Prime Minister Shri Narendra Modi has commended the significant milestone of reaching 50 lakh beneficiaries under the Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PMSVANidhi) Scheme. The Prime Minister emphasized that PMSVANidhi has not only simplified the lives of street vendors but has also afforded them the opportunity to lead lives of dignity.
The Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PMSVANidhi) Scheme is a government initiative in India aimed at providing financial support to street vendors who have been affected by the COVID-19 pandemic. The scheme was launched in June 2020 by the Ministry of Housing and Urban Affairs, Government of India.
Key features of the PMSVANidhi Scheme include:
- Financial Assistance: Street vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly installments.
- Interest Subsidy: Beneficiaries who repay their loans on time are eligible for an interest subsidy of 7% per annum. This subsidy incentivizes timely repayments.
- Digital Payments: The scheme promotes digital payments and encourages street vendors to adopt digital payment solutions for their businesses.
- Identification: A digital platform is used to identify and register street vendors, making the process transparent and accessible.
- Collateral-Free: The loans provided under the scheme are collateral-free, making it easier for street vendors to access credit.
- Target Beneficiaries: The scheme primarily targets urban street vendors, including food vendors, vegetable sellers, artisans, and more.
- Facilitation and Training: The scheme also includes provisions for skill development and entrepreneurship training to help street vendors enhance their business skills.
PMSVANidhi aims to provide financial stability to street vendors, enabling them to recover from the economic hardships brought about by the COVID-19 pandemic and improve their livelihoods. It is part of the government’s broader efforts to promote financial inclusion and support small businesses in India.
