PM Vishwakarma Scheme: Rs 1 Lakh loan at 5 percent interest

The Union Cabinet has approved the 'PM Vishwakarma Yojana' on Wednesday. 13 thousand crores will be spent on this. Through this, the skills of the workers who are increasing their skills according to the Guru-Shishya tradition will be developed and they will be given access to credit and market.

Under this scheme, artisans will get loans up to Rs 1 lakh at a subsidized rate of 5%. Informing about the government's decision, Union Minister Ashwini Vaishnav said that 30 lakh artisans including weavers, goldsmiths, blacksmiths, laundry workers and barbers will benefit from the Vishwakarma scheme.

13 thousand crore rupees will be spent on the scheme over a period of five years from FY 2023-24 to FY 2027-28 and will benefit 30 lakh traditional artisans.

Prime Minister Narendra Modi had said that the scheme would be launched on September 17, Vishwakarma Jayanti. Also, Union Minister Ashwini Vaishnav said that there are many classes in small towns who are in skilled work as per guru-disciple tradition.

Minister Vaishnav said that these departments have an important place in the rural economy and giving them a new dimension, the Cabinet has approved the 'PM Vishwakarma Yojana'. Prime Minister Narendra Modi flagged off the scheme from the Red Fort on Tuesday on Independence Day.

Union Minister Vaishnav also said that attention will be given to how these departments can get more skill development and get knowledge of new types of equipment and designs. He informed that under this scheme, assistance will also be provided for the purchase of equipment.

Under this, there will be two types of skill development programs one is 'Basic' and the other is 'Advanced'. Those doing this course will also get stipend. Vaishnav informed that 500 rupees per day will be given to the beneficiaries who take skill training.

The minister said that under this scheme, in the first phase, loans of up to one lakh rupees will be provided, on which subsidized interest will be payable. After the completion of the business, a concessional loan of Rs 2 lakh will be provided in the second phase.

According to an official statement, under the PM Vishwakarma scheme, artisans and craftsmen will be recognized with a PM Vishwakarma certificate and will also be given an identity card. Under this scheme, artisans will be provided incentives and market support in digital transactions.