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The “PM Vishwakarma” program, which would assist almost 30 lakh traditional craftsmen and craftspeople, including weavers, goldsmiths, blacksmiths, laundry workers, and barbers, has been given government clearance with a budget of Rs 13,000 crore.
The ‘PM Vishwakarma’ plan to aid those with specialized knowledge was authorized by the Modi administration on Wednesday. Loans up to Rs 1 lakh would be made available under this program with flexible conditions. The choice was made during today’s Union Cabinet meeting. Approximately 30 lakh traditional artisans and craftsmen, including weavers, goldsmiths, blacksmiths, laundry workers, and barbers, would benefit from the plan, which the government has authorized for Rs 13,000 crore.
The project was introduced by Prime Minister Narendra Modi in his Independence Day speech on Tuesday.
The plan will be introduced on September 17 on Vishwakarma Jayanti, the prime minister declared.
Who will benefit from the PM Vishwakarma plan?
- As part of the initiative, craftsmen would receive subsidized loans of Rs 1 lakh in the first phase and Rs 2 lakh in the second, communications minister Ashwini Vaishnaw said during the Cabinet meeting.
- The interest rates on the loans will be 5 percent below market rates.
- The majority of them belong to the Other Backward Class (OBC) society and include carpenters, goldsmiths, masons, laundry workers, and barbers.
Key features of PM Vishwakarma’s plan
- In the first phase, the government would offer loans for businesses of up to Rs 1 lakh, and in the second phase, up to Rs 2 lakh.
- The Vishwakarma plan would support about 30 lakh families, which entails that the government will assist one member from each family.
- It will provide the artisans with financial help.
- People will benefit from the program’s advanced skill training.
- The most recent technology will be available to the recipients.
- Paperless transactions.
- access to the worldwide market for craftspeople on a large scale.
- A stipend of Rs. 500 each day.