In September 2023, Prime Minister Narendra Modi launched a key scheme for the craftsmen and artisans. Named, PM Vishwakarma Yojana, the scheme has a total outlay of Rs 13,000 Crores

The scheme will give a boost to artisans and craftsmen, nurturing their skills and help in improving their quality of work. It will also to keep the age-old tradition, culture and diverse heritage alive and flourishing through local products, art and craft and ensure that they are integrated with the domestic and global value chains.

Who Benefits from the PM Vishwakarma Scheme?

18 sectors have been identified that will be covered under PM Vishwakarma Yojana: Carpenter, Boat Maker, Armourer, Blacksmith, Hammer and Tool Kit Maker, Locksmith, Goldsmith, Potter, Sculptor, Stone breaker, Cobbler, Mason, Basket/Mat/Broom Maker/Coir Weaver, Doll & Toy Maker, Barber, Garland maker, Washerman, Tailor, and Fishing Net Maker.

Features of Vishwakarma Scheme

• Under the scheme, the Vishwakarmas/beneficiaries (traditional artisans) will be registered free of charge through Common Services Centers using biometric-based PM Vishwakarma portal.
• The Vishwakarmas will be provided recognition through PM Vishwakarma certificate and ID card;
• They will be provided skill upgradation, involving basic and advanced training;
• Stipend of Rs 500 will be provided for skill training and Rs 1,500 to purchase modern tools
• Beneficiaries can avail collateral-free credit up to ₹ 1 lakh (first tranche) and ₹ 2 lakh (second tranche) at a concessional interest rate of 5%;
• Beneficiaries will be eligible for first Loan tranche on completion of 5 days Basic Skill Training provided by MSDE under PM Vishwakarma. Second Loan tranche will be available to skilled beneficiaries who maintain a standard loan account and have adopted digital transactions in their business or have taken advanced Skill Training. Further, beneficiaries will be eligible for second tranche loan when first tranche loan is fully repaid but not before six months of the disbursement of first tranche loan
• Beneficiaries will be provided with Incentives for digital transactions and marketing support.

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How to Enrol

• Eligible Artists and Craftsman can apply for PM Vishwakarma Yojana through Online Application Form. available on PM Vishwakarma Yojana Official Portal
• Beneficiaries have to register themselves first with the help of their mobile number and Aadhar Card.
• After Verification, A Registration Form of PM Vishwakarma Yojana will appear on the screen to fill in basic details like, Artist or Craftsman Name, Address, Trade Related Details in the Registration Form.
• Now Click on Submit Button and download the PM Vishwakarma Digital ID and Certificate for future reference.
• Login on the same PM Vishwakarma Yojana Portal and Apply for different components of scheme.
• Upload all the required documents.
• Submit the Application Form of PM Vishwakarma Yojana for consideration.

How Does HDB Help Make the PM Vishwakarma Scheme Accessible?

• HDB shall sanction and disburse collateral free ‘Enterprise Development Loans’ through the PM Vishwakarma portal upon receiving applications.
• HDB shall obtain Credit information report for applicants, however HDB will not deny beneficiaries not having a credit history.
• No pre-payment penalty shall be charged after 6 months of loan disbursement.
• A collateral-free credit support up to Rs 1 lakh in the first tranche and Rs 2 lakh in the second tranche at a concessional interest rate of 5% will be provided, as mentioned above. The benefit of entire interest subvention of upto 8% will be passed on upfront to the beneficiaries by Ministry through HDBFS.
• All loans sanctioned by the Company under the Scheme shall be covered by the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), which shall be operated on a portfolio basis.
• There is a provision for graded guarantee cover for loan tranches with availability of first loss default, second loss default & third loss default.

Through this scheme HDBFS is committed to support and uplift individuals engaged in traditional crafts ensuring that they thrive in the modern era.