Cabinet approves Rs 13,000 crore PM Vishwakarma scheme

Union Cabinet on Wednesday approved a Rs 13,000 crore PM Vishwakarma scheme that will benefit about 30 lakh traditional artisans and craftsmen, including weavers, goldsmiths, blacksmiths, laundry workers, and barbers.

Prime Minister Narendra Modi made the announcement about the scheme in his Independence Day address on Tuesday.

Under the scheme, craftsmen will be provided a subsidized loan of Rs 1 lakh in the first tranche, and another Rs 2 lakh in the second tranche, communications minister Ashwini Vaishnaw said after the Cabinet meeting.

The loans will be provided at a concessional interest rate of 5 per cent. On Tuesday, the prime minister announced that the scheme will be launched on Vishwakarma Jayanti on September 17.