Assam leads nation with remarkable over 90 pc disbursement under PM SVANidhi Scheme

In a groundbreaking achievement, Assam has emerged as the leader in implementing the Pradhan Mantri Street Vendors’ AtmaNirbhar Nidhi (PM SVANidhi) Scheme, with an exceptional disbursement percentage of 90.84 per cent as of September 1, the government said on Saturday.

This visionary scheme was launched by Prime Minister Narendra Modi on June 1, 2020, which aims to provide collateral-free working capital loans to street vendors, hawkers, and small traders adversely impacted by the COVID-19 pandemic and facilitate their transition from the informal to the formal economy.

It not only provides loans in three tranches of Rs 10,000, Rs 20,000, and Rs. 50,000 but also digitally onboard vendors to promote digital transactions.

Minister for Housing and Urban Affairs, Assam, Ashok Singhal, expressed his delight at this accomplishment, praising the relentless efforts of the SVANidhi Assam team.

He stated, “This is a monumental achievement for Assam and exemplifies our unwavering commitment to bolster the unorganized sector in the state. The success of the PM SVANidhi Scheme is a testament to our vision of ensuring financial inclusion and economic empowerment for street vendors and small traders.”

Minister Singhal also acknowledged the crucial role played by Chief Minister Dr Himanta Biswa Sarma in spearheading Assam’s transformative agenda.

“Under the visionary leadership of Chief Minister Dr Himanta Biswa Sarma, the Government of Assam has prioritized the welfare of the state’s unorganized sector. This achievement reaffirms our dedication to creating a more prosperous and self-reliant Assam,” the Assam Minister said.

In Assam, the state government, under the constant guidance of Chief Minister Dr. Himanta Biswa Sarma, and with the relentless efforts of all officers and officials of the Department of Housing and Urban Affairs and NULM Mission, has successfully implemented the scheme. Earlier too, Assam achieved its initial target of 52,000 disbursements under the first tranche within the stipulated time, earning the top spot among Hilly and North-Eastern states. In recognition of Assam’s exceptional efforts, on June 1, 2023, during the celebration of three years of the PM SVANidhi scheme at Vigyan Bhawan, New Delhi, the Ministry felicitated the state as the best-performing state in the category of Hilly and North Eastern States.

To ensure the continued successful implementation of the scheme in the state, the government has taken several initiatives.

These include a cabinet decision to waive stamp duty for the scheme, involving elected representatives like MLAs and MPs to reach out to the target population, and sensitization of stakeholders such as ULBs and banks regarding the scheme’s importance through various meetings.
Regular review meetings at the highest levels of government, including the Chief Minister and Minister for Housing and Urban Affairs, have also played a pivotal role in achieving desired results.

Additionally, to create awareness among the target group and ensure all eligible beneficiaries benefit from the scheme, massive IEC (Information, Education, and Communication) activities are being undertaken. These activities encompass newspaper advertisements, digital media coverage, leaflet distribution in all ULBs, broadcast of radio jingles, street plays in market areas, and hoardings, among others.

Financial literacy camps are also being organized across ULBs to educate street vendors about the benefits of digital transactions and timely loan repayment.

Assam’s outstanding performance in implementing the PM SVANidhi Scheme serves as an inspiration for the nation, showcasing the transformative potential of government initiatives when executed with dedication and precision.
It reinforces the vision of a more prosperous and self-reliant India, where the grassroots economy thrives.