Finance Minister Nirmala Sitharaman announced that under the PM Vishwakarma yojana, artisans taking loans will receive a subsidy of up to 8% on interest. Initially, a loan of one lakh rupees will be provided under this scheme, and once the beneficiary repays this loan, an additional two lakh rupees will be reimbursed.
The PM Vishwakarma yojana offers loans at a maximum interest rate of 5% with a subsidy from the government.
The scheme primarily benefits artisans such as blacksmiths, goldsmiths, ironworkers, stonemasons, and those involved in making idols and boats.
New Delhi, Business Desk: Finance Minister Nirmala Sitharaman has announced that under the PM Vishwakarma Scheme, the government will provide a subsidy of up to 8% on interest to artisans taking loans. This will directly benefit those artisans who take loans, offering significant relief.
To provide more details about the PM Vishwakarma Scheme, Finance Minister Nirmala Sitharaman stated that under this scheme, the government will provide loans to artisans at an affordable rate of interest, without any collateral, at an interest rate as low as 5% for loans of up to three lakh rupees.
To begin with, a loan of one lakh rupees will be given under the scheme, and as soon as the beneficiary repays this loan, an additional two lakh rupees will be paid to them.
The PM Vishwakarma Scheme extends its benefits to 18 different occupations, including artisans involved in carpentry, jewelry making, ironwork, stonemasonry, and boat building.
Additionally, the scheme includes financial assistance along with advanced skill training, knowledge of modern digital technology, digital payments, linking to global and domestic markets, and brand promotion.
Under the PM Vishwakarma Scheme, artisans will receive five days of training, along with a daily payment of 500 rupees during this training period. Moreover, a grant of 15,000 rupees will be given as a toolkit incentive. Furthermore, to promote digital transactions, an incentive of up to one rupee per transaction will be provided for the first 100 transactions.
The PM Vishwakarma Scheme aims to support and uplift artisans across various crafts and trades by providing them with access to affordable loans and promoting skill development and digital integration.