Prime Minister Narendra Modi led – Government of India has announced the launch of ‘PM Street Vendors Atmanirbhar Nidhi (PM SVANidhi)’ scheme a special micro-credit facility scheme for street vendors.
Addressing the press conference on Monday, Union Minister, Prakash Javadekar said, “The cabinet has approved a special micro-credit scheme for street vendors. so that they can receive their business without any further delay.”
“The PM SVANidhi scheme will benefit over 50 lakh urban/peri-urban and rural street vendors who were vending on or before March 24, 2020,” Javadekar said.
Adding to the statement, Prakash Javadekar said, “Under the scheme, each street vendors will get a credit loan of Rs 10,000 to restart their livelihoods. Which they can return as monthly installments within a year.”
“Those street vendors who repay their loans on time will get 7 percent annual interest as a subsidy that will be transferred in their bank account,” he added.