PM Vishwakarma Yojana Update
To support tradespeople such as carpenters, masons, and tailors, the central government launched the PM Vishwakarma Yojana. This initiative aims to empower these artisans by offering them low-interest, collateral-free loans along with skill training. As of now, 2.58 crore applications have been submitted under this scheme.

About PM Vishwakarma Yojana
Run by the Central Government, this scheme assists artisans and craftsmen by offering loans at low interest rates without requiring any collateral, along with skill development training. In addition, beneficiaries receive toolkit incentives, marketing support, and rewards for digital transactions to help grow their businesses.

Progress and Application Status
Since its launch, the scheme has made significant progress, with 2.58 crore applications submitted. According to the National Skill Development Corporation (NSDC), 23.75 lakh applicants have successfully registered and are benefiting from the scheme following a three-stage verification process.

Subsidy Details
Under this scheme, around 10 lakh artisans have received toolkit incentives worth up to Rs 15,000 through e-vouchers to purchase modern equipment. As of July 29, 2024, loans totaling Rs 551.80 crore have been approved for 56,526 applicants at a subsidized interest rate of 5 percent. The government further reduces the cost by providing an 8 percent interest subsidy. The loan's first installment is repayable in 18 months, while the second installment is due in 30 months. Launched on September 17 of last year, PM Vishwakarma Yojana continues to expand.

Skill Training Initiatives
The scheme’s core goal is to assist artisans and craftsmen across 18 trades, enhancing traditional skills with modern training. Formal basic skill training has begun in 26 states and union territories, aiming to upgrade traditional craftsmanship. Beneficiaries receive a PM Vishwakarma certificate, an ID card, skill training, toolkit support, loan assistance, digital transaction incentives, and marketing assistance.

Loan Details
A major benefit of PM Vishwakarma Yojana is the opportunity for skilled individuals to access funding for business startup and expansion. Eligible applicants can receive loans up to Rs 3 lakh at a 5 percent annual interest rate. The initial loan installment of Rs 1 lakh supports business establishment, while an additional Rs 2 lakh is available for business expansion.

Application Process

1. Visit the official website of the scheme at pmvishwakarma.gov.in.
2. Click on "PM Vishwakarma Kaushal Samman Yojana" on the homepage.
3. Select "Apply Online" and complete the registration by entering the required information.
4. You will receive a registration number and password via SMS.
5. Log in, carefully fill out the registration form, and upload all requested documents.
6. Double-check the form and submit it.

This scheme provides vital financial and skill support to help artisans expand their businesses and preserve traditional crafts.