Vishwakarma Scheme Recipients To Undergo Three-Layer Verification: FM

New Delhi, Sept 18 (KNN) Union Minister for Finance Nirmala Sitharaman said on Sunday that the identification of local craftsmen and artisans who are eligible for credit support of up to Rs 3 lakh in two tranches under the Vishwakarma scheme will go through a three-layer verification process.

The verification process will be done each by gram panchayats, district collectors and state-appointed committees.

The Ministry of MSME will also provide skilling camps and toolkits, and facilitate access to these local products in domestic and international markets, she added at the launch of the new central scheme on Sunday. 

The MSME ministry will extend collateral-free loans to recipients of the scheme.

Vishwakarma scheme has an outlay of Rs 13,000 crore until FY28. 

It aims to recognise traditional artisans and craftspeople, and give them recognition through Vishwakarma certificates, ID cards and collateral-free loans, apart from training and helping them access markets.

After the three-step verification process, a final list of recipients will be drawn up by the government, said the FM. 

They will be given credit support of up to Rs 1 lakh (first tranche) and Rs 2 lakh (second tranche) at a concessional interest rate of 5 per cent. The first tranche will have to be repaid within 18 months.

Recipients of the scheme will also be given a daily stipend of Rs 500 during the five-day skilling camps. 

A toolkit with digital currency features and access to the government's e-market place will also be provided.  (KNN Bureau)