PM Vishwakarma Yojana 2024 Online Apply, Documents, Benefits, Features

PM Vishwakarma Yojana 2024 Online Apply, Documents, Benefits, Features: India is a country known for its skilled workforce, with a rich history of craftsmanship and innovation. However, despite having a large pool of skilled workers, many of them struggle to find employment opportunities or are forced to work in low-paying jobs. To address this issue and empower the skilled workforce of India, the government has launched various schemes and initiatives, one of which is the PM Vishwakarma Yojana.

The PM Vishwakarma Yojana is a flagship scheme of the Ministry of Skill Development and Entrepreneurship (MSDE) that aims to provide financial assistance and support to skilled workers in the country. This scheme is named after Lord Vishwakarma, the Hindu deity known as the divine architect and craftsman, symbolizing the importance of skilled labor in the development of the nation. In this blog post, we will discuss everything you need to know about the PM Vishwakarma Yojana, including its eligibility criteria, application process, benefits, key features, objectives, challenges, and future prospects.

PM Vishwakarma Yojana 2024 Overview

Plan	PM Vishwakarma Scheme
was started	Prime Minister Narendra Modi
launch	17 September 2023
Objective	Vishwakarma to make the community self-reliant
Application Process	Online
official website	https://pmvishwakarma.gov.in/

What is PM Vishwakarma Yojana?

The PM Vishwakarma Yojana was launched in 2018 by the MSDE under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) to provide financial assistance and support to skilled workers in the country. The main objective of this scheme is to encourage and promote entrepreneurship among the skilled workforce and provide them with the necessary resources and training to start their own businesses. It also aims to bridge the gap between demand and supply of skilled workers in various sectors and promote the growth of micro, small, and medium enterprises (MSMEs).

Under this scheme, eligible candidates can avail loans up to Rs. 1 crore at a subsidized interest rate of 8% per annum to start their own businesses. The loans are provided through various financial institutions such as banks, non-banking financial companies (NBFCs), and microfinance institutions (MFIs). The scheme also provides a 3% interest subvention to women entrepreneurs and individuals from the Scheduled Castes (SC), Scheduled Tribes (ST), and Other Backward Classes (OBC) categories.

Who is Eligible for PM Vishwakarma Yojana?

The PM Vishwakarma Yojana is open to all Indian citizens above the age of 18 years who have completed any skill development training program under the PMKVY or any other recognized training program. The scheme is especially beneficial for skilled workers who are looking to start their own businesses but lack the necessary financial resources. However, there are certain eligibility criteria that need to be fulfilled in order to avail the benefits of this scheme:

1. The applicant must have a minimum educational qualification of Class 8.
2. The applicant must have completed any skill development training program under the PMKVY or any other recognized training program.
3. The applicant must not be a defaulter in any previous loan taken from any financial institution.
4. The applicant must have a viable business plan and a clear vision for the growth of their business.
5. The applicant must not be a beneficiary of any other government scheme for entrepreneurship development.

How to Apply for PM Vishwakarma Yojana?

The application process for the PM Vishwakarma Yojana is simple and can be done online through the official website of the scheme or through the Common Service Centers (CSCs) located in various parts of the country. Here are the steps to apply for this scheme:

1. Visit the official website of PM Vishwakarma Yojana (https://pmvyk.gov.in/) and click on the “Apply Now” button.
2. Fill in all the required details in the application form, including personal information, educational qualifications, and business plan.
3. Upload all the necessary documents, such as identity proof, address proof, educational certificates, and training completion certificate.
4. Submit the application form and wait for the verification process to be completed.
5. Once the application is approved, the applicant will receive a loan sanction letter from the concerned financial institution.
6. The applicant can then avail the loan amount and start their own business.

Documents Required for PM Vishwakarma Yojana

The following documents are required to apply for the PM Vishwakarma Yojana:

1. Aadhaar card
2. PAN card
3. Educational certificates
4. Training completion certificate
5. Business plan
6. Identity proof (Voter ID card, driving license, etc.)
7. Address proof (electricity bill, telephone bill, etc.)

Benefits of PM Vishwakarma Yojana

The PM Vishwakarma Yojana provides various benefits to skilled workers who are looking to start their own businesses. Some of the major benefits of this scheme are:

1. Financial assistance: Under this scheme, eligible candidates can avail loans up to Rs. 1 crore at a subsidized interest rate of 8% per annum to start their own businesses.
2. Interest subvention: Women entrepreneurs and individuals from the SC, ST, and OBC categories can avail a 3% interest subvention on the loan amount.
3. Skill development: The scheme aims to promote entrepreneurship among the skilled workforce and provide them with the necessary resources and training to start their own businesses.
4. Employment generation: By promoting the growth of MSMEs, the scheme also aims to generate employment opportunities for the skilled workforce in the country.
5. Inclusive growth: The scheme provides special benefits to women entrepreneurs and individuals from marginalized communities, promoting inclusive growth and development.
6. Economic empowerment: By providing financial assistance and support, the scheme empowers skilled workers to become self-employed and contribute to the economic growth of the country.

