PM’s SVANIDHI scheme to provide relief and support to street vendors

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A meeting has been chaired by Prime Minister Shri. Narendra Modi on Monday, as India has entered the first phase of exiting the lockdown which happened in four phases. Post the Union Cabinet meeting, the details of decisions have been revealed. The Government has announced a series of policy decisions, the main focus being a support to the poor, farmers and small traders. These people are claimed to be the core support base of the Bharatiya Janatiya Party.

In these announcements, it was revealed that the Minimum Support Price (MSP) of 14 Kharif crops has been substantially increased. It is supposed to be around 50-83% more than that of what the farmers put into their crops. Separate Packages would be applicable to MSMEs (Medium, Small, and Micro Enterprises). Equity infusion would be carried through ‘Funds of Funds’ for the sector.

Additionally, approximately 50 lakh street vendors would be receiving a loan of ₹10,000 each, as part of PM’s SVANIDHI or Street Vendors Aatmanirbhar Nidhi (self-reliant fund).

These decisions are of great importance as the farmers, street vendors, and small traders have been the worst-hit people due to the lockdown because of the pandemic. This lockdown has lasted over two months, thus affecting them a lot.

Union Minister of Information and Broadcasting, Prakash Javadekar, said, “Historic decisions were taken in the meeting which will have a transformative impact on the lives of hardworking farmers of the country, MSMEs and street vendors. MSMEs form the backbone of the Indian economy. More than 6 crore MSMEs work silently and contribute immensely for India to become self-reliant”.

Also, state Governments are relying on MSMEs for the employment of the migrant workers returning home. So this is the exact time for this decision.