PM: Vendors, hawkers are backbone of Uttar Pradesh’s economy

LUCKNOW/NEW DELHI: Hailing street vendors and hawkers in Uttar Pradesh as the backbone of the state’s economy, Prime Minister Narendra Modi on Tuesday said, they were not only meeting needs of people in cities and villages, but also playing a big role in reducing migration.
During an interaction with beneficiaries of PM SVANidhi scheme in UP, launched in June this year to provide Rs 10,000 collateral free loan to street vendors at subsidised interest rate to kickstart work after Covid lockdown, the PM acknowledged UP had the highest number of applicants and beneficiaries.He praised chief minister Yogi Adityanath for proactively promoting the scheme and making it easy for people to get loans by waiving stamp duty. He also thanked banks and bankers for ensuring the progress in a short time.
“Earlier, vendors and hawkers could not even think of entering banks. Now, banks are directly going to them and loan processing has become simple,” the PM said.
PM: 7% discount on interest for vendors
The PM said the street vendors can avail 7% discount on interest on timely repayment and there will be Rs 100 cashback a month on digital transactions. He urged the beneficiaries to adopt digital transactions, which will help them to avoid paying most of the interest. He also said with this money one can provide education to his/ her children.
Modi interacted with three beneficiaries, Arvind Maurya, a momo stall owner from Varanasi, Priti, a fruit seller from Agra and Vijay Bahadur, a laiya chana stall owner from Lucknow, and asked them about their experience in getting loans under SVANidhi scheme.
“Preeti, who studied only till class 8, is now confident and uses technology to earn. Arvind’s example is worth emulating. He’s giving a momo free if his customers follow social distancing, wear masks and make digital payments. Vijay has shown how planning can yield more profit. One small person can achieve such big things. This is a huge inspiration for us,” the PM said.
In Uttar Pradesh, more than 6.5 lakh applications have been received while 3.75 lakh have been approved.
Chief minister Yogi Adityanath thanked the PM, saying because of his timely intervention, the poor would be able to celebrate festivals.