Thursday, January 20, 2022

Year Ender series: PM SVANidhi scheme for street vendors

The News Services Division brings glimpses of “The Year that was” in our Special Series Year Ender.  COVID-19 pandemic has been the biggest story of the year and India has seen the fight back against the pandemic under the dynamic leadership of Prime Minister Narendra Modi. One of the important pillars of support for the street vendors in this period has been the PM- Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme. It has played a crucial role in providing credit assistance to street vendors across the country. Interacting with the beneficiaries of UP in October this year, the Prime Minister said, for the first time since independence, such a scheme has been launched to protect the interest of street vendors.

Launched on 1st June this year, PM SVANidhi has come as a big relief for the street vendors who wanted to resume livelihood activities post COVID -19 lockdown. More than 30 lakh applications have been received.

Out of these over 16 lakh have been sanctioned and over 11 lakh credit assistance have been disbursed. This scheme targets to benefit over 50 lakh street vendors. It provides an affordable working capital loan of upto ten thousand rupees to them to resume their livelihood affected due to COVID-19 lockdown. This amount is repayable in monthly installments in one year.

On timely or early repayment of the loan, an interest subsidy of seven percent per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on quarterly basis. The scheme also promotes digital transactions through cash back incentives up to an amount of 100 rupees per month. Moreover, the credit limit can be enhanced on timely or early repayment of the loan. Recently, the Ministry of Housing and Urban Affairs has also entered into an MoU with Swiggy, the leading food delivery platform, to onboard street food vendors on its e-commerce platform. It provides them online access to thousands of consumers and help these vendors grow their businesses.

Monitoring the progress has now been inbuilt with an online dashboard and the PM -SVANidhi Portal. The timely launch, implementation and monitoring of PM -SVANidhi has been of immense help to the street vendors in difficult times of coronavirus pandemic.

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