The Centre approved the Vishwakarma Yojana, a programme to increase economic prospects for those practising traditional skills, a day after Prime Minister Narendra Modi announced it in his Independence Day address.
Union Minister Ashwini Vaishnaw made the statement on Wednesday, stating that PM Modi authorised the "PM Vishwakarma" programme to help those with traditional talents during today's Union Cabinet meeting.Craftsmen would receive subsidised loans up to Rs 2 lakh under the Rs 13,000 crore Vishwakarma Yojana, according to Union minister Ashwini Vaishnaw.
"Artisans and craftspeople would be eligible for loans up to Rs 1 lakh (in the first tranche) at 5% interest under the PM Vishwakarma scheme. The first tranche will be this. Credit support up to Rs 2 lakh would be offered in the second tranche at a 5% concessional interest rate, according to Ashwini Vaishnaw.
Giving traditional craftspeople financial support will be the main focus of the programme. Additionally, the programme will include education in higher skill sets. For skill development, a stipend of Rs. 500 will be provided, and Rs. 1500 will be allocated for the purchase of modern tools.
The programme intends to give traditional employees comprehensive institutional assistance by ensuring access to financing with flexible terms, skill development, toolbox incentives, incentives for digital transactions, and marketing help.
According to Ashwini Vaishnaw, the Vishwakarma Yojana is anticipated to assist 30 lakh families. He stated that common service facilities in villages are where people can register for the programme.The Union minister stated that the federal government would be responsible for funding the entire programme but stressed that state governments' assistance would be required.
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