PM SVANidhi scheme: No documents as PM stands guarantee behind ‘street vendor’ loans, says Finance Minister

Finance Minister Nirmala Sitharaman on Sunday said that under the PM SVANidhi scheme, there is no need to submit any documents as guarantee because under it, the guarantee has been given by the Prime Minister.

More than 2,300 street vendors will get loan under PM SVANidhi scheme. Under it, there is no need to submit any document as guarantee because here the guarantee has been given by PM Modi himself,” she told a gathering in Rajasthan’s Kota, where she handed over more than 33,000 loan sanction letters to beneficiaries of various central government schemes in a credit outreach programme.

Lok Sabha Speaker Om Birla was also present on the occasion.

PM SVANidhi scheme is a Central government scheme, which was initiated in 2020, for facilitating street vendors to access affordable working capital loan for resuming their livelihoods activities, after easing of lockdown.

It facilitate working capital loan up to Rs 10,000 at subsidised rate of interest.

Meanwhile, the Finance Minister, while interacting with students in Kota, during another event, said: “Ease of doing business is not just a central government responsibility because business after all starts in the states. Central government can bring in rules, meaningful regulations, remove many of the burdens and give it as a policy.”

Underlining a point on accessibility, she told students that they can meet the government “and will get an audience with concerned officer or minister. The point is before you come, you should go through FAQs which the government puts out. If you still don’t get answers to your queries, you’re welcome to meet us”.

Lok Sabha Speaker Om Birla while speaking at the outreach programme, congratulated the Finance Minister for encouraging the nation’s youth, women, farmers to move forward on the path of self-reliance.

He further said India is the world’s fastest growing economy and has become the fifth largest economy in the world after overtaking UK.