Vishwakarma Yojana worth ₹13,000 crore approved by Cabinet; artisans to receive loans up to ₹2 lakh

During a Union Cabinet meeting held today, Prime Minister Narendra Modi gave his approval for the implementation of the ‘PM Vishwakarma’ scheme, a new initiative designed to provide support to individuals possessing traditional skills. The scheme aims to assist traditional artisans and craftsmen by offering loans up to ₹1 lakh with flexible terms. The announcement was made by Union Minister Ashwini Vaishnaw.

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Under the newly approved scheme, the Union Cabinet has allocated a substantial budget of ₹13,000 crore. This scheme is expected to benefit approximately 30 lakh traditional artisans and craftsmen, encompassing diverse professions such as weavers, goldsmiths, blacksmiths, laundry workers, and barbers.

Ashwini Vaishnaw, the Minister of Communications, shared more insights about the scheme after the Cabinet meeting. According to him, the artisans and craftsmen will receive a subsidized loan of ₹1 lakh in the initial installment, followed by an additional ₹2 lakh in the subsequent phase. The loans will be offered at a concessional interest rate of 5 per cent.

Furthermore, the PM Vishwakarma scheme will extend various support measures to these artisans and craftspeople. These include the issuance of a PM Vishwakarma certificate and ID card, credit support of up to ₹1 lakh in the first installment and ₹2 lakh in the second installment, a low-interest rate of 5%, skill enhancement opportunities, incentives for obtaining toolkits, rewards for engaging in digital transactions, and marketing assistance.

The overarching objective of the scheme is to strengthen and nurture the age-old tradition of Guru-Shishya parampara (mentor-disciple relationship) within families engaged in traditional artisanal practices. This scheme also seeks to enhance the quality and global outreach of products and services created by artisans and craftspeople, thereby integrating them more effectively into both domestic and international value chains.

The scope of the scheme extends across rural and urban areas throughout India. In its initial phase, the scheme will cover eighteen traditional trades, each representing a specific artisanal skill set. These include carpentry, boat making, armory, blacksmithing, tool kit making, locksmithing, goldsmithing, pottery, sculpture, cobbling, masonry, basket weaving, doll and toy making, barbering, garland making, laundry work, tailoring, and fishing net production.

Prime Minister Narendra Modi announced this transformative scheme during his Independence Day address on Tuesday. The scheme’s comprehensive provisions and financial support signify the government’s commitment to preserving, nurturing, and elevating India’s rich tradition of traditional skills and craftsmanship.

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