Money transferred directly to the account of 1 lakh street vendors
Prime Minister Narendra Modi addressed the beneficiaries of PM SVANidhi scheme at JLN Stadium in Delhi today and distributed loans to 1 lakh street vendors (SVs) including 5,000 SVs from Delhi as part of the scheme. He handed over PM SVANidhi loan cheques to five beneficiaries. The Prime Minister also laid the foundation stone of two additional corridors of Delhi Metro’s Phase 4.
Addressing the gathering, the Prime Minister acknowledged the presence of lakhs of street vendors linked to the event through video conferencing from 100s of cities. Remembering the strength of street vendors during the pandemic, the Prime Minister underlined their importance in everyday life. The Prime Minister said that money has been transferred directly to the account of 1 lakh street vendors all over the country and to top it all, two additional corridors of Delhi Metro: Lajpat Nagar – Saket-G Block and Inderlok – Indraprastha were also launched today.
The Prime Minister acknowledged the lakhs of street vendors in the country who take care of the needs of their families with their hard work and self-respect. PM Modi underlined that even though their vending carts and shops might be small, their dreams are huge. He pointed out that the governments of the past did not take any interest in the welfare of street vendors which led to them facing disrespect and hardships.
He observed that their need for funds was fulfilled by high-interest loans while untimely payments caused further disrespect and even higher interest rates. He also noted that they had no access to banks as they did not hold any loan guarantees. In such cases, availing bank loans had become impossible due to no bank accounts and the absence of business records. “Previous governments did not pay any heed to the needs of street vendors, nor did they make any effort to tackle their issues”, PM Modi said.
“This servant of yours has come out of poverty. I have lived in poverty. That is why those who have not been cared for by anyone, they were not only cared for but have been worshiped by Modi”, said the Prime Minister. He further said, those who did not have anything to give guarantee as collateral were assured of Modi’s Guarantee.
He also praised the integrity of street vendors. He said that loans worth 10,20 and 50 thousand are being provided to street vendors depending upon their records and use of digital transactions. Up till now, 62 lakh beneficiaries have received assistance worth Rs 11,000 crores. He expressed delight that more than half of the beneficiaries are women.