Srinagar, Aug 16: The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi approved a new central sector scheme – “PM Vishwakarma”. The scheme, which was announced by the PM in his Independence Day speech on Tuesday.
How would the scheme benefit artisans and craftsmen?
The scheme primarily aims to provide financial assistance and training to traditional artisans and craftsmen in India.
The key features of the PM Vishwakarma scheme:
Funding: The scheme will be funded by the central government with an outlay of Rs. 15,000 crore.
Target group: The scheme will target traditional artisans and craftsmen from all over India, including those from the Scheduled Castes, Scheduled Tribes, Other Backward Classes, and Minorities.
Benefits: The scheme will provide financial assistance to artisans and craftsmen to upgrade their skills, purchase tools and equipment, and set up businesses. It will also provide training to artisans and craftsmen in new technologies and skills.
Implementation: The scheme will be implemented by the Ministry of Micro, Small and Medium Enterprises (MSME).
Financial assistance: The scheme will provide financial assistance to artisans and craftsmen in the form of loans, grants, and subsidies. The amount of assistance will vary depending on the needs of the artisan or craftsman.
Would the Scehme be applicable to J&K’s artisans and craftsmen?
By the time of filing this report by Ziraat Times, not much details were available about the eligibility criteria. However, given that the focus of the scheme is to support certain disadvantaged groups in reviving traditional crafts and arts, it is likely some of J&K’s artisans and craftsmen would be able to avail of this low interest loan scheme.
How much would be the interest under the scheme?
The interest rate on loans under the PM Vishwakarma scheme will be 5%. This is said to be a concessional interest rate that is designed to make it easier for artisans and craftsmen to access finance. The loans will be repayable over a period of up to 7 years.
The interest rate on loans under the PM Vishwakarma scheme is lower than the market rate for loans, which is currently around 10%.
