New Delhi: During the launch event of the Vishwakarma Scheme, the Finance Minister, Nirmala Sitharaman, announced a significant initiative to provide an 8% interest subsidy on loans. The government has already allocated Rs 13,000 crore in the Budget for the fiscal year 2023-24 to support this endeavor.
Under this scheme, collateral-free loans will be extended to artisans at an attractive interest rate of 5%. The program encompasses a wide range of 18 activities, including professions such as carpentry, goldsmithing, blacksmithing, masonry, stone sculpture, barbering, boat making, and more.
Beneficiaries of the program will have access to loans of up to Rs 3 lakh. Initially, loans of up to Rs 1 lakh will be disbursed, and upon successful repayment within 18 months, recipients will become eligible for an additional Rs 2 lakh.
The Vishwakarma Scheme is comprehensive in its approach and not only offers financial support but also includes provisions for advanced skill training, knowledge of modern digital technology, brand promotion, linkage with local and global markets, digital payment facilities, and social security measures.
Beneficiaries will receive five days of skill training with a daily stipend of Rs 500. The selection of beneficiaries will be conducted using a three-layer approach.
Furthermore, the scheme offers a toolkit incentive of Rs 15,000 to recipients, as well as an additional incentive of Rs 1 per transaction for digital transactions, up to a maximum of 100 transactions per month. This initiative aims to empower and uplift artisans across various professions, promoting skill development and financial stability.
