News Details
Category : Economy
Headline : Govt to provide up to 8% interest subsidy for Vishwakarma Yojana: FM
Date: 18/09/2023 11:43
Finance Minister Nirmala Sitharaman announced that the government is introducing the Vishwakarma Yojana, inaugurated by Prime Minister Narendra Modi, aiming to provide artisans with loans at a subsidized interest rate of up to 8%.

The government has allocated Rs 13,000 crore in the 2023-24 Budget to fund this initiative. Under the scheme, collateral-free loans of up to Rs 3 lakh will be offered to artisans engaged in 18 activities such as carpentry, goldsmithing, blacksmithing, masonry, stone sculpting, barbering, and boatmaking. Initially, a loan of Rs 1 lakh will be granted, with an additional Rs 2 lakh available after successful repayment within 18 months.

The program encompasses financial assistance, advanced skill training, digital knowledge, green technology utilization, brand promotion, market linkage, digital payments, and social security. Beneficiaries will receive five days of skill training with a daily stipend of Rs 500, and identification will follow a three-layer approach.

Additionally, a toolkit incentive of Rs 15,000 and a digital transaction incentive of Rs 1 per transaction (up to 100 transactions monthly) will be provided. This initiative aims to particularly benefit marginalized groups such as Scheduled Castes, Scheduled Tribes, Other Backward Classes, women, and individuals from economically weaker sections.