Cabinet approves ₹13,000-crore budget , craftsman to get loan at subsidised rate

The Union Cabinet has approved the ₹13,000 crore PM Vishwakarma scheme, designed to benefit around 30 lakh traditional artisans and craftsmen.

This initiative aims to provide support to individuals with traditional skills, including weavers, goldsmiths, blacksmiths, laundry workers, and barbers. Ashwini Vaishnaw announced that under the scheme, artisans will receive loans of up to ₹1 lakh on favorable terms.

The scheme also entails offering craftsmen a subsidized loan of ₹1 lakh initially, followed by an additional ₹2 lakh in the second phase, at a concessional interest rate of 5%.

This program will grant artisans recognition through the PM Vishwakarma certificate and ID card, along with credit support, skill enhancement, toolkit incentives, support for digital transactions, and marketing assistance.

The scheme aims to benefit artisans from both rural and urban areas across India and will cover eighteen traditional trades in its initial phase.