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.
More to follow…