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Business News/ News / India/  PM Vishwakarma takes off with 13K crore for artisans

PM Vishwakarma takes off with ₹13K crore for artisans

Under the scheme, artisans would get collateral-free credit of up to ₹3 lakh at a concessional interest rate of 5%.

Prime Minister Narendra Modi with a 'Vishwakarma' during the launch of the PM Vishwakarma Scheme, in New Delhi. (PTI)Premium
Prime Minister Narendra Modi with a 'Vishwakarma' during the launch of the PM Vishwakarma Scheme, in New Delhi. (PTI)

NEW DELHI : Prime minister Narendra Modi on Sunday launched a 13,000 crore PM Vishwakarma scheme that aims to help artisans and craftsmen with collateral-free loans and other financial incentives and training for upskilling.

Under the scheme, artisans would get collateral-free credit of up to 3 lakh at a concessional interest rate of 5%.

They will be provided recognition through PM Vishwakarma certificates and ID cards, skill upgradation involving basic and advanced training, toolkit incentive of 15,000, collateral-free credit support (up to 1 lakh in the first tranche and 2 lakh in the second) at a concessional interest rate of 5%, incentives for digital transactions and marketing support.

Addressing artisans and the nation in the run-up to assembly elections are due in Rajasthan and Madhya Pradesh and the general elections next year, Modi on Sunday said the Bharatiya Janata Party (BJP)-led government is the “only government" to look after the deprived people of the country.

The Prime Minister while launching the Vishwakarma scheme described the credit guarantee for loans under the scheme as “Modi’s guarantee" and also described himself as “son of the poor".

Artisans and craftsmen would have to repay the 1 lakh loan from the first tranche within 18 months to qualify for the second tranche of 2 lakh.

Eligible artisans will be identified through a three-layer verification process—by gram panchayats, district collectors and by state-appointed committees.

Addressing a conference at the India International Convention and Expo Centre—‘Yashobhoomi’—at Dwarka, Modi said that during the training period 500-per-day allowance will be paid to traditional craftspeople.

A total of 18 traditional craftspeople will be covered under the scheme. These, according to the government, are: carpenters, boat makers, armourers, blacksmiths, hammer and tool kit makers, locksmiths, goldsmiths, potters, sculptors, stone breakers, cobblers, masons (Rajmistri), basket, mat, broom makers, coir weavers; traditional toy makers, barbers, garland makers, washermen, tailors and fishing net makers.

The Prime Minister reiterated his call for people to buy locally-made products and said: “We have to reiterate our pledge to be ‘vocal for local’. First we have to be Vocal for Local and then we will have to take the local global."

He urged Indian citizens to purchase indigenously produced goods during the upcoming festive season.

Modi said that the convention centre along with the Bharat Mandapam, where the G20 Leaders‘ Summit was held recently, would help the national capital become the global hub of conference tourism.

Earlier in the day, Modi inaugurated phase 1 of ‘Yashobhoomi’.

He said conference tourism is an emerging sector with huge opportunities for India.

He also urged Indian corporates and film festival organizers among others to hold their events and conferences in Delhi.

“Today I invite people associated with the exhibition and event industry from countries around the world to come to Delhi. I will invite the film industry and TV industry of every region of the country, East-West-North-South. You hold your award ceremonies, film festivals here, hold first film shows here. I invite people associated with international events companies, exhibition sector to join Bharat Mandapam and Yashobhoomi," Modi said.

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Updated: 17 Sep 2023, 10:46 PM IST
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