A day after Prime Minister Narendra Modi announced Vishwakarma Yojana in his Independence Day speech, the Center endorsed the program to increase livelihood opportunities for those engaged in traditional skills.
Making the announcement on Wednesday, Union Minister Ashwini Vaishnaw said Prime Minister Modi at today's Union cabinet meeting endorsed the 'PM Vishwakarma' plan to support people with traditional skills.
Union Minister Ashwini Vaishnaw said under Rs 13,000 crore Vishwakarma Yojana, artisans will be subsidized loans up to Rs 20,000.
"Under the PM Vishwakarma scheme, artisans and craftspeople will get a loan of up to Rs 1 lakh (in the first installment) at 5% interest. This will be the first installment. In the second tranche, credit support up to Rs 2 lakh will be provided at a preferential interest rate of 5%,” said Ashwini Vaishnaw.
The program will focus on financial support for artisans and traditional artisans. In addition, the program will provide advanced professional training.
A subsidy of Rs 500 will be provided for vocational training and Rs 1500 will be provided for the purchase of modern tools.
The program aims to provide comprehensive institutional support to traditional workers by ensuring availability of concessional loans, skill upgrading, toolbox incentives, incentivizing digital transactions and marketing support. Ashwini Vaishnaw said 30,000 families are expected to benefit from Vishwakarma Yojana.
He announced that registration for the program could be done at communal service centers in villages.
The Union minister said all funding for the program would be borne by the central government, but added that support from state governments was needed.
