What is the PM Vishwakarma Yojana?

Prime Minister Narendra Modi's recent announcement of the Vishwakarma Yojana during his Independence Day speech has marked the inception of a new initiative aimed at enhancing the livelihood opportunities for traditional artisans and craftspeople. Swiftly approved by the Union Cabinet, this scheme underscores the government's dedication to fostering and safeguarding traditional skills and crafts.

The Scheme at a Glance: Nurturing the Essence of Traditional Artistry

The Vishwakarma Yojana represents a forward-thinking endeavour by the Indian government, designed to offer financial aid to individuals engaged in preserving traditional crafts and skills. With a focus on bolstering artisans, the scheme not only facilitates their creative pursuits but also contributes to the preservation of India's cultural heritage.

Financial Boost for Artisans: Catalyzing Creativity

Within the framework of the Vishwakarma Yojana, a dedicated budget of Rs 13,000 crore has been set aside to empower artisans across the nation. The scheme provides subsidized loans of up to Rs 2 lakh to craftsmen, addressing potential financial barriers that could hinder their artistic endeavours.

Staged Loan Distribution with Favorable Interest Rates

The initial phase of the PM Vishwakarma scheme entails extending loans of up to Rs 1 lakh to artisans at an exceptionally low-interest rate of 5%. This interest rate significantly undercuts prevailing market rates, enabling artisans to access credit without the burden of excessive interest charges. The following phase will continue to offer credit support of up to Rs 2 lakh, maintaining the favourable 5% interest rate.

Enhancing Skills Holistically: Modernizing Tradition

Acknowledging the relevance of skill development in a swiftly evolving world, the Vishwakarma Yojana transcends mere financial assistance. The scheme places a strong emphasis on augmenting artisans' skills through advanced training programs. This approach ensures that traditional craftsmanship not only endures but also evolves to meet contemporary standards.

Promoting Skill Training and Tool Procurement: Empowerment in Action

An innovative facet of the scheme lies in its provision of stipends for skill training. Artisans are entitled to a stipend of Rs 500, alleviating financial concerns related to skill enhancement. Additionally, an amount of Rs 1500 is allocated to facilitate the acquisition of modern tools, empowering artisans to work with enhanced efficiency and precision.

A Comprehensive Network of Support: Empowering Artisans Holistically

The Vishwakarma Yojana aspires to establish an all-encompassing support ecosystem for traditional artisans. This network includes various components, such as:

Easy Loan Terms: Ensuring uncomplicated access to loans for artisans.
Skill Advancement: Equipping artisans with advanced techniques and knowledge.
Tool Assistance: Offering financial aid for the acquisition of modern tools.
Digital Transaction Incentives: Encouraging artisans to adopt digital transactions.
Marketing Support: Assisting artisans in effectively showcasing their crafts.
Anticipated Impact: Transforming Lives through Artisan Upliftment

Union Minister Ashwini Vaishnaw estimates that around 30 lakh families are poised to benefit from the Vishwakarma Yojana. This far-reaching initiative is positioned to elevate traditional artisans, improving their socio-economic standing and contributing to the conservation of India's diverse cultural heritage.

Effortless Registration Process: Artisan Inclusion Made Easy

To streamline the enrollment process, the government has designated common services centres in villages as registration hubs for the scheme. This user-friendly approach aims to ensure that artisans from all corners of the nation can seamlessly become a part of this transformative venture.

Central Government Funding with Collaborative State Efforts

The entire financial backing for the Vishwakarma Yojana is sourced from the central government. While the scheme is anchored in central support, the involvement of state governments will be instrumental in its successful execution.