Vishwakarma Yojana: On the occasion of Vishwakarma Jayanti on September 17, PM Modi introduced the PM Vishwakarma Yojana to offer financial assistance to the workforce. According to the Finance Minister, under the programme, employees will receive Rs 500 per day for training. They will also receive a credit of Rs 3 lakh at the same time, and an up to 8% interest subsidy has been offered.
8% Subsidy on Loans for Vishwakarma Craftsmen
The government will offer a subsidy of up to 8% on loans given to craftsmen as part of the Vishwakarma initiative, according to Finance Minister Nirmala Sitharaman. According to the Finance Minister, the government already allocated Rs 13,000 crore for this programme in the Budget for 2023–24. According to the Finance Minister, the Vishwakarma Scheme will provide craftsmen with a collateral-free loan up to Rs 3 lakh at a moderate interest rate of 5%. The beneficiary, according to him, will initially receive a loan of Rs 1 lakh, and after repaying it for 18 months, he will be eligible for an extra Rs 2 lakh.
Vishwakarma Scheme’s Holistic Approach
The Finance Minister said that 18 professions related to traditional works including boat makers, masons, stone sculptors, goldsmiths, blacksmiths and carpenters have been included in the scheme. The government has brought this scheme with the aim of providing financial help to the workers associated with these professions and improving their living standards by making them financially strong. Along with financial support, the Vishwakarma Scheme offers benefits like contemporary education, familiarity with cutting-edge digital procedures, knowledge of efficient green technologies, brand marketing, integration with regional and global markets, digital payments, social security, etc.
Envisioning a Brighter Future for 30 Lakh Families
Currently, 30 lakh families will benefit from the programme; however, this figure may rise in the future. Each beneficiary, according to him, will be identified using a three-layer method, and each will receive five days of skill training along with a daily payout of Rs 500. In addition, a grant of Rs 15,000 will be provided as a toolkit incentive, and a digital transaction incentive of Rs 1 per transaction up to 100 online transactions per month will also be provided. This will greatly benefit the Scheduled Castes, Scheduled Tribes, OBCs, women and weaker sections.
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