PM Vishwakarma Loans Empower Artisans Across India
The Indian government has sanctioned loans worth Rs 1,751 crore to artisans and craftspeople under the PM Vishwakarma Scheme as of October 31, 2023, the Parliament was informed. The beneficiaries include blacksmiths, masons, potters, carpenters, and tailors.
Government Efforts to Support Artisans
Minister of State for Finance Pankaj Chaudhary revealed in a written reply to the Rajya Sabha that various measures have been implemented to ensure easy access to credit, particularly in rural regions. This aims to address financial challenges faced by artisans.
Key Figures and Achievements
- Over 2.02 lakh accounts opened under the scheme.
- Total sanctioned loans: Rs 1,751.20 crore.
- Toolkit incentives: Close to 10 lakh beneficiaries received e-vouchers up to Rs 15,000 for modern tool purchases.
PM Vishwakarma Scheme Overview
Launch Date: September 17, 2023
Financial Outlay: Rs 13,000 crore (FY 2023-24 to FY 2027-28)
The scheme supports 18 traditional trades, offering financial assistance and business development opportunities. Loan Details:
- Interest Rate: 5% (subsidized by the government)
- Interest Subvention: 8% provided by the Government of India.
- Loan Repayment Tenure: 18 months (first tranche), 30 months (second tranche).
Skill Development Initiatives
Formal Basic Skill Training has been introduced across 26 States/UTs to modernize and upgrade traditional skills. This initiative aims to empower artisans to become self-reliant entrepreneurs.
IMPORTANT FAQs:
1. What is the PM Vishwakarma Scheme?
The PM Vishwakarma Scheme supports traditional artisans and craftspeople with financial aid, skill training, and business development opportunities.
2. Who qualifies for the scheme?
Artisans from 18 specified trades, including blacksmiths, carpenters, tailors, and masons, are eligible.
3. How much loan can artisans get?
Loans up to Rs 1 lakh (first tranche) and Rs 2 lakh (second tranche) are available at subsidized interest rates.
4. What benefits are offered under the scheme?
Financial aid, modern toolkits, skill development training, and subsidized interest rates are provided.
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