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Modi to disburse SVANidhi loans to 300,000 street vendors

The PM Street Vendor's Atmanirbhar Nidhi (PM SVANidhi) scheme was launched on 1 June to help street vendors resume their livelihood activities

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Politics India Modi to disburse SVANidhi loans to 300,000 street vendors

Prime Minister Narendra Modi would virtually distribute loans to nearly 300,000 street vendors under the PM SVANidhi Scheme (Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi Yojana) on 27 October. He would virtually interact with the beneficiaries, additional chief secretary, information, Navneet Sehgal said here on 24 October.

Under PM SVANidhi scheme, street vendors can get working capital of up to Rs 10,000 at subsidised rates. Uttar Pradesh has so far received 557,000 applications from vendors, the highest across the country.

Sehgal said the state government was working on ‘Mission Employment’. “Special effort is on to fill up vacancies in the government and recruitment process is being expedited. Efforts are also on to generate employment in the private sector and industry,” he said.

The PM Street Vendor’s Atmanirbhar Nidhi (PM SVANidhi) scheme was launched on 1 June to help street vendors resume their livelihood activities.

Till date, a total of more than 24 lakh applications have been received under the scheme, out of which, more than 12 lakh have been sanctioned and about 5.35 lakh loans disbursed, the Prime Minister‘s Office said in a statement on 25 October.

The scheme aims at facilitating working capital loan up to Rs. 10,000 at a subsidised rate of interest, incentivising regular repayment of the loan and to reward digital transactions. The scheme aims at providing benefits to street vendors or hawkers in urban, semi-urban and rural areas.

As many as 6,22,167 applications were received under the scheme in UP, the most in the country, out of which sanctions were given to 3,46,150 applicants while the loans were disbursed to 2,26,728 beneficiaries. Seven cities of UP find place in the list of top 10 cities of the country with latest additions of Ghaziabad and Kanpur.

Varanasi, Lucknow and Aligarh are the top three cities in the list while other cities of the state include Allahabad (4th), Gorakhpur (7th), Ghaziabad (9th) and Kanpur (10th). Other Indian cities in the list are Indore (5th), Bhopal (6th) and Hyderabad (8th).

As far as the entire list of states is concerned, MP is in the second slot with loan disbursements to over 1.25 lakh beneficiaries followed by Telangana (53,777), Gujarat (18,747), Andhra Pradesh (15,992), Maharashtra (13,021), Chhattisgarh (8,993), Tamil Nadu (8,389), Jharkhand (6,413) and Rajasthan (5,533).

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