Govt to provide up to 8% interest subsidy for Vishwakarma Yojana: FM

Finance Minister Nirmala Sitharaman said the government will offer up to 8 per cent subsidy for loans given to artisans under the Vishwakarma Yojana launched by Prime Minister Narendra Modi on Sunday.
The government has already made a provision of Rs 13,000 crore in the Budget 2023-24, she said during the launch event of the Yojana.
Sharing the details of Vishwakarma Yojana, the finance minister said collateral-free loans to artisans would be provided at a very affordable interest rate of 5 per cent.
The scheme covers 18 activities including carpenter, goldsmith, blacksmith, mason, stone sculpture, barber and boatmakers, she said, adding, the government will provide up to Rs 3 lakh loan.
Initially, she said, Rs 1 lakh loan will be given and the beneficiary would be eligible for an additional Rs 2 lakh after repayment schedule of 18 months.
The components of the scheme will include not only financial support but also access to advanced skill training, knowledge of modern digital ..