PM Vishwakarma Yojana 2024: Complete Guide on Subsidy, Machinery Loan, Training, and Financial Assistance

PM Vishwakarma Yojana, also known as PM Vishwakarma Scheme or Vishwakarma Scheme, is a central sector scheme launched by the Government of India to empower traditional artisans and craftsmen working in the unorganised sector. The scheme focuses on strengthening traditional skills, improving productivity using modern technology, and providing financial assistance, subsidy, and credit support for business and enterprise development.

Implemented in coordination with the Ministry of Micro, Small and Medium Enterprises, Ministry of Skill Development, and Department of Financial Services, the scheme aims to bring lakh artisans into the formal economic system.

What is PM Vishwakarma Yojana?

PM Vishwakarma Yojana is designed for artisans engaged in traditional trades such as carpenters, blacksmiths, potters, boat makers, fishing net makers, garland makers, stone breakers, and other craftsmen whose livelihoods depend on hand tools and traditional methods.

The scheme provides:

• Official recognition through PM Vishwakarma Certificate and ID Card

• Skill training (basic training and advanced training)

• Toolkit incentive and subsidy on machinery cost

• First loan and second loan tranche for enterprise expansion

• Marketing support, brand promotion, and digital empowerment

• Promotion of digital transactions and formal banking

Central Government Vision Behind Vishwakarma Scheme

The central government launched this scheme to:

• Preserve traditional crafts

• Support artisans in the unorganized sector

• Enable transition from manual tools to modern tools

• Provide easy access to institutional finance

• Reduce dependence on private money lenders

• Promote business development and entrepreneurship

The scheme operates under the supervision of a national committee with implementation by state government, district implementation committee, screening committee, and verification at gram panchayat level.

Trades Covered Under PM Vishwakarma Scheme

The scheme covers multiple traditional trades, including:

• Carpenter

• Blacksmith

• Potter

• Goldsmith

• Tailor

• Cobbler

• Sculptor

• Barber

• Washerman

• Boat maker

• Fishing net maker

• Garland maker

• Stone breaker

• Tool kit maker

These trades represent India’s deep-rooted traditional skills passed through generations of family members.

PM Vishwakarma Certificate and ID Card

Every eligible artisan receives:

• A PM Vishwakarma Certificate

• A digitally verifiable ID Card

This provides official identity and helps artisans:

• Access loans and financial aid

• Participate in marketing activities

• Register on the Udyam Assist Platform

• Avail benefits of other schemes like PM SVANidhi

Skill Development and Skill Training Support

Basic Training

• Duration: 5–7 days

• Focus: Strengthening existing traditional skills

• Includes training stipend credited directly to bank account

Advanced Training

• Duration: Up to 15 days

• Focus:

  • Use of modern technology

  • Productivity improvement

  • Quality enhancement

  • Safety standards

Both basic training and advanced training are mandatory for availing higher financial benefits.

Toolkit Incentive and Subsidy on Machinery Cost

Toolkit Incentive

Under the PM Vishwakarma Yojana, artisans receive a toolkit incentive of up to ₹15,000. This amount is provided as direct financial assistance to purchase modern tools relevant to their trade.

Examples:

• Power tools for carpenters

• Modern furnaces for blacksmiths

• Improved looms or machines for artisans

• Equipment for boat makers, stone breakers, and fishing net makers

Subsidy and Loan on Machinery Cost

In addition to the toolkit incentive, artisans can avail subsidized loans for machinery cost under the credit support component:

• Machinery and equipment purchase allowed under loan usage

• Partial cost is supported through interest subsidy

• Reduces overall capital burden for artisans

• Enables shift from manual to semi-mechanized operations

This combination of subsidy + loan helps artisans upgrade without heavy upfront investment.

Financial Assistance and Credit Support Structure

First Loan Tranche

• First loan: Up to ₹1,00,000

• Issued as a standard loan account

• Can be used for:

  • Machinery purchase

  • Raw material

  • Working capital

  • Small business setup

Second Loan Tranche

• Second loan: Up to ₹2,00,000

• Released as second loan tranche

• Available after successful repayment of first loan

• Used for:

  • Business expansion

  • Advanced machinery

  • Scaling production

These loans fall under enterprise development loans.

Interest Rate and Interest Subsidy

• Loans are offered at a concessional rate of interest

• Government provides interest subsidy

• Ensures easy access to affordable credit

• Promotes culture of free credit from informal lenders

Digital Empowerment and Digital Transactions

The scheme promotes:

• Use of digital transactions

• UPI and bank-linked payments

• Digital record keeping

• Financial literacy training

Artisans are encouraged to register on the Udyam Assist Platform, helping formalize businesses.

Marketing Support and Brand Promotion

The Vishwakarma Scheme provides extensive marketing support, including:

• Participation in fairs and exhibitions

• Assistance in brand promotion

• Support for online and offline marketing activities

• Market linkage with buyers and institutions

This ensures artisans get fair value for their products.

Quality Certification and Standardization

To improve market trust, the scheme supports:

• Quality certification

• Product standardization

• Better pricing through improved credibility

Eligibility Criteria for PM Vishwakarma Yojana

To be eligible:

• Applicant must be Indian citizen

• Must be engaged in traditional trades

• Must work in the unorganised sector

• Age must be 18 years or above

• Only one member of the family eligible

• Family includes spouse and unmarried children

• Applicant must not be a government employee or availing government service

Application Process and Date of Registration

Online Application

• Apply via PM Vishwakarma Portal

• Aadhaar-based authentication

• Date of registration recorded digitally

Offline Application

• Through Common Service Centres (CSCs)

• CSC assists with document upload and submission

Implementation and Monitoring Mechanism

The scheme is implemented through:

• State government

• District implementation committee

• Screening committee

• Oversight by Department of Financial Services

• Local verification by gram panchayat

Integration with PM SVANidhi

Eligible artisans engaged in street-based activities can also benefit from PM SVANidhi, improving working capital access and financial inclusion.

Importance of PM Vishwakarma Yojana

The scheme:

• Protects traditional crafts

• Strengthens rural economy

• Encourages self-employment

• Promotes business development

• Enables artisans to adopt modern technology

Conclusion

The PM Vishwakarma Yojana is a landmark initiative by the Government of India that goes beyond welfare. By combining skill development, toolkit incentive, subsidy on machinery cost, credit support, marketing support, and digital empowerment, the scheme creates a sustainable ecosystem for traditional artisans in the unorganized sector.

For artisans seeking financial independence, modern tools, and long-term growth, the PM Vishwakarma Scheme is a powerful pathway toward economic security and dignity.

Need Help Getting Maximum Subsidy Under PM Vishwakarma Yojana?

We provide end-to-end assistance for beneficiaries under PM Vishwakarma Yojana, helping artisans and entrepreneurs access the maximum possible financial benefits.

Through our expert support, you can avail:

• Interest subsidy up to 8% on eligible loans

• Capital subsidy up to 25% on machinery cost

• Loan up to 140% of machinery cost for business expansion

From eligibility assessment and documentation to loan processing and subsidy claim, our team ensures a smooth, fast, and compliant process.

???? Contact us today at +91-9460891646 to check your eligibility and unlock the full benefits of PM Vishwakarma Yojana.