Deepshikha | Jun 19, 2022 |
PM SVANidhi Scheme: Features, Objectives and Eligibility Criteria
How many times a day do we hear a howl from the streets urging us to buy a variety of commodities ranging from food and vegetables to cotton for pillows, doormats, cutlery, and cotton candies? We certainly have a lot.
Living in India has its attractions; for example, many of us have a fond childhood recollection of stopping on our way home from school or playgrounds in the hot afternoons to buy ice creams, kulfis, or those frozen lumps of flavoured ice from a stand on the corner of our neighbourhood. Oh! The simple pleasures of life! This one thing will always be relatable, no matter where we live in the United States.
It was all over the place: streets, train stations, trains, bus stops, buses, marketplaces, tourist attractions, and so on.
However, what gave us such treasures of memories is largely overlooked. Who was it that was selling them? How many of them turned it into a profession, boosting the country’s informal economy? So, what are they up to now?
In just a few months, what began in 2020 turned out to be a calamity, and the entire globe was gripped by a fear of the worst and went into lockdown. We’re still in partial lockdown after more than a year. The streets are deserted, and India has come to a halt. But what about the street merchants and sellers whose livelihoods were dependent on them? How are they coping with this ‘pause’ in their lives?
The role of these people who take on the responsibility of providing our basic needs at our doorsteps in the most cost-effective way possible towards the ultimate aim of the ongoing Make in India Campaign should never be ignored or discounted.
Finally, the time has come to look at and think about the people who go undetected. The Ministry of Housing and Urban Affairs announced the launch of the much-awaited and much-needed PM Street Vendor’s AtmaNirbhar Nidhi, or PM SVANidhi Scheme, on June 1, 2020, amidst the fearful spread of Novel Coronavirus.
The major goal of this scheme is to give credit for working capital to the country’s street vendors, allowing them to take out a one-year loan with no collateral and cheap interest rates to restart their operations and help in these difficult times.
These loans are maintained basic with profitable and beneficial purposes that reach the masses and are simply understood to unleash their full potential. These loans have so much promise that they may not only support those in need but also protect their immediate future and apply technology.
Although the loan is open to all street sellers who are active on or before March 24, 2020, there is a set of criteria that determines who is eligible:
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