The finance minister, Nirmala Sitharaman, said the government will offer up to 8% subsidy for loans given to artisans under the PM Vishwakarma Yojana.
Under the scheme, collateral-free credit support up to Rs 1 lakh in the first tranche and Rs 2 lakh in the second tranche at a concessional interest rate of 5% will be provided, she said. Also, an incentive for digital transactions and marketing support is also provided under the scheme.
Highlighting the scheme, Sitharaman said the scheme covers 18 types of artisans and craftspeople, including carpenter, goldsmith, blacksmith, mason, stone sculpture, barber, and boat maker.
Sitharaman said a Rs 1 lakh loan will be given, and the beneficiary would be eligible for an additional Rs 2 lakh after a repayment schedule of 18 months.
With a sustained focus on giving support to the people engaged in traditional crafts, the scheme is driven by the desire to not only support the artisans and craftspeople financially but also to keep the age-old tradition, culture, and diverse heritage alive and flourishing through local products, art, and crafts.
The prime minister, Narendra Modi, launched a key scheme for the craftsmen and artisans named – PM Vishwakarma Yojana – with a total outlay of Rs 13,000 crores, on Sunday. Any Indian resident who is an artisan or craftsperson and 18 years or above are eligible to apply under the scheme.
It is to be noted that those who have availed benefits under PMEGP, PM SVANidhi, or Mudra loan will not be eligible to register under the VIshwakarma scheme.