Anurag Kumar
Under the PM Street Vendor’s AtmaNirbhar Nidhi (PM-SVANidhi) initiative, the municipal corporation, with the assistance of public and private sector banks, has provided loans at least once to 4,652 street vendors in the city, according to Union minister of state for finance Bhagwat Karad on Friday.
The minister made the announcement after conducting a comprehensive evaluation of the PMSVANidhi program during Friday’s North Zonal Convention at Hotel Mountview, which was hosted by the UT civic organization. Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir, Ladakh, and Chandigarh are included in this zone.
The minister told the media that according to the Union government’s goal, Chandigarh was supposed to provide financing to at least 6,300 street vendors, and the city has already reached 74% of its goal. Currently, 3,424 of the total number of recipients have repaid their loans.
Karad also instructed Anindita Mitra, the MCC’s commissioner-cum-mission director, to ensure the goal is met within a month.
Initiated in June 2020 by the Union ministry of housing and urban affairs, the scheme seeks to provide street vendors with affordable microloans. Beneficiaries can obtain unsecured working capital loans of up to 10,000 for a period of one year. The vendors become eligible for loans of 20,000 and 50,000 in the second and third tranches upon punctual repayment of the initial loan.
According to information available on the city’s official website, Chandigarh has granted 7,229 loans to 6,795 individuals. This payment also comprises first-time, second-time, and third-time loans. Currently, the approved amount is 10.29 crore and the quantity disbursed is 9.95 crore.
Comparing Chandigarh’s performance to that of other North Indian states, Punjab provided loans to only 51% of their targeted vendors. Haryana attained 35% of its goal, Himachal Pradesh and Jammu and Kashmir each at 77%, and Ladakh at 83%.
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Anindita Mitra, MC Commissioner, emphasized the transformative impact of the PM SVANidhi scheme on the lives of street vendors, stating, “The comprehensive support provided by the scheme, including access to affordable working capital loans, skills training, and institutional mechanisms for their holistic development. MCC is committed to working toward the full realization of the scheme’s objectives, guaranteeing the welfare and prosperity of city street vendors.”
