PM SVANidhi scheme helps Baramulla street vendors expand business

Baramulla, Dec 13: In the face of economic uncertainties and the challenges brought about by the COVID-19 pandemic or any other adversity, street vendors in Baramulla have found a beacon of hope through the Pradhan Mantri Street Vendor’s AtmaNirbharNidhi (PM SVANidhi) scheme.

Launched by the Ministry of Housing and Urban Affairs on June 1, 2020, this initiative aims to provide financial assistance to street vendors, allowing them to overcome adversity and restart their businesses.

The PM SVANidhi scheme, active across the Union Territory of Jammu and Kashmir, offers collateral-free working capital loans to street vendors who have been adversely impacted by the pandemic. The scheme has proven to be a significant source of solace for around 350 street vendors in Baramulla town alone.

Under the scheme, eligible street vendors can avail soft loans at 7 percent interest subsidy, with amounts ranging from Rs 10,000 to Rs 50,000, depending on their economic losses.

To qualify, vendors must possess a certificate of vending or an identity card issued by urban local bodies.

Mushtaq Ahmad, a beneficiary of the scheme, shared his experience, stating, “After suffering comprehensive losses in the Baramulla market, I approached the Municipal Council for the scheme. The PM SVANidhi scheme has been a huge benefit, enabling me to restart my life. Previously, I sought help from acquaintances and relatives, but with no success. Learning about the scheme changed the game for me.”

To further assist street vendors in availing the benefits, the Municipal Council Baramullaorganised a camp in the vicinity of MC Baramulla on Wednesday. The camp was aimed to educate street vendors about the PM SVANidhi scheme and guide them through the process of availing financial assistance.

A large number of street vendors participated in the camp, highlighting the importance of such initiatives in empowering the unsung heroes of the urban landscape.

An official of the Municipal Council Baramulla, Muhammad Salim said that, “The PM SVANidhi scheme continues to be a crucial lifeline for street vendors, providing them with the support needed to rebuild their businesses and navigate the economic challenges posed by the adversities in daily life.”