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Union Cabinet Launches Special Micro-Credit Facility Scheme ‘PM SVANIDHI’ To Provide Relief To Street Vendors
A vegetable vendor in Noida. (Photo by Salman Ali/Hindustan Times via Getty Images via Getty Images)
The Union Cabinet on Monday (1 June) announced PM SVANiDHI-Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi- a special Micro-Credit Facility Scheme for providing affordable loan to street vendors, reports India Today.
As per the reports, “The scheme, launched by the Ministry of Housing and Urban Affairs, in pursuance of the announcement made by Finance Minister Nirmala Sitharaman, during her address on 14 May, is aimed at enabling the street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown.”
The Cabinet approved a package worth Rs 20,000 crores which will benefit 2 lakh MSME units.
Addressing a press conference along with Union Ministers Nitin Gadkari and Narendra Singh Tomar, Javadekar said: "Various key steps have been taken by the government to boost MSMEs. A decision has been taken to infuse Rs 20,000 crore into this sector."
He further added, "MSMEs play a crucial role in building an Aatma Nirbhar Bharat. Accordingly, MSMEs have been made an important part of Aatma Nirbhar Bharat Abhiyan package."
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