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Under the PM SVANidhi-Pradhan Mantri Street Vendor’s Atma-Nirbhar Nidhi- A Special Micro-Credit Facility Scheme, 27,33, 497 applications have been received out of which 14,34,436 have been sanctioned and about 7,88,438 loans disbursed.

About SVANidhi Scheme?

PM SVANidhi or Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi scheme was launched on June 1, 2020, by the Central Government to help the street vendors resume their livelihood activities who were impacted by COVID-19. 

Aim

The scheme aims at facilitating working capital loan up to Rs. 10,000 at a subsidized rate of interest,  incentivizing regular repayment of the loan and to reward digital transactions. The scheme aims at providing benefits to street vendors or hawkers in urban, pre-urban and rural areas on March 24, 2020, or before. 

Features of the scheme

• Initial working capital of up to Rs. 10,000. 
• Interest subsidy on timely or early repayment at the rate of 7%. 
• Monthly cash-back incentive on digital transactions. 
• Higher loan eligibility on timely repayment of the first loan.

Street vendors in India

• There are an estimated 50-60 lakh street vendors in India, with the largest concentrations in the cities of Delhi, Mumbai, Kolkata, and Ahmedabad. Most of them are migrants who typically work for 10–12 hours every day on average.
• Anyone who doesn’t have a permanent shop is considered a street vendor.

The Street Vendors Act

The Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014 was enacted to regulate street vendors in public areas and protect their rights. It was introduced in Lok Sabha on September 6, 2012 by then Union Minister of Housing and Urban Poverty Alleviation, Kumari Selja.

Source: PIB