Meanwhile, in commemoration of 'Vishwakarma Jayanti', PM Narendra Modi will launch a 'PM Vishwakarma' scheme today for the benefit of traditional artisans.

The event will take place at the India International Convention and Expo Centre in Dwarka, New Delhi on Sunday at around 11 am, according to a press release from the Prime Minister's Office (PMO).

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The "PM Vishwakarma" scheme reflects the steadfast commitment of PM Modi to support and uplift individuals engaged in traditional crafts, it said.

Addressing the nation from the ramparts of the Red Fort on the 77th Independence Day, PM Modi announced that the government will soon launch a scheme for individuals skilled in traditional craftsmanship.

His vision extends beyond providing financial assistance; it aims to preserve age-old traditions, culture, and the rich heritage embodied in local products, art, and crafts, the release said.

"PM Vishwakarma" will receive full funding from the Union Government, with an impressive allocation of Rs 13,000 crore.

The scheme will register 'Vishwakarmas', who create using their hands and tools, at no cost through Common Services Centres, utilising the biometric-based 'PM Vishwakarma' portal. These artisans and craftspeople will receive recognition in the form of a PM Vishwakarma certificate and ID card, read the press release.

The PM Vishwakarma scheme will offer skill enhancement through both basic and advanced training, a toolkit incentive of Rs 15,000, collateral-free credit support up to Rs 1 lakh (first tranche) and Rs 2 lakh (second tranche) at a concessional interest rate of 5 per cent, incentives for digital transactions, and marketing support, read the press release.

At its core, "PM Vishwakarma" seeks to bolster and nurture the 'Guru-Shishya parampara' (mentor-disciple tradition) and the family-based practice of traditional skills among 'Vishwakarmas', who create using their hands and tools.