A recent report highlights the significant influence of the PM SVANidhi Scheme on empowering street vendors and strengthening the country’s social fabric.
About PM SVANidhi:
- PM SVANidhi is a micro-credit scheme to provide affordable working capital loans to street vendors affected by the COVID-19 pandemic.
- It was launched by the Ministry of Housing and Urban Affairs (MoHUA).
- It helps in the resumption of their livelihood activities.
Key Features of the Scheme:
Loan Provisions
- Offers a working capital loan of up to ₹10,000.
- Duration of the loan is one year.
- No requirement for collateral security.
- Interest subsidy of 7% is provided.
Incentives
- Incentives for regular repayment.
- Additional rewards for conducting digital transactions.
Beneficiaries
- Over 53 lakh street vendors have benefited.
- 43% of the beneficiaries are women.
- The scheme has strengthened the social fabric by promoting women entrepreneurs.
Coverage
- The scheme covers a wide range of street vendors, including:
- Barber shops
- Cobblers
- Pan shops
- Laundry services
- And many more.
Who are Street Vendors?
- Street vendors are someone who sells goods or services in public spaces, such as sidewalks, parks, and markets, without owning or renting a fixed commercial establishment.
- They offer a variety of services and goods at affordable rates.
- They are an integral part of the urban economy and contribute significantly to the city’s vibrancy and dynamism.
Ref: Source
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