Craftsmen to Receive Subsidized Loans through ₹13,000-crore Vishwakarma Yojana

Loans through ₹13,000-crore Vishwakarma Yojana

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.
“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 subsidised loan of Rs. 1 lakh in the first tranche and Rs. 2 lakh in the second tranche under the program. The loans will be offered at a 5% discounted interest rate.

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 lakh (Second Tranche) at a 5% concessionary interest rate. The Scheme would also offer marketing assistance, toolkit incentives, skill upgradation, and incentives for digital transactions.

The program aims to support and foster the family-based practice of traditional skills by craftsmen and craftspeople using their hands and tools, or the Guru-Shishya parampara. The program also aims to increase the value and accessibility of the goods and services provided by artists and craftspeople as well as to make sure that the Vishwakarmas are included in both local and international value chains. The program will assist artisans and crafters.


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 & Toy Maker (Traditional); (x) Cobbler


In his Independence Day speech on Tuesday, Prime Minister Narendra Modi announced the program.




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