The Centre approved the Vishwakarma Yojana, a program to boost livelihood prospects for those practicing traditional skills, a day after Prime Minister Narendra Modi announced it in his Independence Day address.
Union Minister Ashwini Vaishnaw made the statement on Wednesday, stating that PM Modi authorized the “PM Vishwakarma” program to help those with traditional talents during today’s Union Cabinet meeting.
Craftsmen would receive subsidized loans up to Rs 2 lakh under the Rs 13,000 crore Vishwakarma Yojana, according to Union minister Ashwini Vaishnaw.
“Under the PM Vishwakarma scheme, artisans and craftspeople will be provided loan upto Rs 1 lakh (in the first tranche) at 5% interest. This will be the first tranche. In the second tranche, credit support up to Rs 2 lakh will be provided at a concession interest rate of 5%, ” Ashwini Vaishnaw said.
The program intends to give traditional employees comprehensive institutional assistance by ensuring access to financing with flexible terms, skill development, toolbox incentives, incentives for digital transactions, and marketing help.
