited into the beneficiary's bank account.
- Maximum of 100 eligible transactions monthly.
Eligible Trades (18 Categories)
The scheme specifically targets 18 traditional family-based trades:
- Wood Work: Carpenter (Suthar/Badhai), Boat Maker.
- Iron/Metal Work: Armourer, Blacksmith (Lohar), Hammer & Tool Kit Maker, Locksmith.
- Gold/Gem Work: Goldsmith (Sonar).
- Clay Work: Potter (Kumhaar).
- Stone Work: Sculptor (Moortikar, Stone Carver), Stone Breaker.
- Leather/Footwear: Cobbler (Charmkar)/Shoesmith.
- Construction: Mason (Rajmistri).
- Weaving/Others: Basket/Mat/Broom Maker, Coir Weaver, Doll & Toy Maker (Traditional).
- Service Trades: Barber (Naai), Garland Maker (Malakaar), Washerman (Dhobi), Tailor (Darzi), Fishing Net Maker.
Guarantee Mechanism
Since the loan is collateral-free, the government provides a Credit Guarantee to banks to reduce their risk.
- First Tranche Guarantee: Maximum guarantee coverage is 50% of the year's portfolio for the first tranche (graded guarantee cover).
- Graded Cover:
- Standard Account: 100% guarantee cover for the first 6 months.
- NPA: If the account turns bad after 6 months, the cover reduces based on the bank's recovery performance.
- Cost: The guarantee fee is waived for the artisans (paid by the Govt).
Eligibility Criteria
To apply, you must meet the following simple conditions:
- Engagement: Must be an artisan/craftsperson working with hands and tools in one of the 18 trades.
- Age: Minimum 18 years at the time of registration.
- Family Unit: Only one member per family (husband, wife, and unmarried children) can avail benefits.
- Exclusion:
- Government employees and their families are not eligible.
- Beneficiaries of similar credit schemes (PMEGP, Mudra, SVANidhi) in the past 5 years are not eligible.
Key Stakeholders & Governance
- Ministries of MSME, Skill Development, and Finance jointly implement the scheme.
- National Steering Committee: The apex body for decision-making related to the implementation, responsible for strategy formulation and policy decisions.
- District Implementation Committee: Responsible for vetting at the district level.
- Collaboration with state governments and district-level bodies for ground-level execution.
Process Flow
- Registration: Apply on the PM Vishwakarma Portal (Common Service Centres - CSCs can assist).
- Verification (Stage 1): By Gram Panchayat or ULB level.
- Vetting (Stage 2): By District Implementation Committee.
- Sanction (Stage 3): By Screening Committee -> Loan sanctioned.
CGS-PMV (Credit Guarantee Scheme for PM Vishwakarma)
A dedicated guarantee mechanism to encourage banks to lend to artisans under this scheme:
| Parameter | Details |
|---|---|
| Eligible Lenders | SCBs, RRBs, SFBs, Cooperative Banks, NBFCs, and MFIs |
| Guarantee Type | Portfolio-based guarantee (not individual guarantee) |
| Max Loan Coverage | ₹3.00 Lakh |
| Guarantee Fee | No guarantee fee charged from the lender or borrower |
| Lock-in for Invocation | 9 months |
| First Tranche Coverage | 50% of the year's portfolio (graded guarantee cover) |
Enrollment Process
- Beneficiary enrollment under PM Vishwakarma is conducted using Aadhaar-based biometric authentication on the PM Vishwakarma portal.
- Three-step verification process during enrollment is to establish the eligibility and authenticity of the beneficiaries.
Key Points Summary
| Parameter | Details |
|---|---|
| Launch Date | 17th Sept 2023 |
| Loan Limit | ₹3 Lakhs (1L + 2L) |
| Interest Rate | 5% Fixed |
| Toolkit Grant | ₹15,000 |
| Stipend | ₹500/day |
| Collateral | Zero |
| Duration | Up to FY 2027-28 |
Summary Cheat Sheet
| Concept / Topic | Key Details / Explanation |
|---|---|
| Launch Date | 17th September 2023 (Vishwakarma Jayanti). |
| Type | Central Sector Scheme — 100% funded by GoI. |
| Outlay | ₹13,000 Crore for 5 years (FY 2023-24 to 2027-28). |
| Trades Covered | 18 traditional family-based trades. |
| Training Stipend | ₹500/day during skill training. |
| Toolkit Grant | ₹15,000 e-Voucher at start of Basic Training. |
| 1st Loan Tranche | Up to ₹1 Lakh — 18 months tenure. |
| 2nd Loan Tranche | Up to ₹2 Lakh — 30 months tenure. |
| Interest Rate | 5% fixed (Govt pays 8% subvention to bank). |
| Collateral | Zero — fully collateral-free. |
| CGS-PMV Guarantee | Portfolio-based, max ₹3 Lakh, zero fee, 9-month lock-in. |
| Eligibility | Min 18 years, 1 member/family, not if availed PMEGP/Mudra/SVANidhi in past 5 years. |
| Digital Incentive | Re. 1 per transaction, max 100/month. |
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