Key Features of PM Vishwakarma Yojana

The PM Vishwakarma Yojana has several key features that make it a unique and beneficial scheme for the skilled workforce of India. Some of these features are:

1. Loan amount: Eligible candidates can avail loans up to Rs. 1 crore at a subsidized interest rate of 8% per annum.
2. Interest subvention: Women entrepreneurs and individuals from the SC, ST, and OBC categories can avail a 3% interest subvention on the loan amount.
3. Skill development: The scheme aims to promote entrepreneurship among the skilled workforce and provide them with the necessary resources and training to start their own businesses.
4. Inclusive growth: The scheme provides special benefits to women entrepreneurs and individuals from marginalized communities, promoting inclusive growth and development.
5. Online application: The application process for this scheme is simple and can be done online through the official website or CSCs.
6. No collateral required: The loans provided under this scheme do not require any collateral security, making it easier for eligible candidates to avail the benefits.
7. Flexible repayment options: The loan repayment period can range from 3 to 7 years, depending on the nature of the business and the loan amount.

Objectives of PM Vishwakarma Yojana

The PM Vishwakarma Yojana has several objectives that aim to empower the skilled workforce of India and promote the growth of MSMEs in the country. Some of the main objectives of this scheme are:

1. To encourage and promote entrepreneurship among the skilled workforce in the country.
2. To provide financial assistance and support to skilled workers to start their own businesses.
3. To bridge the gap between demand and supply of skilled workers in various sectors.
4. To promote the growth of MSMEs and generate employment opportunities for the skilled workforce.
5. To provide special benefits to women entrepreneurs and individuals from marginalized communities, promoting inclusive growth and development.

Importance of PM Vishwakarma Yojana

The PM Vishwakarma Yojana holds great importance in the development of the skilled workforce and the growth of MSMEs in India. Here are some of the reasons why this scheme is important:

1. Empowering the skilled workforce: The scheme provides financial assistance and support to skilled workers, empowering them to become self-employed and contribute to the economic growth of the country.
2. Promoting entrepreneurship: By providing loans at a subsidized interest rate, the scheme encourages and promotes entrepreneurship among the skilled workforce.
3. Bridging the skill gap: The scheme aims to bridge the gap between demand and supply of skilled workers in various sectors, promoting the growth of industries and businesses.
4. Inclusive growth: The scheme provides special benefits to women entrepreneurs and individuals from marginalized communities, promoting inclusive growth and development.
5. Boosting the economy: By promoting the growth of MSMEs, the scheme also contributes to the overall economic growth of the country.

Challenges in Implementing PM Vishwakarma Yojana

While the PM Vishwakarma Yojana has several benefits and objectives, there are also certain challenges that need to be addressed in order to ensure its successful implementation. Some of these challenges are:

1. Lack of awareness: Many skilled workers are not aware of this scheme and its benefits, which hinders its reach and impact.
2. Limited access to financial institutions: Skilled workers from rural areas or remote locations may face difficulties in accessing financial institutions to avail the loan under this scheme.
3. Difficulty in loan repayment: Starting a new business can be challenging, and many entrepreneurs may struggle to repay the loan amount within the given time frame.
4. Lack of proper guidance: Many skilled workers may have a viable business idea but lack the necessary guidance and support to turn it into a successful venture.

Future of PM Vishwakarma Yojana

The PM Vishwakarma Yojana has the potential to bring about a significant change in the lives of skilled workers in India and promote the growth of MSMEs in the country. With the government’s focus on promoting entrepreneurship and skill development, this scheme is expected to witness further growth and success in the future. However, there is also a need for continuous evaluation and improvement to address the challenges and ensure the effective implementation of this scheme.

Conclusion

The PM Vishwakarma Yojana is a much-needed initiative that aims to empower the skilled workforce of India and promote the growth of MSMEs in the country. By providing financial assistance and support to skilled workers, this scheme not only encourages entrepreneurship but also contributes to the overall economic growth of the nation. It is important for eligible candidates to take advantage of this scheme and utilize the opportunities provided to them to become self-employed and contribute to the development of the country. With continuous efforts and improvements, the PM Vishwakarma Yojana has the potential to transform the lives of skilled workers and shape the future of India’s economy.