PM SVANidhi scheme gets a boost, govt launches socio-economic profiling program

Hindustan Times, New Delhi | Byhindustantimes.com | Edited by Ayshee Bhaduri
Dec 11, 2020 05:32 PM IST

The PM SVANidhi scheme was promulgated on June 1, 2020, to empower street vendors who were reeling under losses incurred during the coronavirus pandemic. It intends to facilitate collateral-free working capital loans of up to ₹10,000 for one year to approximately 50 lakh street vendors.

The Centre on Friday launched a programme for socio-economic profiling of the beneficiaries of the PM Street Vendor’s Atmanirbhar Nidhi (PM SVANidhi) and their families. Based on the socio-economic profiling of PM SVANidhi beneficiaries and their families, various other central schemes will be extended to them according to their eligibility. States and Union territories can also make use of the profiles to facilitate better access to their respective schemes.

The Centre on Friday launched a programme for socio-economic profiling of the beneficiaries of the PM Street Vendor’s Atmanirbhar Nidhi (PM SVANidhi) and their families(Twitter)
The Centre on Friday launched a programme for socio-economic profiling of the beneficiaries of the PM Street Vendor’s Atmanirbhar Nidhi (PM SVANidhi) and their families(Twitter)

Quality Council of India (QCI) has been appointed as the implementing partner for the programme. Before the programme is rolled out in all 125 cities a test program will be conducted in six select cities of Gaya, Indore, Kakching, Nizamabad, Rajkot and Varanasi.

“The launch has been in the context of the vision of Hon’ble Prime Minister that PM SVANidhi scheme should not be seen merely from the perspective of extending loans to street vendors but should also be seen as an instrument for outreach to street vendors and their families for their holistic development and socio-economic upliftment,” the Union ministry of housing and urban affairs said in a press release.

The PM SVANidhi scheme was promulgated on June 1, 2020, to empower street vendors who were reeling under losses incurred during the coronavirus pandemic. The ministry in a press release has said that the scheme seeks “to empower street vendors by not only extending loans to them but also for their holistic development and economic upliftment”. It intends to facilitate collateral-free working capital loans of up to 10,000 for one year to approximately 50 lakh street vendors.

The PM SVANidhi scheme offers loans at a subsidised rate of interest of 7%, which is applicable only when the borrower repays the loan either early or on a timely basis. The loans can be repaid as monthly instalments over a period of one year.

Food delivery app Swiggy has partnered with the housing and urban affairs ministry to on-board street vendors in the cities of Ahmedabad, Varanasi, Chennai, Delhi and Indore with some 300 vendors. On Thursday, Swiggy extended the partnership to 125 cities.

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