Strengthening efforts to support street vendors

Visakhapatnam: In an effort to provide financial support to street vendors and strengthen their livelihoods, Greater Visakhapatnam Municipal Corporation (GVMC) is reaching out to them, said B V Ramana, GVMC Project Director (UCD).

With the support of the PM SVANidhi scheme, the Project Director stated that the primary objective of the Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) Scheme is to provide street vendors access to credit facilities to develop their businesses and integrate them into the formal financial system. Loans amounting to Rs 12.95 crore have so far been disbursed to 6,517 street vendors across GVMC limits and the scheme is implemented through the GVMC Urban Community Development (UCD)/MEPMA department, he informed at a meeting held with members of the town vending committee in the presence of Bheemili zonal commissioner Ippi Naidu. Explaining the loan structure, he said that the scheme provides financial assistance in three successive tranches, with loans of up to Rs 15,000 in the first tranche, Rs 25,000 in the second and Rs 50,000 in the third. He advised the street vendors to make effective use of these loans to develop and expand their businesses.

Apart from providing loans, BV Ramana said GVMC is taking steps to link street vendors with banking and other financial services. He said that credit cards have so far been issued to 25 street vendors. Approximately 4,000 more street vendors are yet to receive bank loans and efforts are being made to facilitate loan sanctions for them in a phased manner.

Also, steps are taken to extend the benefits of social security and insurance schemes, including the Pradhan Mantri Jeevan Jyoti Bima Yojana, to street vendors. He urged them to use government schemes to improve their livelihoods and strengthen their families’ financial position. UCD staff and resource persons, among others, took part in the meeting.

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