Centre Approves PM Vishwakarma Yojana; Subsidised Loans At 5% Interest For 18 Traditional Trades

New Delhi: A day after Prime Minister Narendra Modi announced Vishwakarma Yojana from the ramparts of Red Fort, the Union Cabinet on Wednesday approved the Rs 13,000-cr scheme to support those engaged in traditional skills.

Under the scheme, craftsmen will get credit support up to Rs 1 lakh (first tranche) and Rs 2 lakh (second tranche) with a concessional interest rate of 5%.

Announcing the details, Union Minister Ashwini Vaishnaw said the Vishwakarma Yojana will benefit 30 lakh craftsmen families. “Under the scheme, artisans and craftspeople will be provided loan up to Rs 1 lakh at 5% interest. This will be the first tranche. In the second tranche, credit support up to Rs 2 lakh will be provided, ” he said.

Apart from this, advanced skill training will be provided under the scheme. While Rs 500 stipend will be provided for skill training and Rs 1500 will be given to purchase modern tools. There will also be incentive for digital transactions and marketing support.

Vaishnaw further said that registration for the scheme can be done at common services centres in villages.

Eighteen traditional trades will be covered in the first instance.

In his address to the nation on the 77th Independence Day, PM Modi had announced the launch of a scheme on the occasion of Vishwakarma Jayanti with an allocation of Rs 13,000 crore to Rs 15,000 crore for those with traditional skills, particularly from the OBC community. “Weavers, goldsmiths, blacksmiths, laundry workers, barbers, and such families will be empowered through the ‘Vishwakarma Yojana’,” he had added.