PM Vishvakarma Scheme: A day after Prime Minister Narendra Modi made the announcement of the PM Vishvakarma Scheme, the Union Cabinet on Wednesday gave its nod to the scheme to provide cheap loans to workers engaged in skill-based works. Under this scheme, 13 thousand crore rupees will be spent in five years. 

PM Modi, While addressing the nation from rampant Red Fort on Independence Day, announced the Vishvakarma scheme. The Prime Minister informed that the scheme would be launched on the occasion of Vishwakarma Jayanti in September to provide assistance to the workers engaged in skill-related works.

Cabinets approve the Scheme

The day after Independence Day the scheme was approved in the Union Cabinet meeting that was held on the next day of Independence Day i.e. August 16. The meeting was chaired by Prime Minister Narendra Modi. 

Union Minister Ashwini Vaishnav, while addressing the media after the meeting, informed that the Union Cabinet has approved the PM Vishwakarma Yojana, which will cost Rs 13,000 crore.

Loan Up to 5% interest

Minister informed that in the first phase of PM Vishwakarma Yojana, a loan of up to one lakh rupees will be provided to skilled workers, on which the interest rate will be a maximum of 5 percent. 15 thousand rupees will be given to buy modern equipment.

In the second phase, eligible workers will be eligible to get a loan of Rs 2 lakh each. Skilled workers and craftsmen will also be given a PM Vishwakarma certificate and identity card. 

30 lakh workers will be benefitted

The Union Minister informed that the PM Vishwakarma Yojana will initiate from September 17 on the occasion of Vishwakarma Jayanti. Rs 13,000 crore would be spent in five years from the financial year 2023-24 to the financial year 2027-28. The scheme will benefit 30 lakh traditional artisans.

Blacksmiths, washermen, florists, potters, masons, fish net weavers, locksmiths, sculptors, etc. are listed among the potential artisans who will benefit from the scheme. 

Skill training

 PM Vishwakarma Yojana will ensure that skilled and traditional workers should be aware of all types of equipment and designs pertaining to their work. 

 Basic and advanced skill development courses will be conducted under the scheme. As per official information, workers doing the course will be given Rs 500 per day as a stipend.

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