'Vishwakarma' loan scheme for skilled workers gets Cabinet nod
What's the story
Vishwakarma Yojana—the loan assistance scheme announced by Prime Minister Narendra Modi during his Independence Day address—received approval from the Union Cabinet on Wednesday.
Under this scheme, loans up to Rs. 2 lakh will be provided to skilled workers at subsidized interest rates, said Union Minister Ashwini Vaishnaw.
The scheme has a budget allocation of approximately Rs. 13,000-Rs. 15,000 crore, which will likely benefit 30 lakh craftsmen's families, he added.
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Skilled workers to get subsidized loans
The initiative, named "PM Vishwakarma," would initially cover 18 traditional trades and will cost Rs. 13,000 by 2028, Vaishnaw said.
Skilled workers will be eligible for loan assistance of up to Rs. 1 lakh (in the first tranche) and Rs. 2 lakh (in the second tranche), with a maximum interest rate of 5%.
"Under this scheme, artisans and craftspeople will receive recognition through PM Vishwakarma certificates and ID cards," he added.
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Who will be covered under 'PM Vishwakarma'
This initiative will primarily benefit individuals skilled in traditional craftsmanship, particularly those from the Other Backward Class (OBC) community, including weavers, goldsmiths, blacksmiths, laundry workers, and barbers.
The Vishwakarma scheme's primary focus is on skill development for young people engaged in traditional artisanal work.
The scheme will also provide skill upgradation, toolkit incentive, incentive for digital transactions, and marketing support, the Centre said in a statement.
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Empowering women SHGs with new initiatives
In addition to this initiative, the government is collaborating with women's self-help groups (SHGs) to provide drones for agricultural purposes, PM Modi said on Tuesday.
The goal is to create two crore lakhpati didis in villages by partnering with 15,000 women's SHGs, he said.
The PM assured that these groups would receive loans and training for operating and repairing drones. The government will also supply drones to thousands of such women SHGs to make drone services accessible for agricultural tasks.
What Next?
Boosting India's traditional craftsmanship
Furthermore, PM Modi said that several schemes aimed at reducing poverty, such as the SVANidhi, allocated Rs. 50,000 crore to street vendors, while the PM Kisan Samman Nidhi deposited Rs. 2.5 lakh crore directly into farmers' accounts.
These initiatives have successfully helped 13.5 crore people rise above poverty, he added.
These aforementioned schemes are part of the Modi government's ongoing efforts to empower traditional artisans and women in rural areas and contribute to poverty alleviation.