A woman street vendor in Supermarket Wednesday bazaar, Dimapur. To support vendors’ livelihoods, PM Street Vendors’ Atmanirbhar Nidhi (PM SVANIDHI) special micro-credit scheme will be benefiting 50 lakh street vendors across the nation. (Morung File Photo)
Dimapur, August 24 (MExN): The Government of Nagaland, through the State Urban Development Agency and the Directorate of Urban Development, has released a notification regarding the Prime Minister Street Vendors’ Atmanirbhar Nidhi (PM SVANIDHI) scheme.
A DIPR report stated that this Central Sector Scheme, fully funded by the Ministry of Housing and Urban Affairs, offers a Special Micro-Credit facility to street vendors, providing affordable loans through financial institutions at minimal interest rates since June 2020.
In line with this, the Ministry of Housing and Urban Affairs, Government of India, has initiated a three-month PM SVANIDHI campaign from August 1 to October 31, 2023, at both the state and urban local body levels.
The campaign aims to raise awareness among street vendors about the scheme’s benefits through various Information, Education, and Communication (IEC) activities, including radio, TV, social media posts, and on-ground outreach initiatives. This initiative intends to connect more street vendors with the scheme.
PM Street Vendors’ Atmanirbhar Nidhi (PM SVANIDHI) is a special micro-credit scheme benefiting 50 lakh street vendors across the nation. Launched in June 2020, it provides working capital loans to street vendors to help them restart their businesses post the COVID-19 lockdown.
The DIPR report stated that the scheme promotes financial inclusion by offering credit at affordable interest rates, fostering self-reliance. With a user-friendly digital platform for application and approval, it has played a pivotal role in aiding street vendors’ economic recovery. PM SVANIDHI not only supports vendors’ livelihoods but also contributes to local economies’ growth and urban development, it stated.
For more information, individuals can contact the District Urban Development Agency in all 11 District Headquarters and Administrative Offices in the other 39 Urban Local Bodies or visit www.pmsvanidhi.mohua.gov.in.
