Finance Minister Nirmala Sitharaman has announced a significant boost for artisans under the PM Vishwakarma Scheme.
The government will provide an 8% interest subsidy to artisans obtaining loans, offering much-needed relief.
Rs 13,000 Crore Budget
PM Narendra Modi has launched the Vishwakarma Scheme, designed for artisans, with a generous budget of Rs 13,000 crore.
This initiative was unveiled in the 2023-24 financial year’s budget.
Finance Minister Nirmala Sitharaman outlined the PM Vishwakarma Scheme, which provides artisans with loans up to Rs 3 lakh at a subsidized interest rate of just 5%, without requiring any collateral.
Artisans who promptly repay their initial one lakh rupee loan under the scheme will receive an additional reward of Rs 2 lakh, creating a strong incentive for timely repayments.
The PM Vishwakarma Yojana extends its benefits to 18 artisan professions, including carpenters, goldsmiths, blacksmiths, masons, stone sculptors, barbers, and boat makers.
Comprehensive Support Package for Artisans
The PM Vishwakarma Scheme not only provides financial assistance but also includes advanced skill training, exposure to modern digital technology, digital payment options, access to global and domestic markets, and brand promotion opportunities.
Skill Training and Financial Incentives for Artisans
Under the PM Vishwakarma Yojana, artisans will receive five days of skill training with a daily payment of Rs 500.
Additionally, they will receive a toolkit incentive of Rs 15,000. The scheme also promotes digital transactions with incentives of up to Re 1 per transaction for the first 100 transactions.