Union Cabinet approved a ₹13,000 crore PM Vishwakarma scheme, about 30 lakh traditional artisans and craftsmen, including weavers, goldsmiths, blacksmiths, laundry workers, and barbers will get benefit.

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The Union Cabinet has greenlit the implementation of the PM Vishwakarma scheme, a significant initiative valued at ₹13,000 crore. Designed to empower and uplift traditional artisans and craftsmen, including categories such as weavers, goldsmiths, blacksmiths, laundry workers, and barbers, this scheme is poised to have a positive impact on the lives of around 30 lakh individuals.

In a notable move, Prime Minister Narendra Modi led the approval during a Union Cabinet meeting. The scheme, aptly named ‘PM Vishwakarma,’ aims to provide essential support to those skilled in traditional crafts. Union Minister Ashwini Vaishnaw shared insights into the scheme’s provisions, highlighting that it centers on offering loans with a generous upper limit.

Under the framework of the scheme, artisans and craftsmen will have access to loans amounting to ₹1 lakh in the initial phase, with a noteworthy emphasis on flexible terms. This financial boost will facilitate the furtherance of their crafts and businesses. Notably, a second tranche of funding, totaling ₹2 lakh, will be made available subsequently, bolstering the beneficiaries’ journey toward entrepreneurship and growth.

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One of the remarkable facets of the PM Vishwakarma scheme is the incredibly concessional interest rate attached to the loans. Eligible individuals will benefit from a significantly reduced interest rate of merely 5 per cent. This strategic move seeks to make the financial aid not only accessible but also sustainable for the beneficiaries, allowing them to make the most of the opportunity without the burden of exorbitant interest rates.

The announcement of the PM Vishwakarma scheme by Prime Minister Modi itself lends immense significance to the initiative. During his recent address on Independence Day, he unveiled this visionary scheme, thereby highlighting the government’s commitment to uplifting traditional occupations and empowering those who have honed their skills in these fields.

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In essence, the approval of the PM Vishwakarma scheme marks a pivotal step in promoting and preserving India’s rich legacy of traditional crafts and skills. By offering financial support through subsidised loans and an impressively low-interest rate, the scheme not only acknowledges the contribution of artisans and craftsmen to the cultural tapestry of the nation but also serves as a catalyst for their socio-economic advancement. As this scheme comes into effect, it is poised to herald a new era of growth and prosperity for countless traditional artisans across various domains, fostering a more robust and empowered grassroots economy.

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