Baramulla, Dec. 13: The Pradhan Mantri Street Vendor’s AtmaNirbharNidhi (PM SVANidhi) project has given street vendors in Baramulla a ray of hope in the face of economic uncertainty, the difficulties brought on by the COVID-19 epidemic, or any other misfortune.
This project, which was unveiled on June 1, 2020, by the Ministry of Housing and Urban Affairs, is to provide street sellers with financial support so they may overcome hardship and reopen their operations.
Street vendors who have been negatively affected by the epidemic may apply for working capital loans without collateral under the PM SVANidhi initiative, which is in effect across the Union Territory of Jammu and Kashmir. In Baramulla town alone, the program has proven to be a substantial source of comfort for around 350 street merchants.
The program allows qualified street sellers to get soft loans with interest subsidies of up to 7% on sums ranging from Rs 10,000 to Rs 50,000, depending upon their actual economic losses.
Vendors must have an identification card or a certificate of vending issued by urban local governments in order to be eligible.
A plan participant named Mushtaq Ahmad spoke about his experience, saying, “I approached the Municipal Council for the scheme after suffering comprehensive losses in the Baramulla market.” My life has been able to start again thanks to the PM SVANidhi initiative. I had previously tried to get assistance from friends and family, but to no avail. For me, the game altered when I learned about the strategy.
In order to facilitate street sellers’ access to benefits, the Municipal Council of Baramulla arranged a camp on Wednesday near MC Baramulla. The purpose of the camp was to inform street sellers about the PM SVANidhi program and help them obtain financial aid.
The fact that so many street sellers took part in the camp demonstrated how crucial these kinds of programs are in empowering the unsung heroes of the urban environment.
“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,” said Muhammad Salim, an officer of the Municipal Council Baramulla.
