MoS Dr Ranjan acknowledges role of street vendors
Source: Chronicle News Service

Imphal, July 26 2022: Union minister of state for external affairs and education Dr Rajkumar Ranjan Singh along with MAHUD minister Yumnam Khemchand attended the PM Street Vendor's Atma Nirbhar Nidhi (SVANidhi) Mahotsav celebration hosted by Manipur Urban Development Agency on Tuesday.

In his address, Dr Ranjan highlighted the importance and contributions of street vendors to the economy of the country.

He also dwelt on the importance of good credit discipline, for growth of any business.

He handed over various awards to participating street vendors for maintaining credit discipline, adoption of digital transactions under PM SVANidhi and also to three best performing banks in credit disbursement under PM SVANidhi Scheme.

The PM SVANidhi scheme was launched by the Ministry of Housing and Urban Affairs in June 2020 to empower the street vendors by not only extending loans to them, but also for their holistic development and economic uplift.

The scheme emphasises facilitating collateral free working capital loans of up to Rs 10,000 for one-year tenure to approximately 50 lakh street vendors as to help them sustain their businesses in urban areas, including surrounding peri-urban/rural areas.

It was launched as a part of Atma Nirbhar Bharat Abhiyan with the primary objective to provide collateral free micro working capital loans to street vendors, who were adversely impacted due to pandemic.

Since its launch, PM SVANidhi has scaled many milestones and till date 30.3 lakh street vendors have availed credit under this scheme.

This scheme has become one of the fastest growing credit schemes of the country till date.

The SVANidhi Mahotsav is being celebrated in 75 cities across India as part of AKAM � India's 75th year of independence, under the aegis of the ministry of Housing and Urban Affairs, to honour the street vendors with PM SVANidhi demonstrating good credit discipline, digital behaviour and business acumen.

A short play by Team NOKPHADE and other cultural performances were also presented as part of the event.

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