Empowering traditional skills with the ₹13,000-crore Vishwakarma Yojana. Subsidized loans, skill enhancement, and global integration for artisans. Learn how this scheme boosts rural economy and craftsmanship.
New Delhi: The Union Cabinet has given its nod to the ambitious Vishwakarma Yojana, a scheme worth ₹13,000 crore designed to support individuals engaged in traditional crafts and skills.
Subsidized Loans for Craftsmen
Under this initiative, artisans will be eligible for subsidized loans of up to ₹2 lakh with a concessional interest rate of 5%. The announcement was made by Union Minister Ashwini Vaishnaw. The Vishwakarma Yojana is expected to benefit around 30 lakh artisan families, including those involved in weaving, goldsmithing, blacksmithing, laundry work, and barbering.
Prime Minister’s Vision
The decision was made during a meeting of the Cabinet Committee on Economic Affairs, presided over by Prime Minister Narendra Modi. This scheme not only aims to support traditional skills but also to provide favorable loan terms to local workers who play a crucial role in the rural economy.
Empowering Traditional Trades
The PM Vishwakarma Scheme will initially encompass 18 traditional trades. It aims to uphold and nurture the age-old ‘Guru-Shishya parampara’ or family-based practice of traditional skills by artisans who work with their hands and tools.
The scheme’s financial allocation is set at ₹13,000 crore. The first phase will include 18 rural trades, such as carpentry, boat making, blacksmithing, locksmithing, pottery, goldsmithing, barbering, tailoring, masonry, and garland making. Artisans and craftsmen will receive recognition through the PM Vishwakarma certificate and an ID card.
Craftsmen will have access to credit support, starting with ₹1 lakh in the first installment and ₹2 lakh in the second, both at a reduced interest rate of 5%. The scheme also includes provisions for skill enhancement, incentives for toolkits, promotion of digital transactions, and marketing assistance.
Holistic Skilling Approach
Skill development programs will be offered at both basic and advanced levels. Participants undergoing training will receive a daily stipend of ₹500. Additionally, beneficiaries can receive up to ₹15,000 for purchasing modern tools.
Elevating Artisan Quality and Reach
The Vishwakarma Yojana also focuses on enhancing the quality and global outreach of products and services crafted by artisans. The goal is to integrate Vishwakarma artisans into both domestic and global value chains, fostering a broader market presence.