The Modi government on Wednesday approved the ‘PM Vishwakarma’ scheme to support people with traditional skills. Under this scheme, loans up to Rs 1 lakh will be provided on liberal terms. The decision was taken in the Union Cabinet meeting held today. The government has approved Rs 13,000 crore for the scheme which will benefit about 30 lakh traditional artisans and craftsmen, including weavers, goldsmiths, blacksmiths, laundry workers, and barbers.
Prime Minister Narendra Modi made the announcement about the scheme in his Independence Day address on Tuesday.
The prime minister announced that the scheme will be launched on Vishwakarma Jayanti on September 17.
Who will benefit from PM Vishwakarma scheme?
- Under the scheme, craftsmen will be provided a subsidised loan of Rs 1 lakh in the first phase, and another Rs 2 lakh in the second phase, communications minister Ashwini Vaishnaw said after the Cabinet meeting.
- The loans will be provided at a concessional interest rate of 5 per cent.
- The Rs 13,000 crore scheme will provide strength to carpenters, goldsmiths, masons, laundry workers, and barbers, who mostly belong to the Other Backward Class (OBC) community.
Key highlights of PM Vishwakarma scheme
- The government will provide loans of up to Rs 1 lakh for business in the first phase while up to Rs 2 lakh in the second phase.
- Around 30 lakh families will be supported in the Vishwakarma scheme which means one person from each family will get government's support.
- It will give financial support to the craftsmen.
- The shceme will help poeple in advance skill training.
- The beneficiaries will have acess to the latest technology.
- Paperless payments
- Wide-scale and access of artisans to the global market
- Rs 500 per day stipend
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