According to Finance Minister Nirmala Sitharaman, the government will provide a subsidy of up to 8 per cent for loans made to craftsmen as part of the Vishwakarma Yojana, which Prime Minister Narendra Modi unveiled on Sunday. In the Budget 2023–24, the government has already set aside Rs 13,000 crore, she added at the Yojana’s inauguration event.
The finance minister explained the Vishwakarma Yojana and stated that artisans would be given collateral-free loans at a very reasonable interest rate of 5 per cent.
According to her, the programme encompasses 18 professions, including boat builders, masons, stone sculptors, goldsmiths, blacksmiths, and carpenters. The government would also offer loans up to Rs 3 lakh.
She stated that the beneficiary would first receive a Rs 1 lakh loan and would be eligible for an extra Rs 2 lakh after an 18-month repayment period.
The scheme’s components will also include access to advanced skill training, knowledge of cutting-edge digital procedures, familiarity with effective green technologies, brand marketing, integration with regional and international markets, digital payments, and social security in addition to financial support.
She added that identification of each beneficiary will be done using a three-layer method and that each beneficiary would receive skill training for five days with a daily payment of Rs 500.
Besides, a Rs 15,000 grant will be provided as a toolkit incentive and an incentive for digital transactions of Rs 1 per transaction for up to 100 transactions monthly.
This will greatly benefit the Scheduled Castes, Scheduled Tribes, OBCs, women and people belonging to the weaker sections.
(With inputs from PTI)
