30 Lakh Join PM Vishwakarma Scheme in 2 Years, Loans Worth ₹41,188 Crore Approved

The Government of India’s PM Vishwakarma Scheme, launched in September 2023, has emerged as a major success for traditional artisans and craftsmen across the country.

In just two years, more than 30 lakh beneficiaries have registered, while over 4.7 lakh applicants have already received loan approvals worth ₹41,188 crore.

30 Lakh Beneficiaries Join PM Vishwakarma Scheme in 2 Years

The scheme, aimed at empowering skilled workers and making them financially independent, has gained momentum across both rural and urban India.

What is the PM Vishwakarma Scheme?

The PM Vishwakarma Yojana was launched to support individuals engaged in traditional and small-scale occupations,

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including blacksmiths, goldsmiths, carpenters, potters, sculptors, barbers, washermen, tailors, and other artisans.

Recognizing the role of these traditional skills in India’s socio-economic ecosystem, the government designed the scheme to offer financial assistance, skill training, modern tools, and market linkages.

A key feature of the scheme is the collateral-free loan facility, provided in two stages. Beneficiaries can initially avail up to ₹1 lakh, with the option of a second-stage loan of up to ₹2 lakh at concessional interest rates.

This easy access to credit acts as a lifeline for small artisans who often struggle to get loans from banks and remain dependent on informal lending channels.

Beneficiaries So Far

According to government data, more than 30 lakh artisans and craftsmen have successfully registered within two years of the scheme’s launch. Out of these, 4.7 lakh have already received loan approvals. What makes the figures significant is the total loan value—over ₹41,188 crore sanctioned—reflecting both high demand and the government’s commitment to supporting this section of society.

Impact on Artisans and Self-Employment

The PM Vishwakarma Scheme goes far beyond loan disbursements. Artisans are receiving skill training in modern tools and relevant digital knowledge, ensuring they stay competitive in today’s economy. Many have expanded their businesses, started offering services in larger markets, or diversified into related trades.

With India’s growing emphasis on Make in India and Atmanirbhar Bharat, this initiative helps artisans not just preserve their skills but also grow them into sustainable livelihood opportunities.

In rural areas, the scheme is minimizing migration by empowering youth to continue family trades with better incomes.

Why the Scheme Matters

Artisan-based enterprises are often ignored in large-scale industrial development plans. Yet, they are crucial to India’s economy.

More than 18 traditional trades are covered under the PM Vishwakarma scheme, providing economic security to lakhs of families.

By giving artisans financial access and recognition, the scheme also strengthens the cultural identity of “Vishwakarmas”—the skilled creators who have shaped India’s heritage for centuries.

Key Features of PM Vishwakarma Scheme

• Collateral-free loans in two stages, up to ₹3 lakh in total.

• Nominal interest rates of 5%.

• Training support with a stipend of ₹500 per day during skill enhancement programs.

• Toolkits worth ₹15,000 provided to support better work efficiency.

• Recognition through ID cards and digital documentation of artisans.

• Market linkage and support for branding of traditional products.

Economic Significance of ₹41,188 Crore Loan Approvals

Loan approvals worth over ₹41,188 crore signal a large injection of credit into the informal artisan economy, which has traditionally struggled with financing.

When artisans scale up their businesses with better tools and credit, they generate employment, local trade, and regional economic growth. Small clusters of craftsmen are now evolving into micro-enterprises capable of supplying both domestic and export markets.

Moreover, women artisans form a significant portion of these beneficiaries, particularly in fields like tailoring, embroidery, pottery, and handicrafts. This directly contributes to the government’s women empowerment and inclusive growth agenda.

Government’s Push for Faster Implementation

Recognizing the social and political impact of the scheme, the government has urged banks to process loans quickly and ensure maximum coverage of artisan communities. Many states have started organizing village and district-level awareness programs so that beneficiaries come forward to register.

The Centre is also integrating this scheme with initiatives like Digital India and GeM (Government e-Marketplace) to ensure artisans find platforms to sell their products to wider audiences, including government procurement agencies.

Challenges Ahead

Despite strong numbers, challenges remain. Some artisans face difficulties in completing digital KYC and other documentation.

Awareness in remote tribal and rural belts is still limited, though expanding. Ensuring quality training and avoiding duplication of beneficiaries is equally important for long-term sustainability.

Efforts are being made to overcome these hurdles, with banks setting up help desks in rural branches and NGOs assisting beneficiaries with paperwork.

Future Outlook of the Scheme

Given its strong start, experts believe the PM Vishwakarma Scheme will easily surpass its initial targets within five years. As demand for hand-made and artisan-based goods is rising in India and abroad, this scheme is likely to turn into a backbone of India’s traditional and creative economy.

If properly expanded, the initiative will link lakhs of small artisans to modern value chains, not just ensuring their survival but also creating global recognition for India’s heritage skills.

Conclusion

Two years into the PM Vishwakarma Yojana, the results speak for themselves.

Over 30 lakh artisans have joined, and ₹41,188 crore worth of loans have been sanctioned. By combining financial empowerment with skill development, the scheme is reviving traditional trades and giving artisans new growth opportunities.

With continuous government push and support from the banking sector, this program has the potential to redefine India’s artisan economy for generations.