Bhopal/New Delhi, Oct 24 (NationPress) Madhya Pradesh's Urban Development and Housing Minister, Kailash Vijayvargiya, announced on Friday that the state has successfully disbursed loans totaling Rs 2,078 crore to 9 lakh street vendors under the 'PM SVANidhi' initiative in urban regions.

Moreover, he noted that over Rs 80 crore has been allocated to beneficiaries as an interest subsidy. The Madhya Pradesh government remains dedicated to facilitating easy loans for as many eligible street vendors as possible through the 'PM SVANidhi' scheme.

This information was revealed during a meeting led by the Union Ministry of Housing and Urban Affairs, with Manohar Lal Khattar at the helm, where Vijayvargiya participated virtually along with senior officials from the urban department.

During the meeting, Khattar engaged in comprehensive discussions with ministers from various states concerning the restructuring and implementation of the PM SVANidhi Scheme.

In presenting Madhya Pradesh's report, Vijayvargiya emphasized the government's commitment to supporting as many eligible street vendors as possible under the PM SVANidhi Scheme in urban settings.

He mentioned that all urban bodies have been given necessary directives, with monitoring processes in place. Madhya Pradesh has achieved the distinction of being the top state in the country concerning the distribution of benefits under this scheme for street vendors.

“To date, approximately 9 lakh beneficiaries in urban areas have received loans amounting to Rs 2,078 crore to assist them in initiating and enhancing their small businesses. Additionally, Rs 80 crore has been allocated as an interest subsidy,” he reported.

The PM SVANidhi scheme is a central government program designed for street vendors, offering collateral-free working capital loans of up to Rs 10,000 for the initial tranche, followed by loans of Rs 20,000 and Rs 50,000.

Recent updates extend the lending period until March 2030, with a total budget of Rs 7,332 crore, aiming to support 1.15 crore beneficiaries, inclusive of 50 lakh new beneficiaries.

Madhya Pradesh has garnered recognition for its effective implementation, particularly in cities like Ujjain and Khargone, where substantial benefits have been provided to vendors.

Sanket Bhondwe, Commissioner of Urban Development of Madhya Pradesh, who also attended the meeting, shared that urban bodies are conducting capacity-building training to empower street vendors in managing their businesses successfully.

He elaborated that the state government is organizing training camps focusing on financial and digital literacy, e-commerce, packaging, food safety, and hygiene. To integrate street vendors and their families into social security, they are being connected with various welfare schemes.