SVANidhi se Samriddhi Programme Expanded

PM SVANidhi Programme UPSC: Relevance

• GS 2: Welfare schemes for vulnerable sections of the population by the Centre and States

PM SVANidhi Programme: Context

• Recently, Ministry of Housing & Urban Affairs has launched ‘SVANidhi se Samriddhi’ program in additional 126 cities across 14 States/ UTs.

SVANidhi se Samriddhi Programme: Key points

• ‘SVANidhi se Samriddhi’, an additional program of PMSVANidhi was launched on 4^th January 2021 in 125 cities in Phase 1, covering approximately 35 Lakh Street vendors and their families.
• 5 lakh scheme sanctions have been extended to them including 16 lakh insurance benefits under Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeeban Jyoti Yojana and 2.7 Lakh pension benefits under Pradhan Mantri Shram Yogi Maandhan Yojana, amongst other such benefits.
• Considering the success of Phase I, MoHUA launched the program expansion to additional 126 cities.
• The objective of this phase is to cover 28 Lakh Street vendors and their families, with a total target of 20 Lakh scheme sanctions for FY 2022-23.

About PM SVANidhi

• 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 working capital loan to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown.

स्वनिधि से समृद्धि कार्यक्रम विस्तारित

PM SVANidhi target beneficiary

• This scheme targets to benefit over 50 lakh Street Vendors.
• Who is a vendor? A vendor is any person engaged in vending of articles, goods, wares, food items or merchandise of daily use or offering services to the public in a street, footpath, pavement etc., from a temporary built-up structure or by moving from place to place.

PM SVANidhi benefits

• Vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of one year.
• On timely/ early repayment of the loan, an interest subsidy @ 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on quarterly basis.
• There will be no penalty on early repayment of loan.
• The scheme promotes digital transactions through cash back incentives up to an amount of Rs. 100 per month.
• The vendors can avail the facility of escalation of the credit limit on timely/ early repayment of loan.

SVANidhi se Samriddhi’ program

• ‘SVANidhi se Samriddhi’, an additional program of PMSVANidhi was launched on 4th January 2021 in 125 cities in Phase 1, covering approximately 35 Lakh Street vendors and their families.
• ‘‘SVANidhi se Samriddhi’ program was started to provide social security benefits to street vendors for their holistic development and socio-economic upliftment.

Read current affairs for UPSC

Sharing is caring!