Cabinet Approves ₹13,000 Crore ‘PM Vishwakarma Scheme,’ Craftsmen Will Receive Subsidised Loans Up To 2 Lakh

A 13,000 crore PM Vishwakarma scheme, which will help nearly 30 lakh traditional artisans and craftsmen, including weavers, goldsmiths, blacksmiths, laundry workers, and barbers, was approved by the Union Cabinet today.

PM Vishwakarma Yojna

The PM approved the ‘PM Vishwakarma’ scheme to encourage those with traditional talents during today’s Union Cabinet meeting. According to this program, lenient terms will be applied to loans up to one lakh rupees, according to Union Minister Ashwini Vaishnaw.

Ashwini Vaishnaw, the minister of communications, announced the program at the Cabinet meeting. Craftsmen would be given a subsidized loan of Rs. 1 lakh in the first tranche and Rs. 2 lahks in the second tranche under the program. The loans will be offered at a discounted interest rate of 5%.

Yojna provides recognition to artisans

The PM Vishwakarma scheme offers recognition to artisans and crafters through the PM Vishwakarma certificate and ID card, as well as credit support up to Rs. 1 lakh (First Tranche) and Rs. 2 lacks (Second Tranche) at a 5% concessionary interest rate. The Scheme would also offer marketing assistance, toolkit incentives, skill upgradation, and incentives for digital transactions.

Guru-Shishya parampara

The scheme aims to strengthen and nurture the Guru-Shishya parampara, or family-based practice, of traditional skills by artisans and craftspeople working with their hands and tools. The scheme also aims at improving the quality as well as the reach of the products and services of artisans and craftspeople and ensuring that Vishwakarma is integrated with the domestic and global value chains.

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Who will this scheme help?

The program would offer assistance to Indian artisans and crafters in both urban and rural locations. Under PM Vishwakarma, eighteen traditional trades would be covered initially. These professions include (i) Carpenter (Suthar); (ii) Boat Maker; (iii) Armourer; (iv) Blacksmith (Lohar); (v) Hammer and Tool Kit Maker; (vi) Locksmith; (vii) Goldsmith (Sonar); (viii) Potter (Kumhaar); (ix) Sculptor (Moortikar, stone carver); (ixi) Doll and Toy Maker (Traditional); (x) Cobbler