Among the registered applicants, 7.7 lakh have successfully completed the first level of verification, while the second stage has been cleared by 3.3 lakh applicants.
About 47.8 lakh individuals have registered for participation in the PM Vishwakarma scheme, a government initiative aimed at integrating Indian artisans into both domestic and global supply chains for improved livelihood. Launched in September 2023, the scheme is funded by the Centre, with a dedicated budget of INR 13,000 crore.
Among the registered applicants, 7.7 lakh have successfully completed the first level of verification, while the second stage has been cleared by 3.3 lakh applicants. Additionally, 1.4 lakh applications have advanced to the third level of verification, and a total of 1.3 lakh applications have been successfully registered.
Analysts believe that with the right support and business environment, the 'PM Vishwakarma Scheme' has the potential to transform the Indian craft sector into a multi-billion-dollar marketplace.
What Is The PM Vishwakarma Scheme?
The scheme has been announced for artisans and craftsmen aiming towards improving the quality, scale, and reach of their products and integrating them with the MSME value chain. PM Vishwakarma scheme is a centre-funded scheme with an outlay of INR 13,000 crore.
Objective Of The Scheme
- Recognition of artisans and craftspeople as Vishwakarma.
- Honing the skills of the beneficiaries and making relevant training opportunities available to them.
- Enhancing their capability, productivity, and quality of products and services by providing better and modern tools.
- Easy access to collateral-free credit to beneficiaries and reduce the cost of credit by providing interest subvention.
- Digital empowerment of Vishwakarmas by incentivizing digital transactions.
- Brand promotion and market linkages to help beneficiaries access new opportunities for growth.
Benefits Of The Scheme
- PM Vishwakarma certificate and ID card will be given to artisans and craftspeople with a unique digital number that will reflect on the mentioned documents. The certificate-holding applicant will be recognized as a Vishwakarma and will become eligible to avail all the benefits under the Scheme.
- Artisans and craftspeople, who have been working with hands and traditional tools for generations, will be enrolled in various programs to enhance their skills. The intervention consists of three components: Skill Assessment, Basic Training and Advanced Training. The skill upgradation will embed modern tools, design elements and integration with the sector value chain as its key components of domain skilling.
- Registered beneficiaries will be assessed on the basis of their existing skill levels for charting the future path of skill upgradation. The list of beneficiaries undergoing Skill Assessment will be shared with the MSME Ministry so that toolkit incentive can be provided. Basic Training will be essential for all registered Vishwakarmas for drawing the first tranche of loan. Beneficiaries will be eligible to receive a training stipend of INR 500 per day while undergoing the Basic and Advanced Training programs.
- At the beginning of Basic Training, beneficiaries will receive a toolkit incentive of up to INR 15,000 will be provided to the beneficiary. The incentive can be utilized at designated centers to procure improved toolkits.
- Beneficiaries will be eligible for a collateral-free 'Enterprise Development Loan' of INR 3 lakh, divided into two tranches (up to INR 1 lakh, first tranche; INR 2 lakh, second tranche) at a concessional interest rate of 5 per cent, incentive for digital transactions, and marketing support.
