Union Cabinet approves PM Vishwakarma Scheme worth ₹ 13,000 crore

The Union Cabinet has approved a scheme called Pradhan Mantri Vishwakarma Kaushal Samman Yojana or PM VIKAS Yojana (in short, PM Vishwakarma Scheme) worth Rs 13,000 crore. This initiative is set to empower around 30 lakh artisan families. This scheme will help traditional workers like weavers, goldsmiths, blacksmiths, laundry workers, and other craftsmen.

PM Narendra Modi announced this scheme on August 15 during India’s 77th Independence Day address. The Prime Minister during his speech from the Red Fort informed that the scheme will cost between 13 to 15 thousand crores. The scheme, aptly named after the divine architect Vishwakarma, is set to be launched on Vishwakarma Jayanti, which falls on 17 September, according to PM Modi’s announcement.

Its primary objective is to provide skill development, financial support, and market access to these skilled craftsmen, thereby preserving and enhancing the heritage of India’s traditional arts and crafts. Through this scheme, these workers who were acquiring skills through the traditional Guru-shishya Parampara will receive training to improve their skills.

Under the PM Vishwakarma Scheme, they will receive help to get loans and access to markets where they can sell their products. Artisans can get a loan of up to three lakh rupees with a 5% interest rate. They will receive one lakh rupees in the first installment and two lakh rupees in the second installment.

On #VishwakarmaJayanti, we will launch 'Vishvakarma Yojana' with outlay of Rs 13,000-15,000 crore to empower our workers: PM @narendramodi#IndependenceDay #NewIndia#IndependenceDay2023 #RedFort pic.twitter.com/fPXZkfR8y4

— PIB India (@PIB_India) August 15, 2023

The PM Vishwakarma Scheme will be implemented over five years, from 2023-24 to 2027-28. The PM Vishwakarma Yojana will also enhance the quality, scale, and availability of products and services made by artisans.

The scheme focuses on helping traditional skilled workers especially in small towns. Craftsmen symbolize the true essence of a self-reliant India and that the scheme will particularly benefit women and disadvantaged sections of society.

Training and financial assistance are key aspects of the scheme. There will be two types of skill development programs under this scheme, categorized as ‘Basic’ and ‘Advanced’. Those who undergo training will receive a stipend of ₹ 500, accompanied by an additional ₹ 1500 for the procurement of essential tools.

Artisans who participate in this plan will receive a certificate and identity card. They will also be encouraged to use digital transactions and receive support in the market. In the first phase of the plan, 18 types of traditional workers will benefit, including carpenters, blacksmiths, goldsmiths, potters, and more.