Page 48 - NIS English 16-30 June 2022

Flagship Scheme PM SVANidhi

PM SVANidhi

LOW INTEREST

LOANS RAISING SELF-

ESTEEM OF POOR

The government is taking people-friendly steps to make every citizen
empowered and self-reliant. Its efforts are aimed at inclusive development in
which even the people at the fringes of society are able to get the benefits of
the government's schemes. Now with an emphasis on 'Sabka Saath-Sabka
Vikas, Sabka Vishwas-Sabka Prayas', plans are not only being made for every
section but also it is being implemented by connecting with technology to reach
the marginalized people. One such scheme is PM Svanidhi, which is making the
poor strong and prosperous by promoting economic inclusion.

he financial inclusion of street vendors and half lakh such people who have also taken the
hawkers in our country was not thought of second installment of the loan to expand their
Tearlier. It was impossible for them to get business. Now they are not only getting cash
help from banks to expand their business. That's back on their digital transactions but their digital
why they used to get caught in the clutches of history is also being created. Prime Minister
moneylenders, half the money used to go into Narendra Modi said in a program, “It is our street
interest. In June 2020, the government started vendors who are getting such a big money for
PM Svanidhi Yojana so that these people can business without interest, I am sure that they will
start afresh, can start their work again, and can do very well, they will focus on the education of
get easy capital. They should not be forced to their children, they will start selling good quality
borrow money outside by paying a lot of interest. goods. They will start doing bigger business, and
In small and big cities of the country, more the people in your city will be served well."
than 32 lakh street vendors have been given help The Cabinet Committee on Economic Affairs,
under this scheme. About 11.45 lakh beneficiaries chaired by Prime Minister Narendra Modi, on
who have taken loans under the scheme have 27 April 2022 has approved the scheme for
also returned this money in installments, and cheap loans to street vendors by December
have become eligible for another loan of Rs 2024 without any collateral. An amount of Rs
20 thousand. There are more than three and a 5,000 crore has been earmarked for giving loans

46 New India Samachar June 16-30, 2022