Union Minister Ashwini Vaishnaw announced that Prime Minister Narendra Modi has approved a Rs 13,000 crore 'PM Vishwakarma' scheme in the Union Cabinet. This scheme aims to support people with traditional skills.
"Under this scheme, loans up to Rs 1 lakh will be provided on liberal terms," said Viashnaw on Wednesday.
Vaishnaw went on to explain the scheme further, saying that the skills that have been taught at home for generations, such as pottery, metalwork, construction work, leather work and many others, are essential parts of the rural economy.
Encouraging people to learn these traditional skills, the government will be launching two programmes under the scheme - Basic Skill Programme and Advanced Skill Programme.
The people who join these programmes will be given a stipend of Rs 500 per day from the government. Along with that, the government will also provide support to buy modern tools up to Rs 15,000.
Under the scheme, craftsmen will be provided a subsidised 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, PM Modi announced that the scheme will be launched on Vishwakarma Jayanti on September 17.
