Minister Puri Commends PM SVANidhi Scheme Impact, 10,000 Street Vendors Get Loans

GG News Bureau
New Delhi, 17th Feb. Hardeep Singh Puri, Minister of Housing & Urban Affairs and Petroleum & Natural Gas, elaborated on the rationale behind the PM SVANidhi scheme. Launched amidst the pandemic, the scheme aimed to alleviate the hardships faced by India’s street vendors, restoring their self-reliance and dignity, he emphasized.

Speaking at the PM SVANidhi Mega Camp, where 10,000 street vendors were provided with loans, Shri Puri highlighted the scheme’s achievements.

Over 80.42 lakh loans amounting to Rs 10,678 crores have been extended to 60.94 lakh street vendors. Initially offering collateral-free working capital loans of up to Rs. 10,000, the scheme subsequently increased the loan amounts to Rs. 20,000 and Rs. 50,000 in subsequent tranches.

The scheme not only facilitated financial inclusion but also empowered street vendors, reducing their dependence on informal credit channels with high-interest rates. Shri Puri emphasized the respect and dignity now accorded to street vendors due to the scheme’s intervention.

Regarding its impact on Delhi’s street vendors, Minister Hardeep Singh Puri noted the significant support provided.

As of February 14, 2024, Delhi witnessed 3.05 lakh loan applications, with 2.2 lakh applications sanctioned and 1.9 lakh loans disbursed, totaling Rs. 221 crores. With the disbursement of 10,000 loans in today’s Mega Camp, Delhi is poised to surpass the milestone of 2 lakh loan disbursements.