Tezzbuzz Desk- Giving relief to small businessmen and street vendors, the Central Government has decided to continue the Prime Minister Street Vendors Self-reliant Fund (PM SVANidhi) scheme till March 2030. The scheme was launched during the COVID-19 pandemic with the aim of providing financial assistance to street vendors, street vendors and people doing sidewalk business.
The government believes that the expansion of the scheme will help millions of small traders to expand their business and become financially self-reliant.
More than 75 lakh people got benefits
According to government data, so far more than 75.5 lakh street vendors have taken advantage of this scheme. More than 112 lakh loans have been sanctioned under the scheme and an amount of more than Rs 17,800 crore has been disbursed.
Apart from this, additional benefits of about Rs 800 crore have also been given to the beneficiaries in the form of interest subsidy and digital transaction incentive.
Loan is available without guarantee
The biggest feature of PM Swanidhi Yojana is that it does not require any kind of guarantee. Under the scheme, loans are given to the beneficiaries in a phased manner. First installment: Rs 15,000, second installment: Rs 25,000, third installment: Rs 50,000. Interest subsidy of up to 7 percent is also provided to the beneficiaries who make timely payment.
promote digital payments
The government is also encouraging small traders to adopt digital transactions through the scheme. Cashback facility is being provided to vendors accepting payment through QR code and UPI.
Till now, more than 55 lakh vendors have done more than 841 crore digital transactions, the total value of which is estimated to be around Rs 8.96 lakh crore.
Special benefits to women and weaker sections
A large part of the scheme has reached women and economically weaker sections. About 46 percent of the beneficiaries include women, while about 70 percent come from deprived and vulnerable sections. Lakhs of families have also been linked to other government welfare schemes under the government’s “Svanidhi Se Samriddhi” initiative.
Helped in increasing income
According to independent studies, the scheme has shown an average increase of 20 percent in the income of beneficiaries. Most importantly, about 95 percent of the beneficiaries received a loan from a formal banking institution for the first time, giving a new impetus to financial inclusion.
Big relief for small businessmen
Experts believe that the extension of PM Swanidhi Yojana will prove to be a big relief for crores of small traders of the country. This will not only strengthen employment opportunities, but will also give impetus to the digital economy and self-reliant India campaign.
Comments are closed.