The Union cabinet Committee on Economic affairs on Tuesday approved a new Central sector Scheme "PM Vishwakarma" that will benefit about 30 lakh traditional artisans and craftsmen.
Under the scheme, the craftsmen will be provided a subsidised loan of Rs 1 lakh in the first tranche, and another Rs 2 lakh in the second tranche.
The loans will be provided at a concessional interest rate of 5 per cent. As per the statement released by the government, the scheme will further provide Skill upgradation, toolkit Incentive, Incentive for Digital transactions and Marketing Support.
The project worth 13,000 crore will provide support to artisans and craftspeople of rural and urban areas across India.
"Under the scheme, there will be two types of skilling programmes -- Basic and Advanced and a stipend of Rs 500 per day will also be provided to beneficiaries while undergoing skills training," Communication Minister Ashwini Vaishnaw said while briefing the media on Cabinet decisions.
They will also get a support of up to Rs 15,000 to buy modern tools, he added.
In the first year, five lakh families will be covered and a total of 30 lakh families will be covered over five years from FY24 to FY28.
Eighteen traditional trades will be covered in the first instance under PM Vishwakarma.This includes Carpenter (Suthar),Boat Maker,Armourer, Blacksmith (Lohar), Hammer and Tool Kit Maker, Locksmith, Goldsmith (Sonar), Potter (Kumhaar), Sculptor (Moortikar, stone carver), Stone breaker, Cobbler(Charmkar)/ Shoesmith/Footwear artisan, Mason (Rajmistri), Basket/Mat/Broom Maker/Coir Weaver, Doll & Toy Maker (Traditional), Barber (Naai), Garland maker (Malakaar), Washerman (Dhobi), Tailor (Darzi), and Fishing Net Maker.
On Tuesday, Prime Minister Narendra Modi announced the project during his Independence day speech.