• Sat. Apr 20th, 2024

Under PM Vishwakarma Yojana, Govt To Offer Up To 8% Subsidy On Loans To Artisans

Curated By: Business Desk

Last Updated: September 18, 2023, 12:14 IST

For the scheme, a provision of Rs 13,000 crore has been made.

PM Vishwakarma Yojana will cover around 18 sectors including carpenters, goldsmiths, blacksmiths, stone masons, stone sculptures, barbers, bootmakers, and more.

Prime Minister Narendra Modi launched the Rs 13,000 crore PM Vishwakarma Yojana on Sunday. The scheme has been specially made for artisans and craftsmen and will benefit them with various provisions. The main goal of PM Vishwakarma Yojana is to improve the accessibility and quality of the products and services offered by artisans and craftsmen.

Adding to the scheme, Nirmala Sitharaman, the Finance Minister of India, revealed that the government will offer up to an 8 per cent subsidy on loans given to artisans under the PM Vishwakarma Yojana launched by PM Modi. She also confirmed that a provision of Rs 13,000 crore has been made in the budget for 2023–24.

While explaining more details about the scheme, Nirmala Sitharaman added that the artisans will be provided with a collateral-free loan at a very affordable interest rate of 5 per cent. As per reports, the scheme will cover around 18 sectors including carpenters, goldsmiths, blacksmiths, stone masons, stone sculptures, barbers, bootmakers and more, and they will be provided with a loan up to Rs 3 lakh.

Initially, these artists and craftsmen will be given a loan of Rs 1 lakh, and if they are able to repay them for 18 months, they will also be eligible for a loan of Rs 2 lakh. Apart from providing financial assistance, the PM Vishwakarma Yojana will also aim to train these workers and equip them with the right skills. Each beneficiary will get skill training for 5 days with a stipend of Rs 500 each day. The process of identifying each beneficiary will be done through a three-layered approach.

During the training, these artisans will also have access to advanced skill training, knowledge of modern digital techniques and efficient green technologies, brand promotion, linkage with local and global markets, digital payments, and social security.

The beneficiaries will also be provided grants worth Rs 15,000 as an incentive for their toolkit. They will also get an incentive for digital transactions of Rs 1 per transaction for up to 100 transactions monthly. The scheme is made to benefit Scheduled Castes, Scheduled Tribes, OBCs, and people who belong to the weaker sections.

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