Vadodara, Sep 30 (IANS) The Vadodara Municipal Corporation on Tuesday relaunched the PM SVANidhi Scheme 2.0 for street vendors as part of the Urban Development Year celebrations. Over 3,000 street vendors were registered during the two-day programme held at the Pandit Deendayal Upadhyay Auditorium in Vadodara. The Municipal Corporation has set a target to register more than 50,000 vendors within the next six months.

The public welfare fair attracted a large number of beneficiaries, who praised Prime Minister Narendra Modi’s scheme for its positive impact on their livelihoods.

The loan amounts under the PM SVANidhi Yojana 2.0 have been increased, with new slabs of Rs 15,000, Rs 25,000, and Rs 50,000 available. Vendors from diverse communities, including the Kela community, have received loan cheques from banks and expressed their happiness and appreciation for the government’s efforts.

Arun Mahesh Babu, Municipal Commissioner of Vadodara Municipal Corporation, said, “On the occasion of PM Modi’s birthday, we have launched PM SVANidhi Yojana 2.0. We are receiving a very good response. Government representatives have also attended the event. This scheme will benefit many people and increase business opportunities.”

Several beneficiaries shared their experiences with IANS.

Mehul Vaghela said, “I received a message that I will get Rs 50,000 as a loan. This is really good and will help me expand my business. I want to thank PM Modi for this scheme.”

Similarly, beneficiary Yohan Edhi said, “We are very happy with this scheme. I received the money and will invest it in my business. It is a great help in growing my enterprise.”

The Union Cabinet had approved the restructuring and extension of the PM SVANidhi Scheme until March 31, 2030. The extended scheme aims to benefit 1.15 crore street vendors, including 50 lakh new beneficiaries.

Launched by the Ministry of Housing & Urban Affairs (MoHUA) in 2020, the scheme supports street vendors who were affected by the COVID-19 pandemic by providing working capital loans to help restart their businesses. It also promotes financial inclusion and encourages the adoption of digital transactions among street vendors.

PM SVANidhi is a central-sector micro-credit scheme initiated on June 1, 2020, to offer handholding support to street vendors. The scheme facilitates collateral-free working capital loans of Rs 10,000 initially, with subsequent loans of Rs 20,000 and Rs 50,000, along with a 7 per cent interest subsidy. To further incentivise digital transactions, street vendors receive cashback of up to Rs 100 per month.

The objective of the scheme is to formalise the street vendor sector and open new avenues for economic advancement. Street vendors form a vital component of the urban informal economy, ensuring the availability of goods and services at affordable prices directly to city residents.

Known by various names such as vendors, hawkers, thelewala, rehriwala, and theliphadwala, they supply a wide range of goods, including vegetables, fruits, ready-to-eat street food, tea, pakodas, bread, eggs, textiles, apparel, footwear, artisan products, and stationery.

–IANS

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