Essay on PM SVANiddhi Scheme in english 250 words :
The PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) was launched by the Ministry of Housing and Urban Affairs on June 01, 2020 for providing affordable loan to street vendors. So that they can resume their livelihoods that have been adversely affected due to coronavirus (Covid-19) lockdown.
The scheme would benefit not only the vendors but also hawkers and people involved in goods and services related to textiles, apparel, artisan products, barbers shops, laundry services etc. in different areas.
The street vendors and howkers can take working capital loan of upto Rs. 10,000. This loan can be repayable in monthly instalments within a year.
The loans would be without collateral. This scheme will be running until March 2022. If repayment of the loan is done on time or early, an interest subsidy of 7% per annum will be credited to the bank accounts of beneficiaries through direct benefit transfer on a six monthly basis.
The scheme provides for the rise of the credit limit on timely or early repayment of loans. PM SVANidhi scheme also promotes digital or online transactions through cash back incentives upto an amount of Rs. 100 per month.
The scheme proposes that it will benefit over 50 lakh Street Vendors. Urban Local Bodies will play a pivotal role in the implementation of the scheme by reaching to them in an efficient manner.
The loans through the scheme would help to restart activity for vendors who have been left without any income due to the impact of Covid-19 lockdown. Inspite of multiple schemes already running for the street vendors, there are various gaps in implementation and accessibility of various schemes which should be plugged in a timely manner.