PM Vishwakarma Scheme: Rs 1 Lakh Loan At 5% Interest For Artisans And Craftsmen

The Modi government on Wednesday granted its approval for the 'PM Vishwakarma' initiative aimed at bolstering individuals with traditional expertise. This scheme will facilitate loans of up to Rs 1 lakh under favorable conditions. The decision was reached during the present Union Cabinet meeting. An allocation of Rs 13,000 crore has been sanctioned for the scheme, expected to benefit around 30 lakh traditional artisans and craftspeople, including weavers, goldsmiths, blacksmiths, laundry workers, and barbers.

Prime Minister Narendra Modi introduced the scheme during his Independence Day address on Tuesday.

The prime minister revealed that the program is set to be inaugurated on Vishwakarma Jayanti, observed on September 17.

Who will benefit from the PM Vishwakarma Scheme?

In the initial phase of the scheme, artisans will have access to a subsidized loan of Rs 1 lakh, followed by an additional Rs 2 lakh in the second phase, as articulated by Communications Minister Ashwini Vaishnaw post the Cabinet meeting. These loans will be extended at an advantageous interest rate of 5 percent. Valued at Rs 13,000 crore, the scheme will lend support to carpenters, goldsmiths, masons, laundry workers, and barbers, primarily hailing from the Other Backward Class (OBC) community.

During the 77th Independence Day address from the Red Fort's ramparts, the Prime Minister made a proclamation. He stated, "In the upcoming days, we are set to introduce a scheme on the auspicious occasion of Vishwakarma Jayanti, aimed at uplifting individuals possessing traditional artisanal skills, particularly those hailing from the OBC community. The 'Vishwakarma Yojana' will empower families involved in activities like weaving, goldsmithing, blacksmithing, laundry services, barbering, and related trades. The scheme will commence with an initial allocation of approximately 13,000-15,000 crore rupees."