Union Cabinet Allocates Rs 13,000 Crore to Aid 30 Lakh Artisans Under PM Vishwakarma Initiative

New Delhi: The recent meeting of the Union Cabinet resulted in the approval of the PM Vishwakarma scheme, which has been allocated a budget of Rs 13,000 crore. This initiative is expected to benefit 30 lakh traditional artisans and craftsmen who possess various skills such as weaving, goldsmithing, blacksmithing, laundry work and barbering.

Prime Minister Narendra Modi announced this scheme during his Independence Day speech. Communications Minister Ashwini Vaishnaw further explained the details of the scheme after the Cabinet meeting, particularly focusing on its financial support structure. The essence of the scheme lies in offering artisans a two-tier loan system. Initially, craftsmen can access a loan of up to Rs 1 lakh. Subsequently they have the option to apply for a loan amounting to Rs 2 lakh.

A noteworthy aspect of this scheme is that these loans will be provided at an interest rate. Artisans will have the opportunity to repay their borrowed amount at a reduced interest rate of 5 percent. This provision ensures sustainability and empowerment for workers.

To add value to this program, Prime Minister Modi announced that the official introduction of the PM Vishwakarma scheme will take place on September 17, which coincides with Vishwakarma Jayanti. This synchronicity represents the respect and significance given to artisans and craftsmen in India’s economic landscape.