Pradhan Mantri Street Vendors Atmanirbhar Nidhi (PM SVANidhi)  

05 Aug Pradhan Mantri Street Vendors Atmanirbhar Nidhi (PM SVANidhi)  

This article covers “Daily Current Affairs” and the topic details “Pradhan Mantri Street Vendors Atmanirbhar Nidhi (PM SVANidhi)”. The topic “Pradhan Mantri Street Vendors Atmanirbhar Nidhi (PM SVANidhi)” has relevance in the “Governance” section of the UPSC CSE exam.

For Prelims:
What is Pradhan Mantri Street Vendors Atmanirbhar Nidhi (PM SVANidhi), its aim, objectives and implementation?

For Mains:
GS2:  Governance: Welfare Schemes for Vulnerable Sections 

Why in the news?

The Union Ministry of Housing and Urban Affairs has set a new target for its loan scheme for street vendors: 63 lakh new loans in less than six months, until December of this year.

Pradhan Mantri Street Vendors Atma Nirbhar Nidhi (PM SVANidhi) 

• The Pradhan Mantri Street Vendors Atmanirbhar Nidhi (PM SVANidhi) was launched during the COVID-19 pandemic and the subsequent lockdown to provide street vendors with small working capital loans of Rs 10,000 each. This was done to help them restart their businesses and sustain their livelihoods.
• By doing so, the scheme creates opportunities for these vendors to improve their economic status.
• This initiative operates as a Central Sector Scheme.
• It is implemented by the MoHoUA.

Its main goals are as follows:

1. Facilitate working capital loans of up to 10,000 for street vendors.
2. Encourage timely repayment of loans.
3. Provide incentives for conducting transactions through digital means.

Eligibility of States/Union Territories

• This scheme is open to people from states and union territories that have implemented the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014. 
• However, vendors from Meghalaya, which has its own state street vendors act, are also eligible to participate.

Beneficiary Eligibility Criteria

• This program is available to all street vendors who were selling goods in urban areas on or before March 24, 2020.

• Eligible vendors will be determined based on the following conditions:

• • Street vendors who possess a Certificate of Vending or Identity Card issued by Urban Local Bodies (ULBs).
  • Vendors identified in surveys but who have not yet been issued a Certificate of Vending or Identity Card will be given a Provisional Certificate of Vending through an IT-based platform. ULBs are advised to issue permanent Certificates of Vending and Identification Cards within one month.
  • Street vendors left out of the ULB-led identification survey or those who started vending after the survey’s completion, and have received a Letter of Recommendation (LoR) from the ULB or Town Vending Committee (TVC).
  • Vendors from surrounding development/peri-urban/rural areas vending within ULB limits and holding an LoR from the ULB/TVC.

Salient Features 

• Urban street vendors can access a Working Capital (WC) loan up to 10,000 for 1 year, repayable monthly.
• No collateral needed for the loan from lending institutions.
• Timely or early repayment qualifies vendors for the next loan cycle with a higher limit.
• No penalty for prepayment before the due date.
• For borrowers who repay their loans on time or before the due date, an annual interest subsidy of 7% will be directly transferred to their bank accounts every quarter. 
• The scheme encourages digital transactions by offering cash back incentives of up to Rs. 100 per month. 
• The implementing body is the Small Industries Development Bank of India (SIDBI).

SVANidhi se Samriddhi

• The “SVANidhi se Samriddhi” program is an extended initiative of the Prime Minister Street Vendors AtmaNirbhar Nidhi (PM SVANidhi), jointly launched by the Ministry of Housing and Urban Affairs (MoHUA) and Central Ministries. 
• This program aims to empower urban street vendors by not only offering working capital loans but also ensuring their holistic development and social security. 
• Its core objective is to uplift street vendor families and enhance their socio-economic status.
• Within this initiative, a socio-economic assessment is carried out for PMSVANidhi beneficiaries and their families. This assessment determines their qualification for eight welfare schemes offered by the Government of India, facilitating the approval of eligible schemes. 

1. 1. Pradhan Mantri Jeevan Jyoti Bima Yojana
   2. PM Suraksha Bima Yojana
   3. Pradhan Mantri Jan Dhan Yojana
   4. Enrollment under the Building and other Constructions Workers (Regulation of Employment and Conditions of Service) Act (BOCW)
   5. Pradhan Mantri Shram Yogi Maandhan Yojana
   6. Portability benefits under the National Food Security Act (NFSA) – One Nation One Ration Card (ONORC)
   7. Janani Suraksha Yojana
   8. Pradhan Mantri Matru Vandana Yojana (PMMVY)

• The Quality Council of India (QCI) collaborates as the executing partner for this program.

Sources: 

Govt sets fresh target of 63 lakh loans for street vendors by year-end | India News – The Indian Express 

plutus ias current affairs eng med 5th August 2023

Q1. With reference to Pradhan Mantri Street Vendors Atmanirbhar Nidhi (PM SVANidhi), consider the following statements: 

1. The PM SVANidhi was launched during the COVID-19 pandemic and the subsequent lockdown to provide street vendors with working capital loans of Rs 100,000 each.
2. This initiative operates as a Central Sector Scheme.
3. The implementing body for the scheme is Small Industries Development Bank of India

Which of the statements given above is/are correct?

(a) 1 and 2 only

(b) 2 and 3 only

(c) 3 only 

(d) None 

Answer: (b) 

Q2. Consider the following :

1. The “SVANidhi se Samriddhi” program is an extended initiative of the Prime Minister Street Vendors AtmaNirbhar Nidhi (PM SVANidhi), launched by the NITI Aayog.
2. Within this initiative, a socio-economic assessment is carried out for PMSVANidhi beneficiaries and their families.
3. The Quality Council of India (QCI) collaborates as the executing partner for this program.

How many of the abovementioned statements are correct ?

(a) Only one 

(b) Only two 

(c) All three 

(d) None 

Answer: (b)

Q3. Discuss the significance of the “Pradhan Mantri Street Vendors Atma Nirbhar Nidhi” (PM SVANidhi) scheme in the context of urban informal economy and the challenges faced by street vendors. 

Gaurav N