PM SVANidhi Scheme – The central government has given a big relief to lakhs of street vendors who do small business on the road. In the cabinet meeting chaired by Prime Minister Narendra Modi , it has been decided to extend the Pradhan Mantri Svanidhi Scheme (PM SVANidhi Scheme Extended) till 31 March 2030. The government will spend Rs 7,332 crore on this scheme. About 1.15 crore people will benefit from this, including 50 lakh new beneficiaries.
What changes were made in the plan?
Many important changes have been made in the scheme. The biggest relief has been given in the form of loan extension:
1. The first installment loan has now been increased from Rs 10,000 to Rs 15,000.
2. The loan for the second installment has been increased from Rs 20,000 to Rs 25,000.
3. The third installment will remain at Rs 50,000.
Those who pay the second installment on time will now be given a UPI-linked RuPay credit card. This will give them instant money, whether to expand business or fulfill personal needs. The government has also decided to promote digital transactions. Sellers will now get a cashback of up to Rs 1,600 on wholesale and retail transactions.
The scheme will not be limited to loans only. Street vendors selling food items will now be given training on hygiene and food safety with the help of FSSAI. Along with this, the government will also provide training on entrepreneurship, digital skills and marketing to the vendors so that they can expand their business further.
Public welfare fairs will be organized every month
An important part of the scheme is the ‘Swanidhi se Samriddhi’ initiative. Under this, Lok Kalyan Melas will be organised every month so that the benefits of other government schemes can also reach the vendors and their families.
How many have benefited from the scheme so far?
It is worth noting that the PM Swanidhi Yojana was started in June 2020. It provided support to lakhs of small vendors during the Covid-19 pandemic. So far, more than 96 lakh loans have been sanctioned and about 47 lakh people are connected with digital transactions.
More than 96 lakh loans have been given since June 2020.
About 68 lakh street vendors benefited.
About 47 lakh people got involved in digital transactions.
So far, 557 crore digital transactions have been done, whose total worth is Rs 6.09 lakh crore.
Sellers also received cashback of Rs 241 crore.
The government believes that this expansion will increase the business of street vendors and will also lead to socio-economic development of their families.