Economy

PM Svanidhi scheme gave street vendors an identity, says PM Modi during Svanidhi Samvaad

Photo Credit: PTI

Prime Minister Narendra Modi on Wednesday held an interaction with street vendors from Madhya Pradesh as part of ‘Svanidhi Samvaad’.

Madhya Pradesh Chief Minister Shivraj Singh Chouhan and Union Urban Development Minister Hardeep Singh Puri also participated in the event, held through video conferencing.

The Prime Minister spoke to three vendors from Indore, Gwalior, and Raisen about the benefits they had received under the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme and the difficulties, if any, they had to face in procuring the seed capital for their business under the scheme.

In June, the Ministry of Housing and Urban Affairs had launched the scheme which gives special micro-credit facilities to provide affordable loan of up to Rs 10,000 to more than 50 lakh street vendors, who had their businesses operational on or before 24 March. The scheme is valid until March 2022.

“The aim of the scheme is to give a fresh start to street vendors. This is the first time that the network of street vendors has been attached to the system and they have been given an identity. The scheme makes it possible for them to get capital through which they access to easy loans,” PM Modi said. “We need to ensure that enough people know about this scheme so they can avail benefits. Technology has been used those street vendors do not need to stand in long lines to submit their forms.”

He also said that a new process has been started to ensure that the street vendors do not lag behind in accepting digital payments, under which bank officials would visit them and provide them with QR codes, along with instructing them how to use it.

According to the housing and urban affairs ministry, 10 lakh applications from street vendors across the country have been received, of which the government has already sanctioned over 3.5 lakhs and loan amounts have been disbursed to over 1.5 lakhs.

“If the loan is paid off in a year then there is further reduction in interests. If digital payments are used then the government will give cash back incentives. This way, the savings will be more than the interests. The benefits will be more if you take a loan a second time,” he added.

During his address, PM Modi also interacted with street vendors from Madhya Pradesh who had already received loans under the scheme. 

PM Modi further said: “The government is working on another scheme for street vendors. Those who will be attached with this scheme, the government will ensure that they get benefits of all the other government schemes including Ujjwala, Ayushman Bharat. We want the world market to be connected to our villages.”

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