PM Vishwakarma Scheme

Posted On - 11 October, 2023 • By - Sheetal Agarwal

The Reserve Bank of India vide notification RBI/2023-24/61 dated September 12, 2023, notified about the PM Vishwakarma Scheme introduced by the Government of India. The aim of the scheme is to assist the craftspeople and artisans to enable them to increase the value and volume of trade. 

The Scheme will be conjointly implemented by the Ministry of Micro, Small and Medium Enterprises (MoMSME), the Ministry of Skill Development and Entrepreneurship (MSDE) and the Department of Financial Services (DFS), Ministry of Finance (MoF), Government of India.

The Scheme covers artisans and craftspeople engaged in 18 trades as mentioned in the guidelines and these artisans and craftsperson shall receive several benefits under this initiative:

Recognition: They will be acknowledged through the PM Vishwakarma certificate and an identification card.

Skill Upgradation: Participants will undergo a short-term basic training of 5-7 days, followed by an in-depth course lasting at least 15 days. During these sessions, they will receive a daily allowance of Rs. 500.

Toolkit Incentive: At the onset of the foundational skill training, participants will get e-vouchers worth up to Rs. 15,000 to acquire toolkits.

Credit Support: Without needing collateral, artisans can access ‘Enterprise Development Loans’. They can get up to Rs. 3 lakh in two segments – Rs. 1 lakh and then Rs. 2 lakh. These loans come with durations of 18 and 30 months respectively and bear a discounted interest rate of 5%. The government will subsidize 8% of this rate. After finishing the basic training, participants can claim the initial credit of up to Rs. 1 lakh. To access the subsequent segment, they need to have used the initial loan responsibly, be engaged in digital business transactions, or have finished the comprehensive training.

Incentive for Digital Transaction: For every digital monetary transfer they make or receive, beneficiaries will earn Re. 1. This bonus is capped at 100 transactions each month.

Marketing Support: To enhance their market reach, artisans will get assistance in areas like quality assurance, brand creation, and registration on online shopping sites like GeM. They will also benefit from promotional tactics such as advertisements, generating awareness, and other strategies to connect better with the market.


Individuals engaged in artisan or craftwork using hand tools and involved in specified traditional family-based trades as per the guideline, operating in the informal sector on a self-employed basis, qualify for registration under the PM Vishwakarma Scheme.

  • Applicants must be at least 18 years old at the time of registration.
  • At the time of registration, the applicant should be active in the relevant trades and must not have taken loans from other government self-employment or business development schemes like PMEGP, PM SVANidhi, MUDRA, within the last 5 years. However, those who have completely repaid their MUDRA and SVANidhi loans are eligible for PM Vishwakarma. This 5-year duration starts from the loan approval date.
  • Only one family member can register and avail benefits under this scheme. Here, a ‘family’ comprises the husband, wife, and their unmarried children.
  • Government employees and their family members are not eligible for this scheme.

For the implementation of ‘PM Vishwakarma Scheme’, qualifying financial institutions should refer to the guidelines issued by the Ministry of Micro, Small and Medium Enterprises (MSME). These guidelines are essential to grasp the scheme’s details and to act in accordance with its purpose.