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SVANidhi Scheme

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• According to Minister of Housing and Urban Affairs Hardeep Singh Puri, over 57 lakh street vendors nationwide have benefited from the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme and 72% of the program’s beneficiaries are members of marginalized groups, and 45% of the beneficiaries are women which was introduced during the COVID-19 pandemic, has helped many people find hope.
• Speaking at the National Street Food Festival 2023’s opening ceremony in New Delhi, Minister stated that more than 80 lakh loans had been approved and that 76 lakh loans totaling 10 thousand 58 crore rupees had been disbursed as part of the program.
• Analysis by the government: According to the Minister, in the previous two years, it had made significant loan disbursements, enabled digital transactions, and even opened doors for food delivery services and program has helped the nation’s street vendors reach a wider market in addition to offering financial support.
• National Street Food Festival 2023: The National Association of Street Vendors of India (NASVI) is hosting the street food festival at Jawaharlal Nehru Stadium in New Delhi in December. The three-day culinary event seeks to raise awareness of street food and vendors and the stadium is home to over 80 stalls offering a wide range of cuisines from across the nation.

About SVANidhi scheme

• On June 1st, 2020, the Ministry of Housing and Urban Affairs introduced it.
• Purpose:
  • To help street vendors who have suffered because of the Covid-19 lockdown and restore their livelihoods by offering them reasonable Working Capital loans;
  • With an emphasis on improved collateral-free, affordable loan corpus, greater adoption of digital transactions, and the comprehensive socioeconomic development of street vendors and their families, it has been extended until December 2024.
• Loan process: Through this microcredit facility, street vendors can borrow Rs 10,000 without the need for collateral and pay low interest rates (less than 12%) for a year, helping them to rebuild their financial stability.
• Who Qualifies for the Loan?
  • Any vendor with a vending certificate who has been in business since March 24, 2020, or before, is eligible to apply for the loan;
  • In accordance with the Street Vendors Act 2014, a certificate of vending is issued by the Town Vending Committees (made up of local government representatives and local vendors) following an exhaustive survey of all the vendors.
• Lending Agencies: Microfinance Institutions, Non-Banking Financial Companies, and Self-Help Groups have been permitted due to their ground level presence and proximity to the urban poor, including street vendors.
• Who are street vendors, or hawkers?
  • Any individual involved in the business of selling everyday goods, merchandise, food items, and other articles to the public, whether from a mobile unit or a temporary built-up structure, or by moving from place to place;
  • They provide a variety of products and services, such as barbershops, cobblers, pan shops, laundry services, and ready-to-eat street food, tea, pakodas, breads, eggs, textiles, apparel, and artisan products;
  • It is estimated that there are 49.48 lakh street vendors in India with 8.49 lakh in Uttar Pradesh (highest) followed by Madhya Pradesh with 7.04 lakh. Additionally, there are 72,457 street vendors in Delhi and no known street vendor has been found in Sikkim.

Source: Newsonair

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