As a part of the Vishwakarma Yojana loans which Prime Minister Narendra Modi unveiled on Sunday, craftsmen of India will be provided a subsidy of up to 8% for the loans. At the inauguration of the Yojana, finance minister Nirmala Sitharaman announced that the government has already set aside ₹13,000 crore for the scheme in finance year 2023-24.Sitharaman explained the Vishwakarma Yojana and stated that artisans would be given collateral-free loans at a very reasonable interest rate of 5%.PM Vishwakarma Scheme➡️ Scheme also envisages a commitment to preserve age-old traditions, cultures, and rich heritage through the vibrancy of local products, artistry & craftsmanship➡️PM Vishwakarma to be fully funded by the Union Government with an outlay of ₹ 13,000 crore… pic.twitter.com/umvLkmnZip— PIB India (@PIB_India) September 17, 2023According to an official statement, the programme will compromise 18 professions, including boat builders, masons, stone sculptors, goldsmiths, blacksmiths, and carpenters. Along with this, government would also offer loans up for up to ₹3 lakh. Sitharaman also clarified that under the category of ₹3 lakh loan amount, beneficiary will initially will be given the loan of Rs 1 lakh and would be eligible for an extra ₹2 lakh loan after an 18-month repayment period.PM Vishwakarma Scheme: Empowering Indian artisans and craftspersons! ➡️ Scheme aims to provide end-to-end holistic support to the traditional artisans and craftspeople across India in scaling up the quality as well as the reach of products & services #PMVishwakarma… pic.twitter.com/mi56baafPg— PIB India (@PIB_India) September 17, 2023The components under the scheme will also include access to advanced skill training, knowledge of cutting-edge digital procedures, familiarity with effective green technologies, brand marketing, integration with regional and international markets, digital payments, and social security in addition to financial support.Besides this, a ₹15,000 grant will be provided as a toolkit incentive and an incentive for digital transactions of ₹1 per transaction for up to 100 transactions monthly, under the scheme.
