Madhya Pradesh government successfully implements “PM Svanidhi Yojana” for the benefit of street vendors

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The government of Madhya Pradesh has successfully implemented the Yojana “AtmaNirbhar Nidhi” (PM SVANidhi) of Pradhan Mantri street vendors, which benefits street vendors across the country. The program was introduced on June 1, 2020, at the height of COVID-19, to ensure their economic growth.

Under this program, “unsecured loans” are given to street vendors in the amount of 10,000 which helps them resume their jobs suspended due to the economic crisis caused by the deadly virus.

Loan distribution and stamp duty

The program encourages street vendors to take the path of self-employment. It grants loans at an interest rate of less than 12%. Madhya Pradesh has received a target of 4,05,000 vendors to distribute loans. “For the implementation of Pradhan Mantri Svanidhi Yojana, Madhya Pradesh has been assigned a target of 4,05,000 beneficiaries. About 4,11,481 vendors received 10,000 interest-free loans. spokesperson said The logical Indian.

For street vendors, obtaining such loans is a very tedious task. However, the regime simplified this procedure for them. The spokesperson further explained: “The stamp duty for handling documents to be deposited in the bank has been reduced from 2,500 yen to 25 yen. The number of documents to be distributed has also been reduced from 12 to 2.” At the same time, a continuing education program was launched to teach them the methods of digital transactions.

Sellers benefiting from the program

Several beneficiaries have benefited from the scheme. It saved them from crippling debt and helped them survive the foreclosure phase. “I run an aalu tikki center. My husband was a vegetable seller, but he had to close his business because of his poor health. It was then that I started the Tikki center to manage my house. close the business. It was a terrible phase for us. But after the lockdown I learned through other street vendors that a certain yojana had come where we could get a loan in no time. I applied for it and started the business. Prime Minister SVANidhi Yojana has helped me a lot, “said Archana Sharma, a street vendor from Gwalior.

Many street vendors said the unsecured loan program helped them pay off all past debts and get back to business successfully. Another beneficiary named Chhaganlal Verma adds: “Thanks to this, I got the money to restart my business. I had to take out a loan to survive during the foreclosure. After that, I paid off my debt first and then started the business with the remaining amount. Previously, I used to take loans from local loan sharks for the business and had to pay high interest, but thanks to SVANidhi Yojana, I got the loan with a grant. “

Other states like Andhra Pradesh, Karnataka, Uttar Pradesh and Telangana have successfully implemented the program. However, as it draws to a close in March 2022, there is still a long way to go to ensure a secure economic future for sellers across the country.

Also read: Government plans to develop helipads along major highways for medical emergencies

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