Union Cabinet Approves Rs 13,000 Crore PM Vishwakarma Scheme For Traditional Workers

Prime Minister Narendra Modi led Union Cabinet on Wednesday (16 August) approved the Pradhan Mantri Vishwakarma Scheme to support traditional artisans and craftspeople of rural and urban India.

The scheme has been approved with a budgetary outlay of Rs 13,000 crore.

This comes a day after PM Modi announced in his Independence Day speech that the 'Vishwakarma' scheme would be launched for the traditional workers, who hail mostly from the OBC community.

Under this scheme, loans up to Rs 1 lakh will be provided on liberal terms, Union Electronics and IT Minister Ashwini Vaishnaw said in a press briefing after the Cabinet meeting.

The scheme will benefit around 30 lakh craftsmen families, the minister added.

According to an official release, 18 traditional trades will be covered in the first instance under the scheme.

Further, artisans and craftspeople will be provided recognition through PM Vishwakarma certificate and identity card under the scheme.

The scheme will provide credit support of Rs 1 lakh (first tranche) and Rs 2 lakh (second tranche) with a concessional interest rate of 5 per cent will be provided to the traditional workers.

It will also provide skill upgradation, toolkit incentive, and incentive for digital transactions and marketing support.