Govt to provide up to 8%
interest subsidy for Vishwakarma Yojana: FM
Finance Minister Nirmala
Sitharaman said the government will offer up to 8 per cent subsidy for loans
given to artisans under the Vishwakarma Yojana launched by Prime Minister
Narendra Modi on Sunday.
The government has
already made a provision of Rs 13,000 crore in the Budget 2023-24, she said
during the launch event of the Yojana.
Sharing the details of
Vishwakarma Yojana, the finance minister said collateral-free loans to artisans
would be provided at a very affordable interest rate of 5 per cent.
The scheme covers 18
activities including carpenter, goldsmith, blacksmith, mason, stone sculpture,
barber and boatmakers, she said, adding, the government will provide up to Rs 3
Initially, she said, Rs 1
lakh loan will be given and the beneficiary would be eligible for an additional
Rs 2 lakh after repayment schedule of 18 months.
The components of the
scheme will include not only financial support but also access to advanced
skill training, knowledge of modern digital techniques and efficient green
technologies, brand promotion, linkage with local and global markets, digital
payments, and social security.
Each beneficiary would
get skill training of 5 days with a daily stipend of Rs 500, she said, adding
identification of each beneficiary would be done through a three-layer
Besides, a Rs 15,000
grant will be provided as a toolkit incentive and an incentive for digital
transactions of Rs 1 per transaction for up to 100 transactions monthly.
This will greatly benefit
the Scheduled Castes, Scheduled Tribes, OBCs, women and people belonging to the