Govt to provide up to 8% interest subsidy for Vishwakarma Yojana: FM

The government has already made a provision of Rs 13,000 crore in the Budget 2023-24, she said during the launch event of the Yojana

Nirmala Sitharaman, nirmala sithraman in parliament

Press Trust of India New Delhi

Listen to This Article

Finance Minister Nirmala Sitharaman said the government will offer up to 8 per cent subsidy for loans given to artisans under the Vishwakarma Yojana launched by Prime Minister Narendra Modi on Sunday.
The government has already made a provision of Rs 13,000 crore in the Budget 2023-24, she said during the launch event of the Yojana.
Sharing the details of Vishwakarma Yojana, the finance minister said collateral-free loans to artisans would be provided at a very affordable interest rate of 5 per cent.
The scheme covers 18 activities including carpenter, goldsmith, blacksmith, mason, stone sculpture, barber and boatmakers, she said, adding, the government will provide up to Rs 3 lakh loan.
Initially, she said, Rs 1 lakh loan will be given and the beneficiary would be eligible for an additional Rs 2 lakh after repayment schedule of 18 months.
The components of the scheme will include not only financial support but also access to advanced skill training, knowledge of modern digital techniques and efficient green technologies, brand promotion, linkage with local and global markets, digital payments, and social security.

Also Read

Social security schemes safeguard underprivileged financially: Sitharaman

Post-pandemic development requirements becoming lot more focussed: FM

Nirmala Sitharaman's Daughter Parakala Vangamayi ties knot in Bengaluru

Construction workers to get welfare schemes' benefits through DBT: Delhi LG

Welfare and politics: PM Modi makes 2024 poll pitch with four schemes

Likely to default on monthly repayment? SBI will send you a chocolate

Sidbi to raise Rs 10,000 cr from rights issue to expand equity capital

REC clears Rs 6,075 cr loan to Greenko, Rs 3,081 cr to Serentica Renewables

Auditors should embrace technology, contribute to nation building: FM

SAT stays Sebi's directions in open offer for Federal-Mogul Goetze

Each beneficiary would get skill training of 5 days with a daily stipend of Rs 500, she said, adding identification of each beneficiary would be done through a three-layer approach.
Besides, a Rs 15,000 grant will be provided as a toolkit incentive and an incentive for digital transactions of Rs 1 per transaction for up to 100 transactions monthly.
This will greatly benefit the Scheduled Castes, Scheduled Tribes, OBCs, women and people belonging to the weaker sections.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sep 17 2023 | 9:07 PM IST

Explore News