PM SVANidhi Scheme Disbursed Rs 9,790 Cr Loans to Street Vendors
The PM SVANidhi (Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi) scheme has emerged as a significant initiative by the Government of India, addressing the financial needs of street vendors across the country. Launched in June 2020 amidst the pandemic, this scheme aims to provide affordable working capital loans to street vendors, enabling them to reinvigorate their businesses. The recent milestone achievement of disbursing Rs 9,790 crore in loans under this scheme marks a substantial upliftment for the street vendors’ community.
The scheme’s pivotal objective is to empower street vendors by extending financial assistance and promoting their self-reliance. It offers collateral-free loans of up to Rs 10,000 to street vendors, aiding them in re-establishing their livelihoods post the COVID-19-induced disruptions. Notably, this scheme has gained significant traction due to its inclusive nature, benefiting a vast number of vendors across various states and Union Territories.
Why this News is Important:
The Government’s Commitment to Economic Revival: The PM SVANidhi scheme’s accomplishment of disbursing Rs 9,790 crore in loans to street vendors is a testament to the government’s commitment to revitalizing the economy, especially at the grassroots level. This achievement reflects the concrete steps taken to uplift vulnerable sections of society, fostering economic growth and self-sufficiency.
Empowering Street Vendors: By extending collateral-free loans to street vendors, the scheme aims to empower this marginalized section, enabling them to sustain their businesses and livelihoods. This initiative significantly contributes to their financial stability and resilience in the face of economic adversities.
Historical Context:
The inception of the PM SVANidhi scheme in June 2020 was a proactive response to the hardships faced by street vendors during the COVID-19 pandemic. The lockdowns and restrictions severely impacted their businesses, leading to financial distress. Recognizing this plight, the government launched this scheme to provide much-needed financial support and revive the street vending ecosystem.
Key Takeaways from “PM SVANidhi Scheme Disbursed Rs 9,790 Cr Loans to Street Vendors”:
Serial Number | Key Takeaway |
---|---|
1. | PM SVANidhi scheme provides collateral-free loans up to Rs 10,000 to street vendors. |
2. | The scheme aims to empower street vendors by promoting their self-reliance. |
3. | Disbursal of Rs 9,790 crore underlines the scheme’s success and substantial financial aid to street vendors. |
4. | The initiative plays a pivotal role in economic revival and supporting the grassroots economy. |
5. | Launched in June 2020, the scheme is designed to mitigate the adverse effects of the pandemic on street vendors’ livelihoods. |
Important FAQs for Students from this News
Q: What is the PM SVANidhi scheme?
A: The PM SVANidhi scheme stands for Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi. It aims to provide affordable working capital loans to street vendors without requiring any collateral.
Q: How much loan amount is offered under the PM SVANidhi scheme?
A: Street vendors can avail collateral-free loans of up to Rs 10,000 under this scheme.
Q: When was the PM SVANidhi scheme launched?
A: The PM SVANidhi scheme was launched in June 2020 by the Government of India.
Q: What is the significance of the scheme disbursing Rs 9,790 crore in loans?
A: The disbursal of Rs 9,790 crore signifies substantial financial aid extended to street vendors, showcasing the scheme’s success in supporting this segment of society.
Q: How does the PM SVANidhi scheme contribute to economic revival?
A: By empowering street vendors through financial assistance, the scheme aids in economic revival by rejuvenating small-scale businesses at the grassroots level.