SBI Report – PM SVANidhi Scheme is a Gender Equalizer
The “PM Street Vendor’s AtmaNirbhar Nidhi” (PM SVANidhi) scheme has emerged as a significant initiative to empower street vendors and boost their livelihoods. A recent report by the State Bank of India (SBI) highlights the remarkable impact of this scheme in bridging the gender gap and promoting financial inclusion among street vendors. In this article, we delve into why this news is important, provide historical context, and offer five key takeaways that students preparing for government exams, such as civil services, banking, and more, should be aware of.
Why this News is Important:
Empowering Women Entrepreneurs: One of the most significant aspects of this news is the role of PM SVANidhi in empowering women street vendors. The report reveals that nearly 70% of the beneficiaries of this scheme are women. This is a commendable step towards gender equality and women’s economic empowerment.
Financial Inclusion: PM SVANidhi aims to bring street vendors into the formal financial system. The SBI report emphasizes that this initiative has made financial inclusion a reality for many street vendors, helping them access credit and other financial services.
Historical Context:
The PM SVANidhi scheme was launched in June 2020 as a part of the ‘Atmanirbhar Bharat Abhiyan’ to support the street vendors who were severely affected by the COVID-19 pandemic. It offers street vendors access to affordable working capital loans to resume their businesses. The scheme also encourages digital transactions and provides incentives for timely repayments.
Key Takeaways from the News:
| Serial Number | Key Takeaway |
|---|---|
| 1 | PM SVANidhi is significantly empowering women street vendors. |
| 2 | The scheme promotes financial inclusion among street vendors, bringing them into the formal financial system. |
| 3 | It contributes to the economic upliftment of street vendors by providing working capital and support for business expansion. |
| 4 | PM SVANidhi is playing a key role in the urban transformation of Indian cities. |
| 5 | The scheme has acted as a crucial resilience factor for street vendors during the COVID-19 crisis. |
Important FAQs for Students from this News
Q1: What is the PM SVANidhi scheme?
A1: The PM SVANidhi (Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi) scheme is a government initiative aimed at supporting street vendors who were adversely affected by the COVID-19 pandemic. It provides working capital loans and encourages digital transactions among street vendors.
Q2: How has the PM SVANidhi scheme empowered women street vendors?
A2: The scheme has significantly empowered women street vendors, with around 70% of the beneficiaries being women. It provides them with financial support and access to credit, helping them to improve their businesses and economic status.
Q3: What is the historical context of the PM SVANidhi scheme?
A3: The scheme was launched in June 2020 as part of the ‘Atmanirbhar Bharat Abhiyan’ to provide financial support to street vendors affected by the COVID-19 pandemic. It aims to promote their economic well-being and urban transformation.
Q4: How does the PM SVANidhi scheme contribute to urban transformation?
A4: The scheme encourages street vendors to thrive in urban areas, contributing to the overall aesthetic and economic improvement of cities by providing them with the means to expand and grow their businesses.
Q5: How can students preparing for government exams benefit from this news?
A5: Students can benefit by understanding the PM SVANidhi scheme’s significance in the context of gender equality, financial inclusion, and economic policies. This knowledge is valuable for exams related to government schemes and economic development.
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