Nation progressing rapidly under stewardship of PM Modi: Union minister Meenakshi Lekhi

Union minister Meenakshi Lekhi on Sunday said the nation is progressing rapidly under the stewardship of Prime Minister Narendra Modi and the 'PM Vishwakarma' scheme is another step by him to ensure collective progress.

Prime Minister Modi launched the 'PM Vishwakarma' scheme on the occasion of 'Vishwakarma Jayanti' and under this, traditional craftspeople and artisans will be provided loan assistance at a minimal interest rate without the need for collateral.

Addressing a gathering of more than 700 artisans and craftspeople here, Union Minister of State for External Affairs and Culture Lekhi said the prime minister's 'Sabka Saath, Sabka Vikas and Sabka Vishwas' mantra will help everyone progress, especially those ignored earlier.

She also called upon all artisans to avail the benefits under the scheme.

With a financial outlay of Rs 13,000 crore for a period of five years, the 'PM Vishwakarma' scheme will benefit about 30 lakh families of traditional artisans and craftsmen, including weavers, goldsmiths, blacksmiths, laundry workers, and barbers.

The scheme offers collateral-free enterprise development loans of Rs 1 lakh (first tranche for 18 months repayment) and Rs 2 lakh (second tranche for 30 months repayment).

A concessional rate of interest of five per cent will be charged from the beneficiary with an interest subvention cap of eight per cent to be paid by the Ministry of Micro Small and Medium Enterprises. The credit guarantee fees will be borne by the central government.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)