Madhya Pradesh's Rakesh Mishra Sees His Business Flourish Again Thanks to PM SVANidhi Initiative

New Delhi, Dec 15 (NationPress) Rakesh Mishra, a resident of Neemuch in Madhya Pradesh, experienced one of the most challenging periods of his life during the Covid pandemic when his tea business came crashing down and he exhausted all his savings, resulting in severe financial strain for him and his family.

However, today, he has experienced a remarkable turnaround and is optimistic about his future because of his revitalized tea business. He attributes this success to the people-centered policies of Prime Minister Narendra Modi and his dedication to uplifting the underprivileged.

With the assistance of the Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) scheme, Rakesh Mishra and his family are now leading a moderately comfortable life and earning their livelihood.

The PM SVANidhi scheme, introduced to empower street vendors and revive livelihoods, has significantly helped restore numerous 'broken lives' and resurrect businesses that were devastated by the deadly pandemic.

Rakesh Mishra remarks that without the support from the PM SVANidhi scheme, his family might not have survived the hardships.

Currently, he earns a living by running a tea shop. After the lockdown during the pandemic, he faced immense challenges and felt overwhelmed by family obligations. It was at this critical juncture that PM SVANidhi came to his rescue.

He applied for a loan of Rs 10,000 under the PM SVANidhi scheme and was approved for the full amount. He resumed operations at his tea shop and, after timely repayment of the loan, he secured an additional Rs 20,000.

Following that, he received a loan of Rs 50,000 and later Rs 1 lakh by maintaining his repayment schedule. Today, Rakesh Mishra has not only been able to support his family through the funds received from the Pradhan Mantri Swanidhi Yojana but has also created jobs for two young individuals at his shop.

The timely support he received enabled him to provide for his children's education. Today, his son is an engineer employed at a factory in Pune, while his daughter works at the One Stop Center in Neemuch after completing her studies.

It is noteworthy that the PM SVANidhi Scheme was initiated by PM Modi on June 1, 2020, with the goal of providing collateral-free working capital loans to street vendors, allowing them to restart their businesses which were severely affected by the Covid-19 pandemic.

Under this scheme, street vendors can obtain collateral-free working capital loans up to Rs 10,000 for a duration of one year, with the possibility of increasing the loan to Rs 20,000 and Rs 50,000 in subsequent tranches based on timely repayments of previous loans.