Jammu and Kashmir is making significant strides in the implementation of the PM SVANidhi scheme, surpassing other Union Territories (UTs) in India.
According to reports, J&K has 35,068 eligible applicants, leading the list of UTs.
Chandigarh follows with 10,245 eligible applicants, while Puducherry has retained the third slot with 5,359 eligible applicants.
In the States category, Madhya Pradesh has secured the top position for its effective management and implementation of the scheme, with Assam ranking second in the ‘Best Performing States for Innovation and Best Practices Award’ category.
Commissioner of Jammu Municipal Corporation (JMC), Rahul Yadav, expressed pride in this achievement, stating, “We worked really hard to make this happen. Since the Act was implemented in Jammu on January 29, 2021, we have done a lot to reach the top slot among other UTs in our country.”
An anonymous official shared more details with Excelsior about the scheme’s implementation in J&K, revealing that 35,067 applications have been received from eligible applicants.
Out of these, 25,000 vendors applied for the first term loan of Rs 10,000, 10,380 vendors applied for the second term loan of Rs 20,000, and 1,500 vendors applied for the third term loan of Rs 50,000. Loans have been disbursed to 26,728 applicants, totalling Rs 43.93 crore in J&K UT.
Launched by the Narendra Modi Government in 2020 during the COVID-19 outbreak, the PM SVANidhi scheme provides collateral-free loans up to Rs 50,000 to urban street vendors.
In J&K UT, the scheme was rolled out under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014, on January 29, 2021 and the objective behind launching this scheme was to protect the livelihood of street vendors and regulate vending activities.
The scheme aims to bring together street vendor organizations in Jammu and Kashmir to collectively strive for macro-level changes. It provides loans in three instalments, Rs 10,000 in the first, Rs 20,000 in the second and Rs 50,000 in the third.
Mohinder Singh, a cloth vendor in the Roop Nagar area, praised the scheme, saying, “Earlier, to start my business and to buy the stuff, I did not have money. Then through the PM SVANidhi scheme, I was able to set up shop.”
He thanked the JMC for its successful implementation and emphasized the need for awareness campaigns and counselling to reach every village and door-to-door, so more people can benefit from the scheme.
Singh also mentioned that the ease of access to these loans has significantly improved his business operations and as being a beneficiary of this scheme, I’m getting a 7% interest subsidy on the timely repayment of my loan.
“Not only that, the beneficiaries are also getting a cash back of Rs 1200 annually from digital transactions,” he said.
