Chandigarh: At the SVANidhi Mahotsav– a cultural festival organised to celebrate the success of the PM SVANidhi Scheme and SVANidhi Mahotsav as part of Azadi Ka Amrut Mahotsav at Rani Laxmi Bai Mahila Bhawan, Sector 38, Punjab governor and UT administrator Banwarilal Purohit said that street vendors have played an essential role in the country’s economic growth. He said that they were instrumental in reducing cost of living as they provided goods and services at affordable rates.
The governor said that the MC had organised the “SVANidhi Mahotsav,” to celebrate the success of the PM SVANidhi Scheme and beneficiary street vendors and their families. He said that the festival aimed at celebrating 75 years of India’s independence with these nano-entrepreneurs for demonstrating credit discipline, digital behavior and displaying astute business acumen.
He said that the PM SVANidhi scheme was launched in 2020 to facilitate working capital loans to street vendors to help them resume businesses adversely impacted by lockdowns imposed during the Covid pandemic.
He described the scheme as the first comprehensive effort to secure the financial inclusion of street vendors. Prior to this scheme, street vendors were dependent on informal credit channels which had high rates of interest, he said.
Purohit felicitated PM SVANidhi street vendors’ beneficiaries for digital on-boarding and promotion of digital transactions. Mayor Sarbjit Kaur also attended the event. Street vendors have put up food vending stalls and SHGs. They have also showcased their products in an exhibition at Mahila Bhawan.
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