NEW DELHI, Dec 11: A total of INR 1,751 crore in loans has been sanctioned to poor artisans under the PM Vishwakarma scheme, which aims to provide financial support to traditional craftspeople such as blacksmiths, masons, potters, carpenters, and tailors. As of October 31, 2024, over 2.02 lakh accounts have been opened under the scheme, Minister of State for Finance Pankaj Chaudhary informed the Rajya Sabha.
The government launched the PM Vishwakarma scheme on September 17, 2023, to offer end-to-end support to artisans and craftspeople, referred to as ‘Vishwakarmas’, who primarily work with their hands and tools. The scheme has received significant response, with 2.58 crore applications submitted so far. Following a three-stage verification process, 23.75 lakh applicants have been successfully registered to receive benefits.
As part of the initiative, close to 10 lakh artisans have received toolkit incentives of up to INR 15,000 through e-vouchers to purchase modern tools for their crafts. The loans granted under the scheme come with a 5% interest rate, which is subsidized by the government. Additionally, the government provides 8% interest subvention, effectively reducing the overall loan cost. The loan repayment period is set at 18 months for the first tranche and 30 months for the second tranche.
The PM Vishwakarma scheme, with a financial outlay of INR 13,000 crore from FY 2023-2024 to FY 2027-28, is designed to empower traditional artisans, helping them to become self-reliant entrepreneurs. The scheme also provides formal training through Basic Skill Training to modernize and upgrade the skills of artisans across 26 states and union territories.
In total, the PM Vishwakarma scheme aims to uplift artisans, helping them build sustainable livelihoods while fostering economic self-sufficiency.
