Under the Atmanirbhar Bharat Abhiyan, the government announced the SVANidhi scheme to provide access to low-cost working capital loans to street vendors affected by the COVID-19 outbreak. Today Prime Minister will address about it in Delhi
Today, Prime Minister Narendra Modi will speak to those who have benefited from the PM SVANidhi program at the Jawaharlal Nehru Stadium in this city. Additionally, he would provide loans under the program to one lakh street vendors (SVs), this time including five thousand SVs from Delhi, according to a statement from the Prime Minister's Office.
During the event, the prime minister will also lay the cornerstone for two more Phase 4 segments of the Delhi Metro.
In the middle of the pandemic-induced worldwide economic crisis, on June 1, 2020, PM SVANidhi was introduced, motivated by the prime minister's ambition to offer financial support to the marginalized sections.
What's the aim of the scheme?
The program attempts to give street sellers more official status and create new avenues for them to advance economically. In addition to being a vital part of the urban informal economy, street vendors also guarantee that affordable goods and services are available right at the residents' doorsteps. In various places and circumstances, they go by various names, such as hawkers, vendors, thelewala, theliphadwala, etc. Vegetables, fruits, prepared street food, bread, eggs, textiles, clothing, footwear, artisan items, stationery, etc. are among the products they supply.
What are the benefits of the scheme?
-Strong vendors will find it easier to repay the loan because of the low 7% interest rate.
-Because there is no collateral needed to apply for the loan, street sellers can get it more easily.
-Street vendors can apply for the scheme at no cost because there is no processing fee.
-Any reason pertaining to the street vending business, including purchasing equipment, paying rent, or buying raw materials, may be covered by the loan amount.
-The program gives street vendors financial security and fosters their independence.
-With a one-year loan payback period, street vendors have plenty of time to pay back the loan.
-The program promotes employment opportunities and fosters entrepreneurship.
-The program's objective is to enable street vendors who have been impacted by the COVID-19 outbreak to recover financially by offering them financial support.
What are the eligibility requirements?
The vendors listed in the survey who have not yet received an identity card or certificate of vending.
-Street vendors who were not included in the ULB-led identification investigation or who began selling after the survey was finished and for which the ULB/TTown ---
-Vending Committee (TVC) has issued a Letter of Recommendation (LoR).
-Sellers on the streets with an identity card or certificate of vending from an urban local body (ULB).
-Vendors in the peri-urban, rural, and adjacent development regions who operate inside the boundaries of the ULBs and have received a letter of recommendation (LoR) from the ULB and TVC
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