
Vishwakarma Scheme: Government to Offer 8% Interest Subsidy on Loans
New Delhi: During the launch event of the Vishwakarma Scheme, the Finance Minister, Nirmala Sitharaman, announced a significant initiative to provide an 8% interest subsidy on loans. The government has already allocated Rs 13,000 crore in the Budget for the fiscal year 2023-24 to support this endeavor.Under this scheme, collateral-free loans will be extended to artisans at an attractive interest rate of 5%. The program encompasses a wide range of 18 activities, including professions such as carpentry, goldsmithing, blacksmithing, masonry, stone sculpture, barbering, boat making, and more.Beneficiaries of the program will have access to loans of up to Rs 3 lakh. Initially, loans of up to Rs 1 lakh will be disbursed, and upon successful repayment within 18 months, recipients will bec...