Centre Approves ₹13,000 Crore Vishwakarma Yojana to Boost Traditional Skills

The Vishwakarma Yojana, a programme designed to increase employment prospects for people practising traditional skills, was approved by the Central Government following Prime Minister Narendra Modi's Independence Day declaration.

In a recent announcement, Union Minister Ashwini Vaishnaw confirmed that the 'PM Vishwakarma' programme has been given the green light. Subsidized loans of 13,000 crore would be made available to artisans and craftspeople under this programme.

The scheme's principal goal, as Minister Vaishnaw explained, is providing financial assistance to traditional handicrafts. Loans of up to 1 lakh will be made available to craftsmen in the first phase, with an interest rate of 5%. In the second phase, loans of up to Rs. 2 lakh will be made available at the same subsidized interest rate.

In addition to providing financial aid, the Vishwakarma Yojana will focus on fostering personal development. The plan allots $1,500 for the purchase of cutting-edge equipment and $500 for skill development. The program's ultimate goal is to provide conventional workers with full institutional support in the form of generous financing, training opportunities, toolbox incentives, digital transaction rewards, and promotion services.

According to Minister Vaishnaw, this comprehensive programme will help 30 lakh families. Common services centres in rural areas will serve as registration hubs for the scheme.

All of Vishwakarma Yojana's costs will be paid for by the federal government. Successful implementation of the system, however, will also require the participation and assistance of state governments.

The Vishwakarma Yojana has the potential to preserve and promote India's rich cultural heritage of traditional skills while also providing financial stability to traditional artists and crafters.

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