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On June 1, 2020, Government of India launched the Pradhan Mantri SVANidhi Scheme for street vendors. The Union cabinet has cleared the credit amount for the scheme as well.
The scheme is aimed at enabling the street vendors to resume their livelihoods that have been adversely affected due to COVID-19 lockdown.
Housing and Urban Affairs Ministry launched the scheme in pursuance of the announcement made by Finance Minister Nirmala Sitharaman last month. Street vendors play significant role in ensuring availability of the goods and services at affordable rates at the door-step of the city dwellers.
The PM SVANidhi or PM Street Vendors Atmanirbhar Nidhi is a credit facility scheme that will help more than 50 lakh urban and rural street vendors. The scheme will help the street vendors restart their livelihoods. Under the scheme, Rs 10,000 of credit is to be provided to street vendors restart their livelihoods. Under the scheme, Rs 10,000 of credit is to be provided to street vendors. The street vendors shall return the amount as monthly installments within a year. The scheme was announced by Finance Minister Nirmala Sitaraman during her announcement of package of Atma Nirbhar Bharat Abhiyan.
The scheme announced Rs 20 lakh crore packages to revive Indian Economy. The amount allocated is 10% of India’s GDP.
The member countries at the United Nations fixed that 10% of GDP is to be spent on reviving economies. This was fixed by the Global Plan framed at the United Nations.
The Ministry said, if the vendor will repay the instalments in time or earlier, they will develop his credible credit score that makes him eligible for higher amount of term loan to 20 thousand rupees and so on. Urban Local Bodies will play pivotal role in the implementation of the scheme. The lending institutions under the Scheme include Scheduled Commercial Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, NBFCs, Micro Finance institutions and Self Help Group banks.
In order to ensure fast implementation of the scheme with transparency, a digital platform with web portal and mobile app is being developed to administer the scheme with end-to-end solution. The IT platform will also help in integrating the vendors into the formal financial system.
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