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PM SVANidhi Scheme Empowers Street Vendors in Agartala: 1,978 Vendors Receive Financial Support

 


Agartala, November 27, 2024 - The Agartala Municipal Corporation has launched a comprehensive financial support program for street vendors, leveraging the Prime Minister's SVANidhi Scheme to provide critical economic assistance to the city's most vulnerable urban workers.


In a significant ceremony held at the East Zonal Office, Mayor Deepak Majumdar personally distributed loan cheques to street vendors, marking a pivotal moment in the city's economic rehabilitation efforts following the COVID-19 pandemic.



The PM SVANidhi (Prime Minister's Street Vendor's AtmaNirbhar Nidhi) Scheme has emerged as a lifeline for street vendors devastated by the pandemic's economic impact. The initiative offers a structured loan mechanism designed to provide financial independence and sustainable livelihood support.


Loan Structure and Beneficiary Breakdown:

- Total Beneficiaries: 1,978 street vendors

- First Cycle Loans (₹10,000): 1,417 vendors

- Second Cycle Loans (₹20,000): 448 vendors

- Third Cycle Loans (₹50,000): 113 vendors



Mayor Deepak Majumdar explained the scheme's core philosophy: "The Prime Minister conceptualized this scheme to provide economic self-reliance to street vendors. Our municipal corporation is committed to supporting these hardworking individuals by offering collateral-free loans and creating opportunities for financial growth."


Key Features of the Support Program:

- Collateral-free loan mechanism

- Progressive loan amounts based on repayment history

- Simplified application process

- Accompanying health camps

- Financial literacy support



The loan distribution coincides with the 'Sva-Nidhi Ve Svabhiman Ve Pakhwara' campaign, running from November 18 to December 2, 2024. The initiative goes beyond mere financial assistance, aiming to provide a comprehensive support system for street vendors.


Alongside loan distribution, the municipal corporation organized health camps, demonstrating a holistic approach to vendor support. The program aims to address not just economic challenges but also health and social welfare concerns.


Statistical Insights:

The scheme's implementation reveals significant potential for economic empowerment. By providing structured financial support, the municipal corporation is enabling street vendors to:

- Expand their businesses

- Invest in better equipment

- Improve their economic standing

- Develop entrepreneurial skills


Local vendor Rama Devi, a beneficiary, shared her experience: "This loan has given me hope. I can now invest in better inventory and improve my small vegetable stall. The municipal corporation understands our struggles and is supporting us."


The program reflects a broader national strategy to support the urban informal sector, which was particularly hard hit during the COVID-19 pandemic. By providing accessible financial resources, the government aims to rebuild economic resilience among street vendors.


East Zone Corporation Chairman Sukhomoy Saha, who was present during the ceremony, emphasized the importance of such initiatives: "These vendors are the backbone of our urban economic ecosystem. Supporting them means supporting our entire community."


Looking ahead, the Agartala Municipal Corporation plans to continue expanding the scheme's reach, with plans to support more vendors and create more comprehensive economic opportunities.


The PM SVANidhi Scheme stands as a testament to the government's commitment to inclusive economic development, providing a beacon of hope for street vendors seeking to rebuild and strengthen their livelihoods.

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