New Delhi, Jun 1 : The Union Cabinet on Monday okayed the Prime Minister Street Vendors Atma Nirbhar Nidhi scheme for street vendors that is expected to benefit more than 50 lakh street vendors by providing them affordable loans.
The Ministry of Housing and Urban Affairs (MoHUA) has launched a Special MicroCredit Facility Scheme - PM Street Vendor's AtmaNirbharNidhi (PM SVANidhi) that will go a long way in enabling street vendors to resume work and earn livelihoods.
This is for the first time in India's history that street vendors from peri-urban/rural areas have become beneficiaries of an urban livelihood programme and can avail working capital loan of up to Rs 10,000, repayable in monthly installments, in the tenure of one year. On timely/early repayment of the loan, an interest subsidy of seven per cent per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on six monthly basis.
There will be no penalty on early repayment of loan. Briefing the press, Information & Broadcasting Minister Prakash Javadekar said the Union Cabinet approved a credit scheme for street vendors. 'It is for the first time since India's independence that such a decision has been taken for street vendors and footpath vendors,' he added. Under the scheme, easier loans for street vendors up to Rs 1,00,00 was announced, explained Union Minister for Road, Transport and Highways Nitin Gadkari.
More than 50 lakh people, including vendors, hawkers, thelewale, rehri wala, and theliphadwalas in different areas/contexts are likely to benefit from this scheme, he added. The goods supplied by them range from vegetables, fruits, ready-to-eat street foods, tea, pakodas, breads, eggs, textiles, apparel, footwear, artisan products to books/stationary. The services include barber shops, cobblers, pan shops and laundry services, among others. The scheme provides for escalation of the credit limit on timely/early repayment of loan to help the vendor achieve his ambition of going up on the economic ladder. More (UNI)