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In a recent announcement, Finance Minister Nirmala Sitharaman unveiled a significant boost for artisans as the government introduced an interest subsidy of up to 8% for loans granted under the newly launched PM Vishwakarma scheme by Prime Minister Narendra Modi. During the scheme's inauguration event, Minister Sitharaman revealed that the government had already allocated a budget of 13,000 crore rupees for the fiscal year 2023-24.
The PM Vishwakarma scheme aims to provide collateral-free loans to artisans at an extremely affordable interest rate of 5%. This initiative covers 18 different activities, including professions such as carpentry, goldsmithing, blacksmithing, masonry, stone sculpting, barbering, and boatmaking. The government will extend loans of up to 3 lakh rupees to beneficiaries, with an initial loan of one lakh rupees, followed by an additional two lakh rupees after 18 months of successful repayment.
Prime Minister Modi officially launched the scheme at the International Convention and Expo Centre, Yashobhoomi, New Delhi, on Vishwakarma Jayanti. During the launch, Mr. Modi emphasized that the scheme provides a glimmer of hope for countless artisans and craftspeople who rely on their skills and craftsmanship.
The primary objective of the Vishwakarma scheme is to enhance the quality and accessibility of products and services while integrating them into both domestic and global value chains. The scheme not only offers financial support to artisans and craftspeople in rural and urban areas across the nation but also aims to preserve and promote age-old traditions, cultures, and diverse heritages through local products, art, and crafts.
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