All Sarkari Naukri News and Updates Sarkari Yojana PM Vishwakarma Yojana: Empowering Rural Workers with Affordable Loans

PM Vishwakarma Yojana: Empowering Rural Workers with Affordable Loans


The Indian government, in its efforts to provide employment opportunities in rural areas, has initiated a special scheme called the PM Vishwakarma Yojana. This scheme aims to benefit workers engaged in traditional occupations by providing them with affordable loans. Under the PM Vishwakarma Yojana, skilled workers who continue their ancestral crafts and professions will be eligible for loans up to Rs. 1 lakh. This financial assistance will enable them to expand their businesses and earn better profits. Additionally, individuals who possess skills but lack the necessary funds to start their own ventures will find the PM Vishwakarma Yojana as a blessing. Notably, this scheme also offers easy access to bank loans of up to Rs. 1 lakh. If you belong to the category of skilled workers, it is important to be aware of this news.

What is PM Vishwakarma Yojana?

PM Vishwakarma Yojana was launched by Prime Minister Narendra Modi during his address at Lal Qila (Red Fort) on the occasion of Vishwakarma Jayanti, which falls on September 17th. According to Union Minister Ashwini Vaishnaw, this scheme will be implemented in small towns and benefit individuals engaged in various skill-based occupations under the guru-shishya parampara (teacher-disciple tradition). This includes professions such as pottery, blacksmithing, barbering, flower arrangements, masonry, fishing net weaving, and more. Ultimately, the PM Vishwakarma Yojana aims to benefit over 30 million traditional artisans across the country. By providing them with loans at low interest rates, it will enhance their skills and provide them with knowledge about new tools and designs. The scheme also facilitates the purchase of modern equipment.

Benefits of PM Vishwakarma Yojana

The PM Vishwakarma Yojana offers several benefits to workers engaged in traditional occupations:

1.      Benefit to Workers in Small Towns: Skilled workers in small towns involved in traditional occupations will be eligible to avail the benefits of the PM Vishwakarma Yojana.

2.      Low-Interest Bank Loans: The scheme provides bank loans at low interest rates to support the financial needs of the workers.

3.      Financial Assistance for Skill Enhancement: The financial assistance provided under the PM Vishwakarma Yojana will enable workers to enhance their skills and proficiency in their respective crafts.

4.      Focus on Skill Development: The scheme emphasizes the development of skills and provides workers with knowledge about new tools, designs, and techniques.

5.      Assistance in Procuring Equipment: The PM Vishwakarma Yojana also extends support in the purchase of equipment required for the respective trades.

6.      Recognition through Certification: Trainees who successfully complete the course under the PM Vishwakarma Yojana will be awarded a PM Vishwakarma certificate or identification document.

7.      Market Accessibility: The scheme aims to facilitate market access for beneficiaries, enabling them to expand their customer base.

Eligibility Criteria for PM Vishwakarma Yojana

The PM Vishwakarma Yojana is open to individuals engaged in various traditional occupations, including but not limited to:

8.      Barbers

9.      Blacksmiths

10.  Carpenters

11.  Potters

12.  Masons

13.  Weavers

14.  Fishermen

15.  Leatherworkers

16.  Sculptors

17.  Florists

The scheme prioritizes the inclusion of marginalized sections such as Scheduled Castes, Scheduled Tribes, Backward Classes, women, and economically weaker sections.

Loan Amount under PM Vishwakarma Yojana

The PM Vishwakarma Yojana offers loans ranging from Rs. 1 lakh to Rs. 2 lakh, depending on the nature of the worker’s occupation. The loan amount is determined based on the worker’s skill and requirements. In the initial phase, a loan of up to Rs. 1 lakh will be provided. Upon successful business operations, the workers can avail a bank loan of up to Rs. 2 lakh in the subsequent phase.

Interest Rates on Loans under PM Vishwakarma Yojana

While bank loan interest rates are generally high, the loans provided under the PM Vishwakarma Yojana will have a significantly lower interest rate of 5% per annum. The government has allocated a budget of Rs. 13,000 crore for this scheme, which will be operational from 2023-24 to 2027-28.

Courses Offered under PM Vishwakarma Yojana

The PM Vishwakarma Yojana includes two training programs or courses for workers:

18.  Basic Course: The basic course provides training in the respective trade, focusing on skill development.

19.  Advanced Course: The advanced course imparts knowledge about new designs, techniques, and tools related to the trade. It aims to enhance workers’ proficiency and provide them with updated information.

Under both courses, trainees will receive a stipend of Rs. 500 per month. Furthermore, the PM Vishwakarma Yojana offers financial assistance of Rs. 15,000 to help workers procure modern equipment.

Application Process for PM Vishwakarma Yojana

The official website and application process for the PM Vishwakarma Yojana are yet to be launched. The scheme was announced by Finance Minister Nirmala Sitharaman in the 2023 budget. Prime Minister Narendra Modi recently declared an allocation of Rs. 13,000 crore for the scheme on Independence Day. As soon as we receive updates regarding the application process and related information, we will promptly share it through Allsarkri-naukri. Stay connected with for a